ITM Isotope Technologies Munich SE, a Munich, Germany-based radiopharmaceutical biotech company, closed an €33m equity funding.
Backers included the Indigenous Critical Infrastructure Fund Canada (ICIF) and a private equity fund managed by Portland Investment Counsel Inc., a related and connected party to Portland Holdings.
The capital increase, which follows the recently announced €25m equity investment from ITM’s strategic partner, Grand Pharma, brings the total amount of cash raised to date in 2022 to €58m 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. In addition, the funding will be used to accelerate the strategic development of additional radiopharmaceutical candidates in ITM’s broad proprietary pipeline and the expansion of ITM’s radioisotope supply capabilities.
Led by Steffen Schuster, Chief Executive Officer, ITM is a global leader in the production and supply of high-quality medical radioisotopes for the precise diagnosis and targeted treatment of various cancer indications and has established a wide-reaching international supply network. The company has integrated its expertise to developing a broad proprietary pipeline of targeted radiopharmaceutical diagnostics and therapeutics designed to address hard-to-treat cancer indications. ITM combines its medical radioisotopes with targeting molecules capable of reaching a range of tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NETs), which severely lack treatment options. The company is working toward validating its approach with its lead candidate, ITM-11, in two phase III clinical trials, COMPETE (NCT03049189) and COMPOSE (NCT04919226).
FinSMEs
228/03/2022