Atonco

What Atonco does

Atonco is a clinical-stage French radiopharmaceutical company founded in 2019 that develops astatine-211 (At-211) alpha-emitting radiopharmaceuticals for targeted alpha therapy in oncology. Its lead product, ATO-101™ ([211At]At-girentuximab), is composed of the anti-CAIX antibody girentuximab radiolabeled with astatine-211 and is administered via intravesical instillation for non-muscle-invasive bladder cancer (NMIBC) resistant to BCG immunotherapy and chemotherapy. The company's underlying technology exploits the 7.2-hour half-life and 5.9 MeV alpha emission of At-211, whose 55-80 µm tissue range (5-10 cell diameters) and ~100 keV/µm linear energy transfer enable selective destruction of residual tumor cells while sparing adjacent healthy tissue. Atonco operates under an exclusive license from Telix Pharmaceuticals for the girentuximab antibody and uses proprietary radiolabeling chemistry based on diaryliodonium salts developed in Nantes, France.

The company is pre-revenue and has no commercial product; ATO-101™ is investigational and used only within clinical trial frameworks. Atonco has no publicly disclosed pricing, and any future revenue will be generated through product sales upon regulatory approval, supplemented by licensing or royalty arrangements. The PERTINENCE Phase I feasibility study completed enrollment in 2022 with 6 patients. The PERSEVERANCE EU Phase I trial (NCT07260162) was authorized in France in December 2025 as the first clinical trial in France involving astatine-211, and a Phase 1-2a study is planned for 2026 at the University of Michigan. Atonco raised €4 million in September 2025, bringing total funding since inception to €10 million, and operates from the Bio-Ouest technology park in Saint-Herblain, France, with 11-50 employees.

Atonco's go-to-market is sales-led via clinical and academic partnerships. Named partners include Institut de Cancérologie de l'Ouest (ICO) as the principal clinical site in France, the University of Michigan as the US clinical collaborator, Telix Pharmaceuticals as the licensing partner for girentuximab, Ionetix as North American GMP manufacturing partner, Minerva Imaging as European GMP manufacturing partner, and GIP ARRONAX as the French At-211 production and process validation partner. Distribution is exclusively through clinical trial frameworks at partnered academic medical centers, with a Framatome/IBA MoU signed in February 2025 to build a future commercial At-211 cyclotron production network in Europe and the USA by 2027-2028.

Name

Atonco

Legal name

Atonco SAS

Website

https://atonco-pharma.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Atonco is a clinical-stage French radiopharmaceutical company developing ATO-101™, an astatine-211-labeled anti-CAIX antibody for non-muscle-invasive bladder cancer resistant to BCG and chemotherapy. It operates under a Telix license and conducts clinical trials in France and the US.

Ownership category

akta.pro rank

Product category

Radiopharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF)

akta.pro secondary industries

Oncology & Hematology Pharmaceuticals (HLAIAAAC), Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC) (EUAKAIAC), Urologic Oncology (HLAKAOAB)

Keywords

• Radiopharmaceutical development
• Targeted alpha therapy
• Cancer drug development
• Radiolabeled antibodies
• Clinical trial services

Headquarters

HQ city

Saint-herblain

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Radiopharmaceutical Drug Development and Commercialization: Atonco is developing ATO-101™ as a radiopharmaceutical treatment for non-muscle-invasive bladder cancer. Revenue will be generated through future product sales upon regulatory approval. The company holds exclusive licensing from Telix Pharmaceuticals for girentuximab.
2. Clinical Development Services: The company conducts clinical trials in partnership with academic institutions and hospitals, with plans to commercialize once regulatory approvals are obtained.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Atonco is a clinical-stage radiopharmaceutical company developing ATO-101™, a candidate drug composed of girentuximab (anti-CAIX antibody) radiolabeled with the alpha-emitting radionuclide astatine-211 for targeted alpha immunotherapy of non-muscle-invasive bladder cancer (NMIBC) resistant to BCG and chemotherapy. The company focuses on preclinical research, radiochemistry, clinical development (Phase I PERSEVERANCE EU in France and Phase 1-2a planned at University of Michigan), and strategic partnerships for GMP manufacturing and commercialization. Future revenue is expected from product sales upon regulatory approval and from licensing arrangements with partners such as Telix Pharmaceuticals.

Product overview

Atonco is a clinical-stage radiopharmaceutical company developing a single lead product, ATO-101™, based on girentuximab radiolabeled with astatine-211 for targeted alpha immunotherapy. The company focuses exclusively on alpha-immunotherapy using astatine-211 for cancers resistant to conventional treatments, with its primary indication being non-muscle-invasive bladder cancer (NMIBC).

Differentiator

Problem solved

Functional benefit

Brands

• ATO-101™: Girentuximab radiolabelled with astatine-211 for non-muscle-invasive bladder cancer treatment

Products and services

• ATO-101™ ATO-101™ ([211At]At-girentuximab) is a clinical-stage radiopharmaceutical candidate composed of the anti-CAIX antibody girentuximab radiolabeled with the alpha-emitting radionuclide astatine-211, intended for targeted alpha immunotherapy of non-muscle-invasive bladder cancer (NMIBC) resistant to BCG and chemotherapy. It is administered via intravesical instillation and is in Phase 1 clinical development.

