RadioMedix announces a $40 million Series A financing for the advancement of novel Targeted Alpha Therapy platform and diagnostic companion radiopharmaceuticals to address unmet needs in oncology; Michael Lee-Chin appointed to the board of the company
Summary
RadioMedix is committed to the advancement of a targeted alpha therapy (TAT) pipeline and diagnostic companion radiopharmaceuticals for rare and aggressive cancers.The proceeds of the financing will be applied to developing RadioMedixs flagship radiopharmaceutical AlphaMedix, a lead-212 (Pb212) labelled somatostatin analogue TAT agent for the treatment of metastatic or inoperable somatostatin expressing neuroendocrine tumors, in addition to other diagnostic and therapeutic (theranostic) radiopharmaceuticals that are under development by the Company to address needs in oncology.The initiation of the AlphaMedix Phase II clinical trial in the last quarter of 2021, a vital milestone in the clinical development of RadioMedixs innovative TAT, has brought significant hope to patients across the globe suffering from this illness.We are living in an exciting time with the treatment of difficult cancers. This funding will accelerate our efforts to make several of these medications available to our patients, said Dr. Ebrahim Delpassand, MD, Chairman and Chief Executive Officer of RadioMedix.RadioMedix will appoint Mr. Michael Lee-Chin to the Companys board of directors. Portland and RadioMedix have aligned their complementary capabilities and are united by a commitment to help others, added Mr. Lee-Chin.RadioMedix, Inc. is a clinical-stage biotechnology company, based in Houston and Humble, Texas. RadioMedix is also sponsoring a phase II clinical trial for treatment of metastatic or inoperable neuroendocrine cancer using 212Pb-DOTAMTATE (AlphaMedix) Targeted Alpha-Therapy (TAT) with promising results. In addressing other unmet needs in oncology, RadioMedix is developing theranostic agents to treat brain tumors, and pancreatic ductal adenocarcinoma (PDAC).