Phoenix, February 10, 2026
Phoenix-based biotech startup Breakthru Medicine has successfully closed a $60 million Series A financing round, catalyzing the advancement of innovative cancer therapies. Founded by experienced industry veterans, the company aims to address significant unmet medical needs and is set to begin clinical trials in 2027. This development not only marks a significant milestone for the startup but also reflects the growing strength of Phoenix’s biotech ecosystem and the local economy’s resilience through private investment.
Phoenix Biotech Secures $60M for Cancer Therapies
A local startup’s substantial Series A funding round is poised to accelerate critical medical advancements and boost Phoenix’s burgeoning biotech sector.
Phoenix, AZ – The entrepreneurial spirit continues to thrive in Phoenix, as a local biotech startup, Breakthru Medicine, recently emerged from stealth with a significant $60 million Series A financing round. This substantial private investment underscores the dynamism of the local economy and highlights the determination of Arizona AZ entrepreneurs to tackle pressing global health challenges. Such ventures are pivotal in demonstrating how private capital and innovation can drive progress, creating high-value jobs and fostering a robust economic landscape within the community.
This development is not just a win for the individual company but also a testament to the growing strength of the Phoenix AZ business environment, particularly within the bioscience sector. The infusion of capital is set to propel the development of disruptive cancer therapies, with clinical trials anticipated to begin in 2027. This aligns perfectly with the city’s strategic focus on nurturing high-growth industries that bring both economic prosperity and tangible benefits to human health.
The Emergence of Breakthru Medicine
Breakthru Medicine officially emerged from stealth on January 29, 2026, announcing the successful closure of its $60 million Series A financing round. This funding follows a prior undisclosed seed round, demonstrating sustained confidence from investors in the company’s vision and capabilities. The startup was founded by biotech industry veterans Steve Potts, PhD, Mark Mulvihill, PhD, and Brian Barnett, MD, who bring extensive experience in cancer drug development and clinical trials. The leadership team is dedicated to delivering novel therapeutic modalities to cancer patients, addressing significant unmet medical needs.
Pioneering Cancer Therapies
The core mission of Breakthru Medicine is to advance innovative cancer therapies into clinical trials, with a target commencement date in 2027. The company aims to develop disruptive therapeutic modalities for cancer patients, focusing on areas where existing approaches have had limited success. Their technology strategy encompasses various drug formats, including small molecules, next-generation antibody-drug conjugate payloads, and molecular glues. This patient-first, tumor-agnostic targeting approach emphasizes identifying and advancing programs with breakthrough potential while efficiently discontinuing those less likely to succeed, thereby preserving capital and focusing efforts on promising avenues.
Catalyzing Phoenix’s Biotech Ecosystem
This significant investment in Breakthru Medicine contributes directly to the expansion and strengthening of Phoenix’s already thriving biotech ecosystem. The Phoenix Bioscience Core (PBC) plays a crucial role as a hub for research and development, attracting and fostering innovative companies. Academic research and development expenditures in bioscience fields in Arizona reached $683.3 million in 2022, indicating a robust environment for scientific advancement. The state’s bioscience industry employed 40,399 individuals across 3,652 establishments in 2023, representing a 24.6 percent increase in employment since 2019. This growth places Arizona among the leaders in employment growth nationwide. The average wage in the state’s bioscience industry was $102,161 in 2023, which is 53 percent higher than the state’s private sector average, highlighting the high-skill, high-wage jobs created within this sector.
The Impact of Private Investment and Innovation
Private investment, such as the $60 million secured by Breakthru Medicine, is a critical engine for economic growth and innovation. In 2023, Arizona’s bioscience companies attracted $281.8 million in venture capital investment. Such capital infusions enable startups to translate groundbreaking research into tangible treatments and products, fostering job creation and enhancing local economic resilience. The success of Phoenix small business ventures like Breakthru Medicine also underscores the importance of a supportive environment that encourages entrepreneurial risk-taking and technological advancement. A balanced approach to regulation, minimizing unnecessary hurdles, can further accelerate the pace at which these innovative companies bring life-changing solutions to market and contribute to the local economy.
Phoenix: A Hub for Medical Advancement
Phoenix is increasingly recognized as a hub for scientific and entrepreneurial endeavors in the health innovation sector. Arizona’s health innovation sector generated $43.64 billion of economic impact in 2023. The city’s commitment to fostering a vibrant bioscience community is evident in initiatives like the Phoenix Bioscience Core, which is anticipated to generate an economic impact of $2.1 billion annually at full build-out. The strategic collaboration between industry, researchers, and clinicians, facilitated by institutions within the PBC, is essential for advancing biomedical development and conducting the extensive clinical trials required for new medical products. This collaborative ecosystem ensures that Phoenix continues to be fertile ground for companies like Breakthru Medicine, pushing the boundaries of medical science.
Conclusion
Breakthru Medicine’s successful $60 million Series A funding round represents a significant milestone for the company and a powerful affirmation of Phoenix’s burgeoning role in the national biotech landscape. This achievement by Arizona AZ entrepreneurs showcases the profound impact of private investment on scientific innovation and economic growth. As Breakthru Medicine moves forward with its mission to develop life-changing cancer therapies, it contributes to a future where Phoenix AZ business not only thrives but also leads in addressing some of humanity’s most complex challenges. We encourage our readers to stay engaged with the ongoing advancements within our local bioscience sector and support the local businesses and entrepreneurial spirit that continue to drive our community forward.
Frequently Asked Questions
What is Breakthru Medicine?
Breakthru Medicine is a Phoenix, AZ-based oncology company focused on developing disruptive therapeutic modalities to address major unmet medical needs for cancer patients.
How much funding did Breakthru Medicine recently secure?
Breakthru Medicine successfully closed a $60 million Series A financing round.
When did Breakthru Medicine emerge from stealth?
Breakthru Medicine officially emerged from stealth on January 29, 2026.
What is the primary goal of Breakthru Medicine’s funding?
The primary goal of the funding is to advance cancer therapies into clinical trials, with an expected start in 2027.
Who founded Breakthru Medicine?
Breakthru Medicine was founded by biotech industry veterans Steve Potts, PhD, Mark Mulvihill, PhD, and Brian Barnett, MD.
Key Features of Breakthru Medicine’s Funding and Mission
| Feature | Details |
|---|---|
| Company Name | Breakthru Medicine |
| Location | Phoenix, AZ |
| Funding Round | $60 million Series A financing |
| Emergence Date | January 29, 2026 |
| Primary Goal | Develop and advance cancer therapies into clinical trials |
| Clinical Trials Start | Expected in 2027 |
| Founders | Steve Potts, PhD, Mark Mulvihill, PhD, and Brian Barnett, MD |
| Technology Focus | Small molecules, next-generation antibody-drug conjugate payloads, and molecular glues |
| Strategic Approach | Patient-first, tumor-agnostic targeting |
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Author: STAFF HERE PHOENIX WRITER
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