Australian company Radiopharm Theranostics (ASX:RAD) has increased its ownership stake in Radiopharm Ventures, a joint venture created with The University of Texas MD Anderson Cancer Center, from 51 per cent to 75 per cent.
The company said the move to increase its joint venture ownership follows promising progress in its cancer therapeutic pipeline, including advancing its leading B7H3 candidate and other preclinical assets.
B7-H3 is an immune checkpoint protein infrequently seen in most healthy cells, but it is consistently abnormally overexpressed in most cancer tissues. High B7H3 expression in cancer is associated with greater tumour size and lymphatic invasion.
The company said it plans to initiate a Phase 2 trial of B7H3 in the first half of 2025. Other preclinical candidates have demonstrated early positive results and have progressed towards final candidate selection, with potential applications across multiple solid tumour types.
Radiopharm said it had committed an additional US$4 million to support its increased ownership in the joint venture and to fund future preclinical and clinical expenses.
Radiopharm and MD Anderson launched Radiopharm Ventures in September 2022. The joint venture a,s tp leverages MD Anderson’s expertise in antigen discovery and molecular imaging alongside Radiopharm’s capabilities in developing radiopharmaceutical therapies.
Radiopharm CEO and managing director Riccardo Canevari said, "We are encouraged by the progress to date within Radiopharm Ventures. The increased ownership by RAD, coupled with the advancements in the associated programs, positions us well to enter a Phase 1 clinical trial with B7H3 next year.”