ITM Isotope Technologies Munich (ITM) has secured an investment of €188m ($204.6m) aimed at bolstering its radiopharmaceutical pipeline.

Global investment company Temasek spearheaded the funding round with contributions from entities managed by BlackRock, the Qatar Investment Authority (QIA), ATHOS and Carbyne.

The funding will be channelled towards advancing and broadening ITM’s radiopharmaceutical pipeline, supporting the development platform and commercially launching its Phase III lead candidate, ITM-11 (n.c.a.177Lu-edotreotide).

The asset is currently under evaluation in two Phase III trials, COMPETE and COMPOSE, for the treatment of gastroenteropancreatic neuroendocrine tumours.

The investment will enable ITM to bolster its manufacturing capabilities for Lutetium-177 (177Lu) and expand its production to include other high-value medical radioisotopes such as Actinium-225 (225Ac).

As part of the expansion, the company will also supply the in-demand medical radioisotopes to its extensive global network and utilise them to diversify its radiopharmaceutical therapy pipeline. This strategy is designed to address a variety of challenging cancer indications.

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ITM CEO Steffen Schuster stated: “The additional equity and continued collaboration with our existing, industry-specialised investors emphasises their confidence in our ability to drive value for the radiopharmaceutical field through our unmatched manufacturing capabilities and innovative precision oncology pipeline. 

“We have reached key milestones since our last financing round including advancing our pipeline with novel targets in multiple oncology indications, opening our NOVA facility, launching Actineer with CNL for the joint production of Actinium-225 and entering several high-value supply agreements for Lutetium-177.

“As we continue growing as an organisation, our focus remains on bringing the significant therapeutic benefits of radiopharmaceutical therapy to as many patients worldwide as possible and we are thankful for the additional financing which will support us on this path.”