Temasek and Qatar Sovereign Wealth Invest in ITM Isotope Technologies to Find Therapies for Hard-to-Treat Tumors
Posted on 06/05/2023
ITM Isotope Technologies Munich SE (ITM) is a radiopharmaceutical biotech company. ITM is dedicated to providing a new generation of radiomolecular precision therapeutics and diagnostics (theranostics) for hard-to-treat tumors. ITM Isotope Technologies announced an equity investment round of €255 million led by Temasek Holdings with participation from BlackRock Alternatives, Qatar Investment Authority (QIA), Nextech, ATHOS (Athos KG), and Carbyne Equity Partners. 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 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 progress in 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.
ITM also announced that Petrichor’s €90 million convertible loan was converted into equity per the terms of that initial agreement.
Athos KG (Athos Family Office) is a single-family office. Carbyne Equity Partners is a European private equity firm. Nextech is a global, cancer therapeutics-focused venture capital firm headquartered in Zurich, Switzerland.