Corsera, Mediar, Rakuten Medical, and Spiro Medical have together raised over $300M this quarter to advance first-in-class therapies spanning RNAi, fibrosis, photoimmunotherapy, and neuromodulation.

Why It Matters To Oncology

• Rakuten Medical's ASP-1929, already approved in Japan for head-and-neck cancer, is entering a pivotal Phase III US trial with potential to expand photoimmunotherapy across multiple tumor types.

• Mediar's fibrosis pipeline, including anti-EphrinB2 (MTX-474) and anti-WISP1 (MTX-463, partnered with Eli Lilly), targets fibrotic pathways relevant in tumor microenvironments and organ-specific cancers.

• Corsera Health’s RNAi platform, while initially focused on cardiovascular risk, leverages modalities and targets (e.g., PCSK9) with emerging oncology crossover potential.

• Spiro Medical’s neuromodulation approach, though for asthma, underscores crossover interest in device-enabled therapies for complex immunological conditions, including cancer.

The Financials

• Rakuten Medical: $100M Series F to fund ASP-1929 Phase III and global expansion.

• Mediar: $76M Series B, bringing total raised to $175M, plus a Lilly deal valued up to $786M.

• Corsera: $80M new raise, $130M total since launch, supporting two siRNA candidates in clinic.

• Spiro: $67M Series A to build out neuromodulation tech and pursue US approval.

What They're Saying

• Corsera’s John Maraganore: "AI-enabled prediction of lifetime ASCVD risk with preventive RNAi medicines could change the trajectory of disease."

• Mediar CEO Rahul Ballal: "With $175M raised, we can advance anti-fibrotics and potentially bring life-changing therapies to patients with fibrosing diseases."

• Rakuten aims to "leverage Japanese post-market experience and expand photoimmunotherapy beyond head-and-neck cancer."

• Spiro CEO Rinda Sama: "We believe this is a unique opportunity to start with issued patents and human data for neuromodulation in asthma."

What's Next

• Corsera: Phase I proof-of-concept data for PCSK9 siRNA (COR-1004) expected this year; angiotensinogen siRNA (COR-2003) enters clinic in 2026.

• Mediar: Ongoing Phase IIa in systemic sclerosis (MTX-474) and Phase II in idiopathic pulmonary fibrosis (MTX-463).

• Rakuten: ASP-1929 Phase III for head-and-neck cancer, with US filing targeted for 2028, and expansion to other solid tumors.

• Spiro: Platform build-out and initial clinical studies for severe asthma neuromodulation system.