Garching / Munich, June 5, 2023 – ITM Isotope Technologies Munich SE (ITM), a pioneering radiopharmaceutical biotech firm, has announced a landmark equity investment round, securing €255 million. This substantial financial injection, one of the largest private investments in European biotech history, is spearheaded by Temasek and includes participation from prominent investors such as BlackRock Alternatives, Qatar Investment Authority (QIA), Nextech, ATHOS, and Carbyne. For those in the US market, it’s natural to wonder: 255 Euros To Dollars, what does this impressive European investment actually equate to?
At the current exchange rate, €255 million is a significant sum in US dollars. This influx of capital will be instrumental in propelling ITM’s ambitious goals forward. The net proceeds from this investment round are strategically earmarked to accelerate the development of ITM’s robust pipeline of Targeted Radionuclide Therapies (TRT) for oncology. Furthermore, these funds will strengthen ITM’s commercial infrastructure as the company approaches the crucial Phase III clinical trial completion for its leading drug candidate, ITM-11 (n.c.a. 177Lu-edotreotide), aimed at treating gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
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Beyond pipeline advancement, the €255 million investment, which translates to a considerable dollar amount, will enable ITM to expand its already market-leading manufacturing capabilities for n.c.a. 177Lu. This expansion includes scaling GMP-manufacturing for 225Ac and enhancing in-house drug product manufacturing capabilities. These strategic expansions are crucial for ITM to accelerate global access to their cutting-edge radiopharmaceuticals, ensuring a reliable supply to meet the growing global demand.
ITM has consistently demonstrated significant progress since its inception, achieving key milestones that have positioned them as a leader in the radiopharmaceutical sector. These achievements, now further empowered by this €255 million investment, include:
- Clinical Trial Advancement: Progressing ITM-11 into two Phase III clinical trials for GEP-NETs and ITM-31 (Lu-177 labeled 6A10 Fab-fragments) into clinical studies for glioblastoma. This demonstrates ITM’s commitment to bringing innovative cancer treatments to market. More details on ITM’s comprehensive pipeline can be found at their website.
- Manufacturing Capacity Expansion: Building a second, state-of-the-art manufacturing facility in Germany. This facility is equipped with the full spectrum of capabilities to manufacture a wide array of radioisotopes and radiotherapies at scale, and is set to open imminently. This expansion is vital for meeting the increasing demand for radiopharmaceuticals globally.
- Strategic Global Footprint: Establishing a U.S. Headquarters in Princeton, New Jersey, and opening a subsidiary in Shanghai, China. These strategic moves underscore ITM’s commitment to global expansion and accelerating the introduction of precision oncology products in key international markets.
Udo J. Vetter, Chairman of the Supervisory Board at ITM, emphasized the strategic importance of this financing: “ITM is a leading radiopharmaceutical company with an advanced proprietary pipeline and has established itself as the major radioisotope supplier globally. This financing supports our objective to serve a broad patient population by ensuring a consistent supply of radionuclides and radiopharmaceuticals to meet the growing demand of medical professionals and our partners across the pharmaceutical, healthcare and research sectors globally.”
Steffen Schuster, CEO of ITM, further highlighted the significance of securing this major investment: “Securing one of the largest private biotechnology financing rounds ever in our home market from major, globally active investors with deep biotech experience underscores our presence at the forefront of the radiopharmaceutical space on an international scale. As we near the final stages of clinical development for ITM-11 in GEP-NETs, this substantial investment will help to further grow our supply network and accelerate our efforts to bring new, targeted treatments to patients living with hard-to-treat cancers.” The CEO’s statement underscores the direct impact of the €255 million, and by extension, the equivalent amount in US dollars, on the company’s growth and mission.
In a related financial detail, ITM also announced the conversion of Petrichor’s €90 million convertible loan into equity, as per their original agreement. This conversion further strengthens ITM’s financial structure following this major investment round.
In conclusion, ITM Isotope Technologies Munich SE’s successful €255 million investment round, a figure of considerable interest when converted to US dollars, marks a pivotal moment for the company and the radiopharmaceutical industry. This funding will empower ITM to advance its oncology pipeline, expand manufacturing capabilities, and broaden its global reach, ultimately bringing innovative and targeted cancer treatments to more patients worldwide. The confidence shown by leading global investors like Temasek and BlackRock reinforces ITM’s position as a frontrunner in the development of next-generation radiomolecular precision therapeutics and diagnostics.
