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Itm Receives Eur 33 Million Equity Investment To Advance Precision Oncology Pipeline Of Targeted Radiopharmaceuticals

Mar 22, 2022•over 3 years ago

Amount Raised

€33 Million

MunichHealth CareManufacturing

Description

ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotech company, today announced the successful closing of an equity investment totaling EUR 33 million from the Indigenous Critical Infrastructure Fund Canada (ICIF) and from a private equity fund managed by Portland Investment Counsel Inc., a related and connected party to Portland Holdings. The capital increase follows the recently announced EUR 25 million equity investment from ITM’s strategic partner, Grand Pharma, bringing the total amount of cash raised to date in 2022 to EUR 58 million in this financing round. The proceeds will primarily be used for the finalization of the late-stage development of the company’s lead candidate ITM-11 (n.c.a. 177Lu-edotreotide), a targeted radiopharmaceutical currently being evaluated in two phase III clinical trials for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs), a high-need cancer indication, as well as for any future commercialization and market launch efforts, if approved

Company Information

Company

Isotope Technologies Munich

Location

Munich, Bavaria, Germany

About

ITM, a leading radiopharmaceutical biotech company, is dedicated to providing a new generation of radiopharmaceutical therapeutics and diagnostics for hard-to-treat tumors. We aim to meet the needs of cancer patients, clinicians and our partners through excellence in development, production and global supply. With improved patient benefit as the driving principle for all we do, ITM advances a broad precision oncology pipeline, including multiple Phase 3 studies, combining the company’s high-quality radioisotopes with a range of targeting molecules. By leveraging our two decades of pioneering radiopharma expertise, central industry position and established global network, ITM strives to provide patients with more effective targeted treatment to improve clinical outcome and quality of life.

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