Radiopharm Theranostics

Quarterly Activities/Appendix 4C Cash Flow Report

Sydney, Australia – 31 July 2024 – Radiopharm Theranostics (ASX:RAD, “Radiopharm” or the “Company”), a developer of a world‐class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, is pleased to provide a summary of its activities for the quarter ended 30 June 2024.


HIGHLIGHTS

  • A$70 million Placement completed, including strategic investment from major global radiopharmaceutical company Lantheus Holdings
  • Funds to be allocated primarily towards drug manufacturing and advancing clinical trials
  • Post end of period, the first patient is dosed in the Phase 1 therapeutic trial of RAD 204
  • Radiopharm advancements showcased at‘Oncology/Cell Tx Innovation: The Texas Trifecta’ event in April
  • Radiopharm featured at multiple B. Riley Securities Healthcare events
  • FDA IND approval for Phase 2b imaging trial in brain metastases

RADIOPHARM THERANOSTICS COMPLETES A$70 MILLION PLACEMENT, INCLUDING A STRATEGIC INVESTMENT FROM LANTHEUS HOLDINGS

Late in the quarter Radiopharm announced the successful completion of a A$70 million placement (Placement), marking a pivotal milestone for the company. The Placement included a strategic investment from Lantheus Holdings, Inc., a leader in the global radiopharmaceutical industry. Lantheus committed A$7.5 million at a price of A$0.05 per share. Additionally, Lantheus holds an option to further invest another A$7.5 million within the next six months.

As part of the agreement Lantheus also secured rights to two early preclinical assets through a A$3 million upfront payment.

The Placement will raise an additional A$62.5 million, with the new shares offered at A$0.04 each, representing an 18% premium to the closing price prior to the Placement announcement. This fundraising effort attracted participation from leading international institutional investors, including specialist healthcare investors from the US. The Placement is expected to fully support Radiopharm’s current clinical programs until 2026, ensuring a robust pipeline of development.

Executive Chair Paul Hopper is also participating in the Placement with a personal investment of A$3 million, pending shareholder approval. Led by Paul’s A$3 million, the other directors have also invested in the placement subject to shareholder approval.

The proceeds from this capital raise will be allocated primarily towards drug manufacturing, advancing clinical trials, general working capital, and covering the costs associated with the capital raising.

An Extraordinary General Meeting (EGM) is scheduled to be held on 14 August 2024 to seek shareholder approval for the Placement and the issuance of additional options.


Click here for the full ASX Release

This article includes content from Radiopharm Theranostics, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Strategic Co-Development Partnership with Lantheus for Aus

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RAD 202 receives approval to start Phase 1 therapeutic trial

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