ITM, a Munich, Germany-based leader in precision oncology and the field of Targeted Radionuclide Therapy, closed a convertible loan financing totaling €90m (USD 109m).
The round was led by Petrichor Healthcare Capital Management with participation of additional undisclosed investors. 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. In conjunction with the financing, Tadd Wessel, Founder and Managing Partner at Petrichor, will join ITM’s supervisory board. Further details of the financing were not disclosed.
The company intends to use the funds to expand its precision oncology pipeline as well as to fund late-stage development and market access activities for lead candidate, n.c.a. 177Lu-Edotreotide, currently in a phase III trial in gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
Founded in 2004 and led by Steffen Schuster, Chief Executive Officer, ITM is a radiopharmaceutical biotech company dedicated to providing precise cancer radiotherapeutics and diagnostics. ITM is advancing a broad pipeline combining radioisotopes with targeting molecules to create Precision Oncology treatments.