BioSpectrum | August 5, 2019: Rakuten Medical, Inc., a clinical-stage, global biotechnology company developing precision-targeted cancer therapies based on its proprietary Photoimmunotherapy (PIT) platform, has raised approximately US $100 million recently in a Series C-1 Preferred Stock financing from Rakuten, Inc., a global leader in internet services headquartered in Japan. This investment is increasing Rakuten’s equity share of Rakuten Medical to 22.6 percent.
Rakuten Medical intends to use the additional injection of capital to expand the development of the company’s oncology-focused PIT platform, strengthen its business and commercial functions, and provide resources to further identify and evaluate new investigational compounds and indications for the potential treatment of other types of cancers using PIT.
