Radiopharm Theranostics

Radiopharm Theranostics Completes A$70 Million Placement

Radiopharm Theranostics Limited (ASX:RAD), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, has received firm commitments to raise approximately A$70.0 million (before costs) by way of a placement (the Placement) comprised of international and Australian institutional and industry investors, including Lantheus Holdings (“Lantheus”) and specialist US healthcare investors.


  • Radiopharmaceutical industry leader, Lantheus Holdings, Inc., has agreed to make an initial strategic equity investment of A$7.5m at A$0.05 per share, which represents a 47% premium to last closing price of A$0.034 on 19 June 2024
  • Two Tranche Placement to raise an additional A$62.5m, taking total amount raised under the placement to A$70.0m
  • Offer price for shares issued under the balance of the placement of A$0.04 represents an 18% premium to the last closing price
  • Participation from leading international institutional investors including US specialist healthcare investors
  • Net proceeds are expected to fully fund the current clinical programs until the end of 2026
  • Executive Chair, Paul Hopper, to participate in the placement with A$3.0 million investment, subject to shareholder approval
  • Option for Lantheus to invest a further A$7.5m within 6 months on the same terms
  • Lantheus will also secure rights to two early preclinical assets in exchange for an A$3m upfront payment pursuant to a transfer and development agreement

As part of the Placement, as announced on 20 June 2024 and subject to shareholder approval, Lantheus has subscribed for:

  • a) A$7.5 million (US$4.99 million) at A$0.05 (US$0.033) per share;
  • b) unlisted options with a six-month term after the date the subscription shares are issued to invest up to an additional A$7.5 million (US$5 million) at A$0.05 (US$0.033) per share; and
  • c) one option for every four shares subscribed for (inclusive of any shares further subscribed for in the next six months), exercisable at A$0.06 per option expiring in August 2026, (together, “Lantheus Interests”).

Riccardo Canevari, Radiopharm’s Chief Executive Officer & Managing Director, said “We are delighted to complete this significant capital raise which will allow us to accelerate the development of our portfolio, as well as provide an expected cash runway to the end of 2026. To have attracted investment from Lantheus, one of the radiopharmaceutical industry’s leading companies, is a solid endorsement of RAD’s potential. We look forward to working closely with Lantheus in the coming years.”

As announced on 20 June 2024, and separate to the Placement, under a separate transfer and development agreement, RAD has agreed to assign and sub-license two of its preclinical assets to Lantheus for A$3.0 million (US$2.0 million). Assets covered under the agreement are a TROP2 targeting nanobody and a LRRC15 targeting mAb.

“We are pleased to make a strategic investment in RAD and partner with them to further expand our innovative pipeline,” said Brian Markison, Chief Executive Officer of Lantheus. “Radiopharmaceutical theranostics are changing the way cancer is diagnosed and treated, yet we still have more work to do and are inspired to further advance this field with these two preclinical oncology assets.”

An Extraordinary General Meeting (“EGM”) to approve the Lantheus Interests, second tranche component of the Placement (as described further below), and all options offered under the capital raising is anticipated to be held in early August 2024.

Bell Potter Securities Limited acted as lead manager to the capital raising and B. Riley Securities Inc acted as US placement agent. B. Riley Securities is acting as financial advisor to the Company on the Lantheus transactions.


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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