Alpha Fusion

What Alpha Fusion does

Alpha Fusion Inc. is a Japan-based clinical-stage biotechnology company developing Targeted Alpha Therapy (TAT) radiopharmaceuticals based on Astatine-211 (At-211). Founded in November 2021 from research conducted at Osaka University and the Japan Science and Technology Agency (JST) OPERA QiSS program, the company is the only organization globally with an At-211-based therapeutic program that has entered clinical trials. Its pipeline targets radioiodine-refractory differentiated thyroid cancer (af-001/TAH-1005, currently in Phase 1), castration-resistant prostate cancer (af-002/PSW-1025, IND-enabling), pan-cancer indications via LAT1 transporter targeting (af-003, IND-enabling), plus exploratory programs with peptide ligands through its Mitsubishi Tanabe/Veneno Technologies partnership and proprietary in-house small-molecule work.

The company's technology platform exploits At-211's distinctive physical properties as a halogen alpha emitter: covalent labeling of small molecules without chelators enabling access to intracellular targets; a single high-energy alpha particle per decay with no daughter nuclides, simplifying quality control; and a short half-life of approximately 7.2 hours enabling multiple doses, flexible regimens, and outpatient administration without specialized radiation wards. Alpha Fusion operates a vertically integrated "All-Japan" supply chain anchored by Sumitomo Heavy Industries (At-211 cyclotron production at Osaka University's TAT Cyclotron Building targeted for 2026), Toshiba Energy Systems, and Kobe City Medical Center Central Hospital for clinical drug supply, with over 30 successful GMP batches completed.

The business model is pre-commercial: revenue will ultimately come from sales of At-211 radiopharmaceuticals to academic medical centers and hospital nuclear medicine departments, supported by enterprise-focused go-to-market targeting specialty oncology centers. Alpha Fusion is backed by venture and strategic investors including SBI Investment, Osaka University Venture Capital, D3 LLC, Sumitomo Heavy Industries, Toshiba Energy Systems, Mitsui Mining & Smelting, Kobe University Capital, Joyo Capital Partners, JGC Corporation, Global Brain, and JST, with cumulative funding of approximately JPY 1.61 billion (~$11M USD) raised across Series A (2023) and Series B (October 2024). The company initiated its first company-sponsored Phase I trial for af-001 in October 2025 and is preparing company-sponsored trials starting in 2026, with US clinical development pursued through a joint venture with Curadh MTR.

Name

Alpha Fusion

Legal name

Alpha Fusion Inc.

Website

https://alpha-fusion.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Alpha Fusion Inc. is a Japan-based clinical-stage biotechnology company developing Astatine-211 (At-211) Targeted Alpha Therapy radiopharmaceuticals for cancer, currently the only company globally with At-211 therapeutics in clinical trials.

Ownership category

akta.pro rank

Product category

Radiopharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)

akta.pro secondary industries

Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD), Radiopharmacy Compounding & Dispensing (Hospital/Commercial) (HLAIAGAE), Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC)

Keywords

• Targeted alpha therapy
• Radiopharmaceutical development
• Astatine-211 therapeutics
• Oncology drug discovery
• Clinical stage biotechnology

Headquarters

HQ city

Osaka

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Infrastructure, Supply Chain, Marketing or Sales, Operations

Revenue model

1. Radiopharmaceutical Product Sales: Pre-revenue clinical stage company. Revenue model will likely be product sales of At-211 based radiopharmaceuticals for cancer treatment, positioning as a novel targeted alpha therapy modality. The company is currently in clinical trials and has not yet commercialized any products.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Alpha Fusion is a clinical-stage Japanese biotechnology company developing Astatine-211 (At-211) based radiopharmaceuticals for Targeted Alpha Therapy (TAT) in cancer treatment. The company is building a pipeline of alpha-emitting therapeutics targeting cancer-specific antigens including NIS (thyroid cancer), PSMA (prostate cancer), and LAT1 (pan-cancer), with lead candidates af-001 in Phase 1 trials and af-002/af-003 in IND-enabling stages. The core platform leverages the unique physical properties of At-211—including short half-life, single alpha emission per decay, and covalent labeling capability—to deliver high-energy, short-range radiation that destroys cancer cells while sparing surrounding healthy tissue.

