Rakuten Medical completes $119 million Series E financing to develop Alluminox™ platform.

Mar 06, 2024•almost 2 years ago

Amount Raised

$119 Million

Round Type

series e

San Mateo

Investors

Dai Ichi Life Insurance Company, LimitedMizuho Bank, Ltd.Sbi GroupRakuten Group, Inc.Hikma Pharmaceuticals Plc

Description

Rakuten Medical, Inc. completed a $119 million Series E financing, including $45 million in new capital and the conversion of $74 million of convertible promissory notes with accrued interest. The funding will support photoimmunotherapy clinical trials, drug discovery, and medical device development for the proprietary Alluminox™ platform.

Company Information

Company

Rakuten Medical, Inc.

Location

11080 Roselle Street

San Mateo, California, United States

About

Rakuten Medical, Inc. is a global clinical stage biotechnology company developing and commercializing precision, cell-targeting investigational therapies on its IlluminoxTM platform, which, in pre-clinical studies have been shown to induce rapid and selective cell killing and tumor necrosis. Outside of Japan, Illuminox therapies have not yet been approved as safe or effective by any regulatory authority. The company's first drug developed on the Illuminox platform, ASP-1929, has received approval from the Japanese Ministry of Health, Labour, and Welfare, and is currently the subject of a global phase 3 clinical trial for recurrent head and neck cancer. Rakuten Medical is committed to its mission to conquer cancer and aims to realize a society where cancer patients can lead fulfilling lives. The company has 6 locations in 5 countries, including the United States, where it is headquartered, Japan, the Netherlands, Taiwan, and Switzerland. For more information, visit www.rakuten-med.com.

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