TORONTO, Dec. 19, 2025 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies Inc. ("Xanadu"), a leading photonic quantum computing company, today announced that it has developed a novel quantum computational framework to accelerate the discovery of next-generation photosensitizers for photodynamic cancer therapy, a targeted cancer treatment. Published as a pre-print article on arXiv, Xanadu's new research demonstrates how fault-tolerant quantum computers can accelerate research into cutting-edge cancer treatments.
Photodynamic cancer therapy uses light-activated compounds called photosensitizers to selectively destroy tumor cells, typically resulting in less collateral damage than conventional treatments, such as chemotherapy. However, a photosensitizer's success or failure often depends on complex properties, such as sensitivity to specific wavelengths of light and efficiency in triggering cancer cell death. Through the application of quantum simulation algorithms to four diverse photosensitizers, several of which are particularly challenging for classical simulations, Xanadu's new research shows that quantum computers can effectively simulate the key properties needed to model and improve these treatments.
"The development of effective photosensitizers is currently hampered by the high cost and runtime required for experimental synthesis and classical simulations. We believe our results position fault-tolerant quantum computing as a highly attractive solution for discovering advanced photosensitizers by modelling key physical properties," says Christian Weedbrook, Founder and Chief Executive Officer of Xanadu.
Through this work, Xanadu provides a blueprint for an efficient, quantum-based workflow that can help identify potentially promising drug candidates. By focusing on simulating critical physical properties, such as cumulative absorption and intersystem crossing rates, Xanadu provides a way to determine, from first principles, which photosensitizer candidates could lead to highly efficient generation of reactive, cancer-killing molecules, thereby supporting the effectiveness of the photodynamic cancer treatment. In addition, the research provides estimates for the computational resources required to run these algorithms on utility-scale quantum computers and indicates potential speed and efficiency gains over classical methods.
This research serves as a foundational step toward a quantum-based workflow for drug design, with additional work planned to extend the framework to model more complex photosensitizer molecules. It provides an exciting new avenue for quantum computing to push the boundaries of drug development and cancer treatment.
Business Combination
Xanadu recently announced a business combination agreement with Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company ("Crane Harbor"). The combined company, Xanadu Quantum Technologies Limited ("NewCo"), is expected to be capitalized with approximately US$500 million in gross proceeds, comprising approximately US$225 million from Crane Harbor's trust account, assuming no redemptions by Crane Harbor's public stockholders, as well as US$275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment. NewCo is expected to be listed on the Nasdaq Stock Market and on the Toronto Stock Exchange.
About Xanadu
Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. Xanadu also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.
About Crane Harbor
Crane Harbor is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Additional Information About the Proposed Transaction and Where to Find It
The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly confidentially submitted a draft registration statement on Form F-4 (the "Registration Statement") to the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement includes a proxy statement/prospectus to be distributed to Crane Harbor's shareholders in connection with Crane Harbor's solicitation of proxies for the vote by Crane Harbor's shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu's shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been publicly filed and declared effective by the SEC, a definitive proxy statement/prospectus and other relevant documents will be mailed to Crane Harbor shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Crane Harbor's shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, as well as other documents filed with the SEC by NewCo and/or Crane Harbor in connection with the proposed transaction, as these documents will contain important information about NewCo, Crane Harbor, Xanadu and the proposed transaction. Shareholders may obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed by NewCo and/or Crane Harbor with the SEC, without charge, at the SEC's website located at www.sec.gov, Crane Harbor's website at www.craneharboracquisition.com or by emailing investors@xanadu.ai.
Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: the stock exchanges on which the shares of the combined company are expected to trade; proceeds from the business combination and related PIPE; funds received by the combined company from Crane Harbor's trust account and redemptions by Crane Harbor's public shareholders; Xanadu's research demonstrating how fault-tolerant quantum computers can accelerate research into cutting-edge cancer treatments; the efficacy of photodynamic therapy as a cancer therapy; Xanadu's novel research showing that quantum computers can effectively simulate the key properties needed to model and improve these treatments; Xanadu's research results positioning fault-tolerant quantum computing as a highly-attractive solution for discovering advanced photosensitizers by modelling key physical properties; Xanadu providing a blueprint for an efficient, quantum-based workflow that can help identify potentially promising drug candidates; Xanadu's research providing estimates for the computational resources required to run algorithms on utility-scale quantum computers; potential speed and efficiency gains over classical quantum computing methods; potential additional work planned to extend Xanadu's framework to model more complex photosensitizer molecules; and potential avenues for quantum computing and drug development and cancer treatment.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Xanadu and Crane Harbor. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the actual results of the combined company following the proposed transaction, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Xanadu's historical net losses and limited operating history; that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu's expectations regarding future financial performance, capital requirements and unit economics; Xanadu's use and reporting of business and operational metrics; Xanadu's competitive landscape; Xanadu's dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu's ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu's reliance on strategic partners and other third parties; Xanadu's concentration of revenue in contracts with government or state-funded entities; Xanadu's ability to maintain, protect and
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