Product overview

Alpha Fusion is a Japan-based biotechnology company developing Targeted Alpha Therapy (TAT) radiopharmaceuticals based on Astatine-211 (At-211). The company's product portfolio centers on multiple pipeline candidates leveraging the unique properties of At-211, including af-001 (TAH-1005) for thyroid cancer and af-002 (PSW-1025) for prostate cancer, both currently in clinical development. Additional programs include af-003 targeting LAT1 for pan-cancer applications, the Tanabe-Veneno collaborative program using disulfide-rich peptides, and proprietary in-house small molecule programs. The company integrates expertise in radiochemistry, drug discovery, and clinical medicine to develop innovative radiopharmaceuticals that deliver alpha particles directly to cancer cells while minimizing damage to surrounding healthy tissue.

Differentiator

Problem solved

Functional benefit

Products and services

• af-001 (TAH-1005) Alpha-emitting radiopharmaceutical targeting NIS (sodium-iodide symporter) using small molecule technology for treatment of differentiated thyroid cancer. Currently in Phase 1 clinical trials in Japan for both radioiodine-refractory and radioiodine-naïve patients.
• af-002 (PSW-1025) Alpha-emitting radiopharmaceutical targeting PSMA (prostate-specific membrane antigen) on cell membranes using small molecule technology for treatment of refractory castration-resistant prostate cancer. Currently in IND-enabling stage.
• af-003 Alpha-emitting radiopharmaceutical targeting LAT1 (L-type amino acid transporter 1) using small molecule technology for pan-cancer applications. Currently in IND-enabling stage.
• Tanabe-Veneno Program Joint research program utilizing Veneno Technologies' disulfide-rich peptides (DRP) for targeting undisclosed cancer antigens with astatine-211 labeling. Currently in exploratory stage for multiple molecular targets.
• In-house Small Molecule Program Proprietary in-house astatine-211 drug discovery program targeting multiple molecular targets using small molecule ligands. Currently in exploratory stage for intracellular and cell membrane targets.

Quantifiable outcome

• In Phase I Alpha-T1 trial, patients receiving medium to high doses showed 3/9 with ≥50% reduction in tumor markers, and 3 cases with metastatic lesion disappearance or near-disappearance on radioactive iodine imaging
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core.

• Mitsubishi Tanabe Pharma CorporationcoreStrategic or Co-development Partner · 10 July 2025Joint research agreement for development of novel astatine-211-labeled radiopharmaceuticals targeting multiple cancer antigens. Project combines Alpha Fusion's At-211 drug discovery platform with Mitsubishi Tanabe Pharma's drug development capabilities and Veneno Technologies' targeting ligand technology.
• Veneno Technologies Inc.coreTechnology or Integration · 10 July 2025Joint research utilizing Veneno's proprietary disulfide-rich peptide (DRP) technology via PERISS method to generate highly selective cancer-targeting peptides for conjugation with astatine-211. DRPs offer high target selectivity and in vivo stability suitable for At-211 labeling.
• Curadh MTR, Inc.coreStrategic or Co-development Partner · 30 June 2025Strategic partnership including a Joint Venture to advance global development of At-211 based radiopharmaceuticals. The collaboration combines Alpha Fusion's At-211 drug discovery and early clinical work in Japan with Curadh's global radiopharmaceutical expertise. The joint venture focuses on clinical development in the US and building a broader product pipeline. Partnership announced at the World Astatine Community Meeting.
• Osaka UniversitycoreStrategic or Co-development PartnerLong-standing collaboration on At-211 drug discovery including clinical trials at Osaka University Hospital. Dr. Tadashi Watabe's team conducting investigator-initiated clinical trials for thyroid cancer (Alpha-T1) and prostate cancer (Alpha-PS1). Joint research on mass production of Astatine-211.
• National Institutes for Quantum Science and Technology (QST)coreStrategic or Co-development PartnerMultiple joint research agreements with QST for At-211 radiopharmaceutical development. Includes tumor-specific targeting research (QST Chiba) and novel astatine labeling platform technology development (QST Takasaki/Niigata University collaboration).
• Sumitomo Heavy Industries, Ltd.coreOthersInvestment and collaboration on cyclotron-based Astatine-211 mass production. Sumitomo is installing the world's most productive At-211 cyclotron at Osaka University's TAT Cyclotron Building (planned for 2026). Partnership slogan: 'Never let drug development be delayed by astatine shortage.'
• Kobe City Medical Center Central HospitalcoreOthersPartnership to construct At-211 investigational drug supply system. Collaboration with Kobe City Medical Center to establish reliable clinical trial drug delivery infrastructure for Alpha Fusion's clinical programs.

