One of the largest private investment rounds in European biotech to-date
ITM Announces €255m Investment Round, Plans to Advance Radiopharmaceutical Pipeline and to Expand Radioisotope Production Capacities
ITM Isotope Technologies Munich SE (ITM), a radiopharmaceutical biotech company, announced an equity investment round of €255 million led by Temasek with participation from BlackRock Alternatives, Qatar Investment Authority (QIA), Nextech, ATHOS and Carbyne. The round comprised mostly of primary capital alongside a minority transaction of secondary shares. Primary net proceeds to the company will support further development of ITM’s broad Targeted Radionuclide Therapies (TRT) oncology pipeline and enhance commercial readiness as the company nears the final stages of phase III clinical development for its lead pipeline candidate, ITM-11 (n.c.a. 177Lu-edotreotide) in gastroenteropancreatic neuroendocrine tumors (GEP-NETs). In addition, the company will expand its market-leading manufacturing capacities and infrastructure for n.c.a. 177Lu, scale GMP-manufacturing for 225Ac, and expand in-house drug product manufacturing capabilities to accelerate the global access to radiopharmaceuticals worldwide.
Since its inception, ITM has made substantial progress in delivering on its ambitious corporate and clinical goals:
- Advancing lead drug candidate ITM-11 into two phase III clinical trials for GEP-NETs and ITM-31 (Lu-177 labeled 6A10 Fab-fragments) into clinical studies for glioblastoma.
- 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;
- Opening the U.S. Headquarters in Princeton, New Jersey; and
- 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 Petrichor’s €90 million convertible loan was converted into equity per the terms of that initial agreement.
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