ITM raises $109 Million to Advance Radiopharmaceutical Precision Oncology Pipeline
April 22, 2021
Rare Daily Staff
German radiopharmaceutical therapeutics and diagnostics developer ITM said it successfully closed a $109 million (€90 million) convertible loan financing to expand its precision oncology pipeline.
Petrichor Healthcare Capital Management led the financing with participation of additional undisclosed investors.
The proceeds will be used to expand the company’s pipeline of radiopharmaceuticals and fund late-stage development and market access activities for its lead candidate, n.c.a. 177Lu-Edotreotide, which is currently in a phase 3 trial in the rare indication of gastroenteropancreatic neuroendocrine tumors.
Under the terms of the agreement, the loan will convert into shares of ITM in the event of certain future financial or other corporate development transactions. Further details of the financing were not disclosed.
“This funding represents our commitment to being at the forefront of demonstrating the therapeutic potential of Targeted Radionuclide Therapy and reflects our ambition to translate our leadership as a global radioisotope provider into developing innovative radiopharmaceuticals to meet the needs of patients with difficult-to-treat tumors,” said Steffen Schuster, CEO of ITM.
Founded in 2004, ITM has deep experience in the production and supply of high-quality medical radioisotopes for cancer treatment and diagnosis with an established global supply network. The company has forward-integrated to develop Targeted Radionuclide Diagnostics and Therapies designed to provide medical benefit for difficult-to-treat cancer indications.
In conjunction with the financing, Tadd Wessel, founder and managing partner at Petrichor, will join ITM’s supervisory board.
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