Scale indicators5 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Telix Pharmaceuticals: Develops diagnostic and therapeutic radiopharmaceuticals across prostate, kidney, and brain cancers, with both imaging agents (Illuccix, Zircaix) and emerging TAT programs. Comparable as a clinical/commercial-stage radiopharma peer targeting overlapping oncology indications.
• Lantheus Holdings: Radiopharmaceutical-focused company with Point Biopharma (Pb-212-based TAT platform) acquired; also commercializes imaging agents. Directly comparable as a therapeutic radiopharmaceutical peer with active TAT pipeline competing against alpha-emitter approaches.
• Actinium Pharmaceuticals: Clinical-stage company developing Ac-225-based antibody-radionuclide conjugates for hematologic cancers and solid tumors. Comparable as an alpha-emitter TAT peer pursuing oncology indications with proprietary isotope-conjugate technology.
• Fusion Pharmaceuticals: Developed Ac-225-based targeted alpha therapies for solid tumors, acquired by AstraZeneca in 2024. Closest direct competitor to Alpha Fusion given its TAT focus, alpha-emitter platform, and pipeline of oncology-targeted radiopharmaceuticals.
• ITM Isotope Technologies Munich: Radiopharmaceutical company producing Lu-177, Ac-225 and other medical isotopes with proprietary manufacturing and targeted therapy pipeline. Comparable for its end-to-end isotope production-to-therapy model similar to Alpha Fusion's cyclotron strategy.
• RayzeBio: Developed actinium-225 (Ac-225) targeted radiopharmaceuticals for solid tumors before acquisition by Bristol-Myers Squibb in 2024. Closely comparable as an Ac-225-focused TAT clinical-stage peer that demonstrated the M&A premium possible for differentiated alpha-emitter platforms.

Broad incumbents

• Bayer: Markets Xofigo (Ra-223 dichloride), the first approved alpha-emitting radiopharmaceutical for prostate cancer, and is developing next-generation TAT programs (e.g., Th-227). Comparable as a broad incumbent in therapeutic radiopharmaceuticals.
• Novartis: Markets Pluvicto (Lu-177 PSMA-617) and Lutathera (Lu-177 DOTATATE), the leading approved radioligand therapies. Directly relevant because they validate the radiopharmaceutical oncology market and compete in PSMA-targeted prostate cancer (af-002).
• Curium Pharma: World's largest nuclear medicine company supplying diagnostic and therapeutic radiopharmaceuticals globally. Relevant as a broad incumbent and potential commercialization/distribution partner for Alpha Fusion's pipeline outside Japan.
• Bracco Imaging: Global imaging agent and radiopharmaceutical company with diagnostic and emerging therapeutic nuclear medicine programs. Relevant as an established European radiopharma incumbent with comparable hospital-channel distribution and nuclear medicine infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alpha-fusion-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds3 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alpha Fusion