Alpha Fusion, a Global Leader in Targeted Alpha Therapy, Closes Series A with Toshiba Energy Systems as New Strategic Investor

Alpha Fusion Inc. (CEO: Tadashi Fujioka; Head Office: Kita-ku, Osaka, Japan) has announced the second close of its Series A funding round through a third-party allocation of new shares to Toshiba Energy Systems & Solutions Corporation (hereafter “Toshiba ESS”). With this round, the company’s total funding has reached JPY 590 million. Alpha Fusion aims to accelerate its mission of delivering Japan-led, cutting-edge cancer therapies to the world, leveraging Toshiba ESS’s expertise in nuclear technologies and heavy ion radiotherapy.

Building a Stable Astatine Supply Chain in Japan and Abroad

Alpha Fusion is a biotech startup founded to bring Astatine-211 (At-211)-based Targeted Alpha Therapy (TAT) to cancer patients worldwide. TAT is a novel therapeutic approach that physically destroys cancer cells using alpha particles, which release high energy over a very short range—just a few cell diameters. When alpha-emitting isotopes are chemically linked to tumor-targeting compounds (ligands), they are expected to kill cancer cells more precisely and effectively than conventional beta or gamma-emitting therapies.

Astatine is one of the promising alpha-emitting radionuclides and can be produced using accelerators. Japan has been at the forefront of astatine research, with institutions like Osaka University and RIKEN leading global efforts. In anticipation of growing demand, Osaka University is spearheading the development of a domestic production hub for astatine, supported by Japan’s Ministry of Economy, Trade and Industry under the J-Innovation HUB program. Alongside Alpha Fusion, this initiative is also backed by existing shareholder Sumitomo Heavy Industries and new investor Toshiba ESS.

Global Coordination for Astatine Supply

On the international front, efforts are also underway to establish global astatine supply infrastructure. In February 2023, the formation of the World Astatine Community (WAC)—a Japan-US-EU collaborative framework—was announced at the TAT12 international conference on alpha radiotherapy (link).

In May 2023, the European astatine network NOAR (Network for Optimized Astatine-labeled Radiopharmaceuticals) hosted a global meeting in Coimbra, Portugal. The event highlighted increasing astatine demand and demonstrated that academia and industry in Europe, the US, China, and other regions are rapidly building capacity to meet both research and commercial needs. Alpha Fusion participated as one of the leading companies in astatine drug development, sharing its vision for a robust global supply chain.

With Toshiba ESS joining as a new shareholder, Japan is now even better positioned to collaborate as a unified team and strengthen ties with WAC, leveraging its advanced accelerator technology and early leadership in astatine supply.

Accelerating Commercialization of Astatine Radiopharmaceuticals

With support from Toshiba ESS and extensive collaboration with both domestic and international partners, Alpha Fusion will accelerate the commercialization of astatine radiopharmaceuticals and further advance its mission of making them accessible to patients worldwide.

Investor Comment

Shinya Fujitsuka, General Manager, Power Systems Division, Toshiba Energy Systems & Solutions Corporation:
“At Toshiba, under our corporate philosophy of ‘Committed to People, Committed to the Future,’ we strive to ensure stable energy supply and contribute to the universal improvement of quality of life. Alpha Fusion’s leadership in bringing astatine-based advanced cancer therapies into clinical use strongly aligns with our mission.

Having long contributed to Japan’s nuclear industry, we believe our expertise can support this groundbreaking effort. We look forward to working with Alpha Fusion and other participating companies as one ‘All-Japan’ team to realize the social implementation of astatine-based therapies on a global scale.”

（Read More in Japanese）