Radiopharm Theranostics (ASX:RAD) has announced it has received firm commitments to raise approximately $70 million before costs via a placement comprised of international and Australian institutional and industry investors, including Lantheus Holdings and specialist US healthcare investors.
Radiopharm is developing a platform of radiopharmaceutical products for both diagnostic and therapeutic uses.
CEO and managing director
Riccardo Canevari said, “We are delighted to complete this significant capital raise which will allow us to accelerate the development of our portfolio, as well as provide an expected cash runway to the end of 2026. To have attracted investment from Lantheus, one of the radiopharmaceutical industry’s leading companies, is a solid endorsement of RAD’s potential. We look forward to working closely with Lantheus in the coming years.”
Under a separate transfer and development agreement, Radiopharm has agreed to assign and sublicense two of its preclinical assets to Lantheus for $3.0 million. The assets covered under the agreement are a TROP2-targeting nanobody and an LRRC15-targeting mAb.
“We are pleased to make a strategic investment in RAD and partner with them to further expand our innovative pipeline,” said Lantheus CEO Brian Markison. “Radiopharmaceutical theranostics are changing the way cancer is diagnosed and treated, yet we still have more work to do and are inspired to further advance this field with these two preclinical oncology assets.”
Radiopharm said it will use the proceeds for drug manufacturing, clinical trials, general working capital, and funding the capital raising costs.