Breakthru Medicine Raises $60M Series A in Phoenix

Phoenix’s biotech ecosystem hit a major milestone this week as Breakthru Medicine announced a $60 million Series A funding round to accelerate development of next-generation cancer therapies.

The company emerged from stealth mode in late January and plans to move multiple oncology programs into clinical trials by 2027. Founded in 2025 by industry veterans Steve Potts , Mark Mulvihill , and Dr. Brian Barnett , Breakthru Medicine is focused on targeted therapies for solid tumors, including molecular glues, small molecules, and next-generation antibody-drug conjugate payloads. The founding team collectively helped deliver more than a dozen oncology therapies that reached FDA approval or late-stage clinical development — a rare track record for a newly launched biotech. The raise was backed by prominent biotech investors and operators, signaling strong national confidence in Arizona’s growing life sciences sector. Breakthru’s patient-first, tumor-agnostic approach aims to address high-need cancers such as colorectal, lung, breast, and pancreatic — areas where treatment gaps remain significant. For Silicon Oasis, this funding marks another signal that Arizona is no longer an emerging biotech market — it’s becoming a destination for serious scientific capital and experienced founders building globally relevant companies.

Subscribe to the Silicon Oasis hard print magazine and get Arizona’s startup and tech ecosystem delivered straight to your door. Each issue features founder stories, funding news, ecosystem insights, and deep dives you won’t find anywhere else. 👉 Join the growing community supporting local innovation — secure your print subscription today.