Radiant Biotherapeutics Secures $35M in Series A Funding, Led by Amplitude Ventures and Gates Foundation

Toronto and Philadelphia-based preclinical biotech startup Radiant Biotherapeutics has raised $35 million USD in Series A funding to propel the development of its innovative therapeutic candidates. The company’s core technology, an antibody platform known as Multabody, stems from groundbreaking research conducted at Toronto’s Hospital for Sick Children (SickKids) and the University of Toronto (U of T). This platform is engineered to create therapies for patients suffering from life-altering diseases.

The all-equity Series A round, which closed last week, was co-led by two key backers: the Bill & Melinda Gates Foundation and Montréal’s Amplitude Ventures. The latter recently secured $263 million CAD for its second precision medicine fund in May 2023. New participants in the round include BDC Capital's Thrive Venture Fund and Scotland-based Abrdn PLC, with follow-on investments from FACIT, Alexandria Venture Investments, and Toronto Innovation Acceleration Partners (TIAP). This financing brings Radiant’s total funding to $43 million, pushing its valuation to $65 million.

Radiant's president and CEO, Art Fratamico, revealed that the startup is initially focusing on therapeutic areas such as cancer, inflammation, immunology, and infectious diseases like HIV, thanks in part to an ongoing collaboration with the Bill & Melinda Gates Foundation. Radiant had previously secured a $2 million grant from the foundation in late 2023. Beyond these initial applications, Fratamico envisions broader uses for the Multabody platform across other therapeutic areas.

Founded in 2020, Radiant's scientific roots trace back to the labs of Jean-Philippe Julien, a senior scientist at SickKids and associate professor at U of T, and U of T professor Bebhinn Treanor. The company has since developed its proprietary Multabody platform, which creates multi-valent and multi-specific antibodies designed to target and treat challenging diseases more effectively than traditional antibody therapies. According to Fratamico, Multabodies "grip" their targets more securely due to their multi-valency, allowing Radiant to explore biological mechanisms that are out of reach for conventional antibodies.

Fratamico emphasized that Radiant’s modular scaffold for building biologics accelerates the development process and provides early validation of potential therapies. He also noted that Radiant’s lead clinical candidate, 4-1BB, is moving toward advanced development stages. Despite the competitive landscape in biotech, Fratamico claims that Radiant remains unique in its pursuit of multivalent and multi-specific antibodies.

Radiant Biotherapeutics was incubated by Amplitude, which had also led the company's $8 million seed round. The startup’s other early backers include SickKids, Alexandria, FACIT, and TIAP. Since emerging from stealth last year, Radiant Biotherapeutics has made significant strides in its development. The company has announced partnerships with two undisclosed global pharmaceutical companies, signaling strong industry interest in its innovative Multabody platform. Under the leadership of CEO Art Fratamico, Radiant has also expanded its leadership team, bolstering its capacity to drive forward its ambitious goals.

Radiant’s 14-member team is currently split between its research labs in Toronto, where much of the foundational science originated, and its executive offices in Philadelphia, ensuring a dynamic and collaborative effort across its operations. This strategic positioning allows the startup to draw on both the rich research ecosystem in Toronto and the business opportunities in the U.S. biotech market. As Radiant continues to grow, its lean yet highly skilled team is focused on advancing its therapeutic candidates and preparing for future clinical development.