William Blair initiated research coverage of Fusion Pharmaceuticals Inc. (FUSN $2.53) and POINT Biopharma Global Inc. (PNT $6.81), two companies in what analyst Andy Hsieh describes as the “reignited” space of radiopharmaceuticals for the treatment of cancer.

Dr. Hsieh published a white paper on the radiopharmaceuticals industry in conjunction with the initiations, stating his belief that “the radiopharmaceutical industry is at an inflection point where the field could emerge from a specialized niche market and expand into the mainstream oncology treatment paradigm.” The report provides a high-level snapshot of a rapidly evolving field that is attracting a significant inflow of investment.

In his report on Point Biopharma, Dr. Hsieh said, “We believe Point is establishing superior manufacturing and supply chain capabilities in radiopharmaceuticals that will allow it to be a leader in the space. An in-depth understanding of the industry is critical for market entrance, and we believe Point can leverage internal capabilities to address some of the most pertinent challenges in the industry, while simultaneously building out its oncology platform. Notably, it has advanced two assets to Phase III trials and built out one of the world’s largest radiopharmaceutical manufacturing facilities—all within three years as a company. In our view, Point’s initial focus on prostate cancer and neuroendocrine tumors, which are validated targets in the radiopharmaceutical space, removes significant clinical risks, and early programs involving novel targets should bolster future growth.”

While Fusion’s lead asset is at an earlier stage, Dr. Hsieh said, “Our view is that the company’s wholly owned potent and specific radiopharmaceuticals are underappreciated by the Street. Fusion is focused on developing a portfolio of alpha-emitting radiopharmaceuticals for improving treatment options of various cancers. It is advancing its pipeline on three fronts: first, lead asset FPI-1434 is being studied in a Phase I/II trial for IGF-1R-expressing solid tumors; second, FPI-1966 targets fibroblast growth factor receptor 3; and third, FPI-2059 is in preclinical development for neurotensin receptor 1-expressing solid tumors. Fusion has also partnered with Merck, which will be supplying Keytruda for a Phase I/II combination study with FPI-1434 in advanced solid tumors. Unique to Fusion is its targeted alpha therapy technology platform and its Fast-Clear™ linker technology. Fusion further differentiates itself by tackling targets that are not otherwise being actively pursued within the radiopharmaceutical industry.”

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