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Garching-based ITM closes EUR 90 million financing round

Garching-based ITM closes EUR 90 million financing round

© ITM Isotopen Technologien München AG

ITM AG, a radiopharmaceutical biotech company based in Garching near Munich, has closed a financing round totaling EUR 90 million (USD 109 million) via convertible bonds. This financing is led by Petrichor Healthcare Capital Management. ITM intends to use the proceeds to expand its precision oncology pipeline and support the late-stage development and market approval of its lead product candidate n.c.a. 177Lu edotreotide.

ITM Isotopen Technologien München AG, founded in 2004, develops and produces precision cancer therapies with matching diagnostics by combining medical radioisotopes with tumor-specific targets.

N.c.a. 177Lu edotreotide is known as an agent for targeted radionuclide therapy and is currently in a Phase 3 trial for gastroenteropancreatic neuroendocrine tumors (GEP-NETs), for which there are currently few suitable and well-tolerated therapies. These tumors are often asymptomatic and difficult to diagnose. As a result, they are often detected too late to be successfully treated surgically.

Under the terms of the agreement, the bonds will be converted into ITM shares upon certain future financial transactions or other defined business development. Further details of the financing were not disclosed.

"Our goal is to leverage our leadership position as a global provider of radioisotopes to advance the development of innovative radiopharmaceuticals. This round of financing underscores our commitment to pioneering the development of targeted radionuclide therapies for the benefit of patients with difficult-to-treat tumors while demonstrating their therapeutic value. We also see this as a recognition of the clinical results to date, as well as a confirmation of our corporate success. We can now continue to fully exploit the potential of nuclear medicine for cancer patients," commented Steffen Schuster, Chief Executive Officer of ITM.

Tadd Wessel, Founder and Managing Partner at Petrichor, will join ITM's Board of Directors in connection with the financing round. He has over 20 years of experience as an investor in the healthcare industry and was previously Managing Director at OrbiMed Advisors, where he grew the structured finance and specialty finance business in the healthcare sector.
Mr. Wessel added, "ITM has established itself as a leading provider of therapeutic radioisotopes. We expect the company's radioisotope business to benefit from the tremendous growth of targeted radiotherapies in the coming years. In this regard, it serves as a platform for ITM's broad precision oncology pipeline of targeted radionuclide therapies with matching diagnostics. Targeted radionuclide therapy has been immensely successful to date and we believe these pharmaceuticals will continue to be among the most promising areas of precision oncology. We are confident that ITM's unparalleled expertise and technological capabilities will be reflected with market approvals. Therefore, we are pleased to support the team in their quest to add value for cancer patients."

Prof. Horst Domdey, Managing Director of BioM Biotech Cluster Development GmbH and spokesperson of the Bavarian Biotechnology Cluster is enthusiastic: "I am delighted that this impressive funding will enable the Munich-based company ITM to continue its successful path in precision oncology even faster and more efficiently in the future. The combination of radioisotopes, whose use is one of the most successful concepts in cancer therapy, with the principle of precision medicine is a huge step forward and once again demonstrates the high level of innovation in the Bavarian healthcare industry."

Further information: ITM AG

Also: Steffen Schuster in conversation with Plattform LifeSciences


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