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- Radiopharm Theranostics’ (RAD) US subsidiary strikes a deal to acquire New York-based Pharma15 Corporation
- Pharma15 is a private venture developing next-generation therapeutic radiopharmaceuticals for prostate cancer
- Under the purchase deal, Pharma 15 co-founder David Ulmert and key opinion leader Ken Herrmann will join RAD’s scientific advisory board (SAB) and guide the development of the technologies
- RAD CEO and Managing Director Riccardo Canevari says it was important for the company important to snap up Pharma15’s technologies before a competitor could
- Shares in RAD are steady, trading at 13 cents at midday AEDT
Radiopharm Theranostics (RAD), through its subsidiary Radiopharm Theranostics USA, has agreed to acquire New York-based Pharma15.
Pharma15 is a private venture vying to develop next-generation therapeutic radiopharmaceuticals for prostate cancer.
Radiopharm CEO and Managing Director Riccardo Canevari said technologies such as Pharma15’s were “transforming the clinical approach”.
“With this agreement, we are looking at the potential next generation of radiopharmaceuticals in prostate cancer to go beyond PSMA and to continue innovation for patients suffering from this disease,” Mr Canevari said.
“We are in the early preclinical stage with these technologies, but we wanted to secure them in our pipeline, before other competitors may have, and we are excited by the underlying potential of going after those two new targets.”
Mr Canevari added that the company’s development efforts would be bolstered by gaining access to Pharma15’s experienced team.
Pharma15 co-founder David Ulmert and key opinion leader Ken Herrmann will join RAD’s scientific advisory board (SAB) under the purchase deal.
Professor Ulmert said Pharma15’s technology was in “very safe hands” and would be “driven into the clinic at the earliest opportunity” under Radiopharm’s guidance.
The purchase price amounts to around US$4 million (A$5.9 million), paid in 50 per cent cash and 50 per cent shares, with RAD highlighting it would have minimal impact on the company’s cash flow.
Shares in RAD were steady and trading at 13 cents at midday AEDT.
