ITM Isotope Technologies Munich Receives €33M Equity Funding
Summary
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. 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. 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. 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).