ITM Announces €255m Investment Round, Plans to Advance Radiopharmaceutical Pipeline and to Expand Radioisotope Production Capacities
Summary
Full details of ITMs pipeline are described at https://www.itm-radiopharma.com/home/; None Expanding production capacity by building a second state-of-the-art manufacturing facility in Germany equipped with the full spectrum of capabilities to manufacture multiple radioisotopes and radiotherapies at scale to be opened soon; None Opening the U.S. Headquarters in Princeton, New Jersey; and None Establishing a subsidiary in Shanghai, China to accelerate introduction of precision oncology products in the region.ITM is a leading radiopharmaceutical company with an advanced proprietary pipeline and has established itself as the major radioisotope supplier globally. This financing supports our objective to serve a broad patient population by ensuring a consistent supply of radionuclides and radiopharmaceuticals to meet the growing demand of medical professionals and our partners across the pharmaceutical, healthcare and research sectors globally, commented Udo J. Vetter, Chairman of the Supervisory Board at ITM.Securing one of the largest private biotechnology financing rounds ever in our home market from major, globally active investors with deep biotech experience underscores our presence at the forefront of the radiopharmaceutical space on an international scale, added Steffen Schuster, CEO of ITM. As we near the final stages of clinical development for ITM-11 in GEP-NETs, this substantial investment will help to further grow our supply network and accelerate our efforts to bring new, targeted treatments to patients living with hard-to-treat cancers.ITM also announced that Petrichors 90 million convertible loan was converted into equity per the terms of that initial agreement.About ITM Isotope Technologies Munich SEITM, a leading radiopharmaceutical biotech company, is dedicated to providing a new generation of radiomolecular precision therapeutics and diagnostics (theranostics) for hard-to-treat tumors. With improved patient benefit as the driving principle for all we do, ITM advances a broad precision oncology pipeline, including two phase III studies, combining the companys high-quality radioisotopes with a range of targeting molecules. By leveraging our nearly two decades of pioneering radiopharma expertise, central industry position and established global network, ITM strives to provide patients with more effective targeted treatment to improve clinical outcome and quality of life.