Quantifiable outcome

• Phase I PERTINENCE study completed with 6 patients, demonstrating safety and excellent bladder retention of anti-CAIX antibody
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Framatome and IBAminorStrategic or Co-development Partner · 7 February 2025Framatome and IBA signed MoU for strategic partnership to build Astatine-211 cyclotron production network in Europe and USA. First production facility planned in Pays de la Loire region (France) by 2027-2028. This supports future commercial supply of At-211 for Atonco and others.
• GIP ARRONAXcoreTechnology or Integration · 24 April 2024Development agreement for GMP radiopharmaceutical production process validation of ATO-101™. GIP ARRONAX provides pharmaceutical development and GMP validation of manufacturing processes using their cyclotron for At-211 production. Builds on 15 years of At-211 development work.
• University of MichigancoreStrategic or Co-development Partner · 29 March 2024Collaboration for Phase 1-2a clinical study of ATO-101™ in NMIBC. Led by Professor Benjamin Viglianti (Associate Professor of Clinical Radiology, Chief of Division of Nuclear Medicine) with Professor Peter Scott. Study pending FDA approval.
• Minerva ImagingcoreChannel Partner/ Reseller/ Distributor · 31 October 2023Collaboration for clinical dose production in Europe for planned Phase I clinical trial. Minerva Imaging sources At-211 from Rigshospitalet (Denmark). Partnership leverages Minerva's CDMO facility opened in 2023.
• IonetixcoreChannel Partner/ Reseller/ Distributor · 31 March 2022Partnership agreement for GMP manufacturing and supply of radiopharmaceutical product for clinical studies and US commercialization. Ionetix provides astatine-211 production capabilities and network of radiopharmacies. Covers FDA agent agreement signed in August 2021.
• Institut de Cancérologie de l'Ouest (ICO)coreStrategic or Co-development Partner · 21 December 2021First patient dosed in PERTINENCE Phase I study at ICO, evaluating TLX250-CDx (girentuximab) in NMIBC patients as proof of concept for subsequent ATO-101™ therapy.
• Institut de Cancérologie de l'Ouest (ICO)coreStrategic or Co-development Partner · 19 May 2021Clinical research partnership for the PERTINENCE feasibility study evaluating ⁸⁹Zr-girentuximab PET imaging and subsequent therapeutic use of astatine-211. Dr. Caroline Rousseau leads as Principal Investigator. ICO serves as trial sponsor and clinical site.
• Telix PharmaceuticalscoreOEM/ Whitelabel/ Licensing Partner · 9 December 2019Licensing and development agreement allowing Atonco to use Telix's Molecularly Targeted Radiation (MTR) technology and select components from Telix's antibody portfolio (including girentuximab) for use with astatine-211 in bladder cancer treatment. Telix may receive approximately AUD 30 million in milestone payments plus royalties. Telix retains right to re-acquire program with compelling clinical data.
• CRCI2NAminorStrategic or Co-development PartnerCentre de Recherche en Cancérologie et Immunologie Nantes-Angers, bringing together researchers and clinicians for cancer treatment discovery from fundamental biology to translational medicine. Team 2 conducted radiochemistry research leading to At-211 labeling methods.
• Atlanpole BiotherapiesminorStrategic or Co-development PartnerNational competitiveness cluster bringing together biotherapy and radiopharmacy players for collaborative projects accelerating research to clinical application.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• RayzeBio: Clinical-stage actinium-225-based radiopharmaceutical company acquired by Bristol Myers Squibb in 2024 for ~$4.1B. Closest direct comparable in alpha-emitter oncology drug development with similar platform, regulatory, and supply-chain dynamics to Atonco.
• Curium Pharma: Vertically integrated nuclear medicine company with manufacturing, radiopharmacy, and product operations across Europe and the US. Comparable on the radiopharmaceutical manufacturing and distribution side that Atonco accesses through partners.
• Fusion Pharmaceuticals: Clinical-stage developer of targeted alpha therapies using actinium-225 and linker technology. Acquired by AstraZeneca in 2024 for ~$2.4B, validating the strategic premium for alpha-emitting radioconjugates and serving as a direct category comparable to Atonco's At-211 program.
• Aktis Oncology: Emerging clinical-stage developer of alpha-emitting radioconjugates using proprietary miniprotein and peptidomimetic scaffolds. Direct competitor in targeted alpha therapy with a comparable early-stage, platform-driven profile to Atonco.
• ITM Isotope Technologies Munich: Clinical-stage radiopharmaceutical company developing therapeutic and diagnostic radionuclides including alpha emitters. Comparable as a European radiopharma developer with manufacturing infrastructure relevant to Atonco's isotope supply strategy.

Broad incumbents

• Telix Pharmaceuticals: Commercial-stage radiopharmaceutical company developing diagnostic and therapeutic agents. Direct licensor of girentuximab to Atonco and a strategic investor with a re-acquisition right; competes in the broader alpha/beta-emitting radiopharma space and would be the most likely acquirer.
• Novartis (Advanced Accelerator Applications): Owner of Lutathera and Pluvicto, the leading commercial radioligand therapies. Operates broadly in targeted radionuclide therapy with a global commercialization footprint that Atonco would rely on for partner or exit scenarios.
• Bayer (Algeta heritage): Pioneer of alpha-emitting radiopharmaceuticals through Xofigo (Ra-223). Sets the precedent for commercial alpha-emitter therapeutics and operates an oncology/radiopharma pipeline relevant to At-211 programs.

Emerging players

• ImmunityBio: Late-stage immunotherapy company with Anktiva (nogapendekin alfa) approved for BCG-unresponsive NMIBC. Competes with Atonco in the same patient population and could be a clinical development comparator or combination partner.
• Ferring Pharmaceuticals: Commercial-stage competitor in BCG-unresponsive NMIBC via Adstiladrin (nadofaragene). Direct therapeutic competitor in Atonco's lead indication and a benchmark for regulatory and commercial benchmarks in NMIBC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/atonco

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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 Atonco