Temasek led $208 M equity investment raised by radiopharmaceutical biotech firm ITM
The German radiopharmaceutical biotech company ITM Isotope Technologies Munich SE (ITM) has received an equity investment of EUR 188 million ($208 million) from Singapore’s state-owned investor Temasek.
Funds managed by BlackRock1, Qatar Investment Authority (QIA), ATHOS, and Carbyne also participated in the equity round, according to a statement released by ITM on Thursday.
The additional funds will be utilized to develop and broaden ITM’s cutting-edge radiopharmaceutical pipeline, support its premier development platform, and get the company ready for a possible market introduction of its phase III lead candidate, ITM-11 (also known as 177Lu-edotreotide), which is intended to treat gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
In addition to using the additional funds and its experience as the world’s top producer of n.c.a. lutetium-177 (177Lu) to expand its internal manufacturing capabilities for 177Lu and to include new, high-value medical radioisotopes like Actinium-225 (225Ac), ITM will further solidify its current position in the radioisotope supply market.
The business will add these highly sought-after medical radioisotopes to its worldwide supply chain and utilize them to expand its own RPT pipeline, which is intended to treat a variety of cancer indications that are challenging to treat.
“ITM is an industry-leading expert in the manufacturing and supply of high-quality medical radioisotopes with a groundbreaking pipeline on the cusp of an exciting data inflection point,” said Udo J. Vetter, Chairman of the Supervisory Board at ITM and Chairman of the Advisory Board of Vetter Pharma.
“This financing furthers our position as a driver and partner for the radiopharmaceutical industry by supporting commercial readiness efforts for ITM-11 and the expansion of our pipeline with new medical isotopes capable of addressing various cancer indications, all while increasing our robust manufacturing capacities,” he added.
The extra equity and ongoing cooperation with their current, industry-specific investors, according to ITM CEO Steffen Schuster, “emphasizes their confidence in the firm’s ability to drive value for the radiopharmaceutical field through its unmatched manufacturing capabilities and innovative precision oncology pipeline.”
“We have reached key milestones since our last financing round including advancing our pipeline with novel targets in multiple oncology indications, opening our NOVA facility, launching Actineer with CNL for the joint production of Actinium-225 and entering several high-value supply agreements for Lutetium-177,
“As we continue growing as an organization, our focus remains on bringing the significant therapeutic benefits of Radiopharmaceutical Therapy to as many patients worldwide as possible and we are thankful for the additional financing which will support us on this path,” he added.
