Radiopharm Theranostics, the developer of a platform of radiopharmaceutical products for diagnostic and therapeutic uses, has raised $20 million.
The capital has been raised via convertible notes through Bell Potter and Baker Young and will be used to progress the company's portfolio of radiopharmaceutical assets for diagnostic and therapeutic applications.
The company said it received strong demand for the offer. As a result, it increased the raise to $20 million from the original target of $15 million.
"A range of institutional and sophisticated investors have joined the register as part of the capital raising," it said.
Radiopharm Theranostics currently has five phase one clinical trials and three phase two trials underway.
Radiopharm Theranostics, founded by the experienced Australian life sciences industry figure Paul Hopper, said it has assembled a team of industry experts to lead the development of the portfolio.
“I am thrilled to be able to combine a range of outstanding assets with highly credentialled management in a sector that has attracted an intense level of interest in recent years,” said Mr Hopper.
“The funds we’ve been able to bring in as part of this capital raising will allow us to further develop our portfolio unimpeded, while building out the executive team as we consider additional funding options moving forward.
“I’d like to thank our new shareholders for their support and look forward to delivering value to our investors while ultimately commercialising radiopharmaceutical technologies that improves patient outcomes.”