Rakuten Medical Inc. Closes $166 Million in Series D

by Kay Aloha Villamor in August 7th, 2021
Rakuten Medical Inc. Series D

Rakuten Medical, Inc., a global clinical-stage biotechnology company focused on developing and commercializing innovative oncology products for multiple indications, has announced the completion of a $166 million Series D preferred stock financing, including $75 million in new capital and the conversion of $91 million of convertible promissory notes, including accrued interest led by General Catalyst.

Financing will support Rakuten Medical's ongoing trials of ASP-1929 in several oncologic indications and research and development of additional pipeline therapies developed using the Illuminox™ platform. Rakuten Medical's lead drug, ASP-1929, achieved approval in Japan for unresectable locally advanced or locally recurrent head and neck cancer in September 2020.

The round was led by General Catalyst, together with participation from existing investors, including Rakuten Group and SBI Group.

Company: Rakuten Medical, Inc.

Raised: $166.0M

Round: Series D

Funding Month: July 2021

Lead Investor: General Catalyst

Additional Investor: SBI Group and Rakuten Capital

Company Website: www.rakuten-med.com

Software Category: Illuminox™ platform

About the Company: Rakuten Medical, Inc. is a global clinical-stage biotechnology company developing and commercializing precision, cell-targeting investigational therapies on its Illuminox™ platform, which in pre-clinical studies have 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, currently the subject of a global phase 3 clinical trial for recurrent head and neck cancer. Rakuten Medical is committed to conquering 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 headquartered, Japan, the Netherlands, Taiwan, and Switzerland.

Source: https://rakuten-med.com/us/news/press-releases/2021/07/28/7504/

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