Radiopharm Theranostics (RAD: $0.16) has in-licensed an additional targeting agent from Case Western Reserve University (CWRU) in the US.

The peptide licensed targets a fragment of a receptor found only on tumour cells and not in healthy tissue, called PTPµ. The peptide has been found, in preclinical studies, to recognise not only the main tumour but also small tumour metastases.

CWRU has a broad patent position around this platform of inventions and discoveries, which includes composition-of-matter and methods-of-use. IP protection extends out to 2037. (The technology stems from fragments of immunoglobulin superfamily cell adhesion molecules.)

The lead indication for this program will be in glioblastoma with the peptide having shown to cross the blood-brain-barrier. The imaging agent used will be gallium-68 and the therapeutic agent to destroy the tumour cells will be lutetium-177. Both will be attached to the peptide in-licensed using a chelating molecule.

Radiopharm CEO Riccardo Canevari said there are currently no radiotherapy products approved for the treatment of glioblastoma.

(Telix Pharmaceuticals also has a program in glioblastoma using the targeting agent LAT-1 using the therapeutic isotope Iodine-131. A Phase I study in combination with external beam radiation was completed last year in 10 patients. The overall median survival was 16 months. Telix has moved in a Phase Ib study in 12 patients who will receive escalating doses of treatment with temozolomide and external beam radiation.)

Radiopharm held cash reserves of $31 million at the end of March.

Bioshares recommendation: Speculative Buy Class B