Another nuclear imaging and therapy company, Radiopharm Theranostics (RAD: $0.245), listed on the ASX in November last year raising $50 million at $0.60 per share.
Radiopharm has four imaging studies underway withy three therapeutic trials and an additional imaging study expected to commence by year's end. At a briefing this week, CEO Riccardo Canevari said that he expected the radiopharmaceutical market to grow very fast after the recent approval of Pluvicto, with other pharmaceutical companies waiting to enter the radiopharmaceutical sector. The three major pharmaceutical companies active in this sector are Novartis, Bayer and AstraZeneca.
The other main radiopharmaceutical on the market is Lutathera, also from Novartis. Last year the drug generated sales of US$475 million. Lutathera is administered through 450 centres globally. It was approved for the treatment of neuroendocrine tumours in Europe and the US in 2017 and 2018 respectively. In the US it sells for US$47,000. Novartis acquired French company Advanced Accelerated Applications for US$3.9 billion, which included the Lutathera asset at the start of 2018.
Radiopharm has four core products in development (using four specific binding agents or technologies that have been in-licensed) and is seeking to attach those to seven different radioisotopes for imaging tumours and for nuclear therapies. It has secured access to the isotope Ac225. The company is preparing to start a Phase I study in Australia targeting PDL1 (with the isotope rhenium-188) for the treatment of lung cancer (NSCLC).
Four tumour imaging studies are underway (with its Pivalate program) with results from the first of these, in imaging brain metastases, expected to be available in the next three months with the study almost complete.
At the time of listing last year, the technologies in-licensed had been trialled in 133 patients. A Phase I imaging study in Shanghai in 40 patients with breast cancer was completed at the end of last year using single domain antibodies to target the tumours (specifically targeting HER2).
Compassionate use of its prostate cancer imaging agent (to assist with identifying staging of the disease, that binds to the cancer surface protein avB6-integrin) has now been given to 39 patients in Germany, up from 10 at the time of listing.
Milestones to monitor with Radiopharm include manufacturing of its single domain antibodies to target tumours and securing access to other isotopes.
Radiopharm is capitalised at $54 million. The company held cash of $32.6 million at the end of December.
Bioshares recommendation: Under Review
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