ITM Receives €33 Million Capital Investment to Advance Precision Oncology Pipeline of Targeted Radiopharmaceuticals
ICIF and Portland Holdings Add to Grand Pharma’s Recently Secured €25 Million Capital Investment, Bringing Total in This Round to €58 Million
MUNICH, March 22, 2022–(BUSINESS WIRE)–ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotechnology company, today announced the successful closing of an equity investment totaling €33 million from Canada’s Indigenous Critical Infrastructure Fund (ICIF) and a private equity managed by Portland Investment Counsel Inc., an affiliate and related party of Portland Holdings. The capital increase follows recently announced a 25 million euro equity investment from ITM’s strategic partner, Grand Pharma, bringing the total amount of cash raised to date in 2022 to €58 million in this financing round. The proceeds will primarily be used for finalizing the advanced development of the company’s ITM-11 lead candidate (nec 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 future commercialization and go-to-market efforts, if approved. In addition, the funding will be used to accelerate the strategic development of additional radiopharmaceutical candidates in ITM’s extensive proprietary pipeline and the expansion of ITM’s radioisotope supply capabilities.
“ICIF is pleased to invest in ITM’s Targeted Radionuclide Therapy initiative, both as an exciting economic opportunity and as a way to potentially have a positive impact on Indigenous health outcomes in on a global scale, particularly with regard to cancer”, added Chief Keith Matthews, President of ICIF.
“I am delighted that IMT and ICIF have reached this important milestone. The need to improve healthcare globally and address the unmet needs of cancer patients through innovative therapies, especially targeted radionuclide therapy, has never been more critical. IMT is at the heart of this industry. and disrupts traditional forms of treatment like chemotherapy and external radiation therapy, with new diagnostic and therapeutic solutions that we believe will help improve outcomes and quality of life for cancer patients. We believe that ICIF’s support of nuclear medicine initiatives should have a significant impact on communities affected by cancer, at home and around the world,” said Michael Lee-Chin, member of ITM’s supervisory board and founder and chairman of Portland Holdings. “The Portland mantra of ‘Doing Well and Doing Good’ and our unwavering commitment through investments to democratize healthcare for all is reflected in our continued support of ITM and the oncology industry. precision. »
“The funding by ICIF and Portland Holdings underscores our efforts to build a global community toward a paradigm shift in precision oncology combining ITM’s deep technology, global network and manufacturing expertise in the production of radiopharmaceuticals from high quality with the knowledge to advance a broad diagnostic and therapeutic pipeline. and we, along with Portland Holdings, are very pleased and honored to be able to welcome the Indigenous Critical Infrastructure Fund to our growing global investor community,” commented Steffen Schuster, President and CEO of ITM.
ITM is a world 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 an extensive international supply network. The company has integrated its expertise into the development of a broad, proprietary portfolio of targeted radiopharmaceutical diagnostics and therapies designed to address difficult-to-treat cancer indications. ITM combines its first-class medical radioisotopes with targeting molecules capable of reaching a range of tumors, including gastroenteropancreatic neuroendocrine tumors (GEP-NET), which are sorely lacking in treatment options. ITM is working to validate its approach with its lead candidate, ITM-11, in two Phase III clinical trials, COMPETE (NCT03049189) and COMPOSE (NCT04919226).
About Targeted Radiation Therapy
Targeted radionuclide therapy is an emerging class of cancer therapies, which seeks to directly irradiate the tumor while minimizing radiation exposure to normal tissue. Targeted radiopharmaceuticals are created by attaching a therapeutic radioisotope to a targeting molecule (eg, peptide, antibody, small molecule) that can accurately recognize tumor cells and bind to tumor-specific entities such as than receptors that are expressed on the cell surface. As a result, the radioisotope accumulates at the tumor site and decays, releasing a small amount of ionizing radiation, thereby destroying the tumor tissue. The highly precise localization potentially allows targeted treatment with minimal impact on surrounding healthy tissue.
About IMT-11 (nec 177Lu-edotreotide)
ITM-11, ITM’s therapeutic radiopharmaceutical candidate studied in the COMPETE and COMPOSE Phase III clinical studies, consists of two components: the medical radioisotope lutetium-177 with no added carrier (nei 177Lu) and the targeting molecule edotreotide, a synthetic form of the peptide hormone somatostatin that targets specific neuroendocrine tumor receptors. Edotreotide binds to these receptors and places the medical radioisotope nca lutetium-177 directly on diseased neuroendocrine cells so that it accumulates at the tumor site. Nca lutetium-177 is internalized into tumor cells and decays, releasing medical radiation (ionizing β radiation) with a maximum radius of 1.7mm and destroying tumor tissue. The very precise localization can have the effect that the healthy tissues surrounding the targeted tumor are little affected.
About ITM Isotope Technologies Munich SE
ITM, a radiopharmaceutical biotechnology company, is dedicated to providing the most accurate cancer radiation therapies and diagnostics to meet the needs of patients, clinicians and our partners through excellence in development, manufacturing and global supply. . With patient benefit as the driving principle of everything we do, ITM is advancing a broad pipeline, including two Phase III studies, combining its high-quality radioisotopes with targeting molecules to develop precision oncology treatments. ITM leverages its leadership and nearly two decades of radiopharmaceutical expertise combined with its global network to enable nuclear medicine to reach its full potential to help patients live better, longer lives. For more information, please visit: www.itm-radiopharma.com.
About ITM Isotope Technologies Munich SE
Management Board: Steffen Schuster (CEO), Dr. Klaus Maleck (CFO) – Supervisory Board: Udo J Vetter (Chairman) – Headquarters: Garching/Munich
Munich District Court – Commercial register 269592 – Telephone: +49 (0)89 329 8986 6000 – Fax: +49 (0)89 329 8986 6061 – E-mail: [email protected]
Tax number: 143/100/82466 – VAT number: DE813228901 – Deutsche Bank Freiburg – IBAN: DE52680700300022816300 – BIC: DEUTDE6F
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