Radiopharm (ASX:RAD) informs about new partnership, tax incentive and more in March 2023 Quarterly Report - Kalkine Media

Highlights

• RAD has forged partnership with GenesisCare to work in the field of novel radiopharmaceuticals in Australia
• Binding agreement is in place for acquisition of Pharma15 for next-gen preclinical platform of therapeutic radiopharmaceuticals
• RAD received R&D tax incentive amounting to approximately AU$1.56 million during the reporting quarter

Radiopharm Theranostics (ASX: RAD), ASX listed company developing radiopharmaceutical products (diagnostic and therapeutic uses), recently released its Quarterly Activities Report for the 3-month ended March 2023 period. Major highlights include RAD's collaboration with GenesisCare in the field of novel radiopharmaceuticals, and the initiation of the process to list the company on US stock exchange NASDAQ.

Besides, during the reporting quarter the Company witnessed a new appointment in the role of Senior Vice President, Chemistry and Manufacturing Controls, and receipt of tax incentive. Below are the key points from the Report.

Collaboration with GenesisCare

GenesisCare is a prominent developer in the field of cancer care and theranostics research, and during the March 2023 quarter, Radiopharm entered into a two-year partnership with GenesisCare to make progress in novel radiopharmaceuticals for "hard-to-treat cancers". GenesisCare would undertake Phase 1 clinical trials in Australia to examine the safety and tolerability aspects of radiopharmaceuticals in oncology.

The Contract Research Organisation of GenesisCare, in association with the Imaging Research Organisation, would execute three Phase 1 trials of RAD's radiopharmaceutical nanobodies. The trials are as follows:

1. RAD's proprietary nanobody from its Nano‐mAbs platform (targeting PDL1 expression in non‐small cell lung cancer)
2. RAD's PTPu (targeting peptide in Brain Tumors)
3. RAD's PSA (targeting antibody that targets free human prostate kallikrein in prostate cancer cells)

Source: Company update dated 27 March 2023

Pharma15 acquisition

Radiopharm Theranostics (USA) Inc. has signed a binding agreement for the acquisition of Pharma15 Corporation, which is developing next‐gen therapeutic radiopharmaceuticals. The former entity is a wholly owned subsidiary of RAD.

RAD has stated that the acquisition adds next-gen preclinical platform to the company's portfolio. The development would also witness Professor Ulmert, and Professor Ken Herrmann (Chair of the Department of Nuclear Medicine at Universitätsmedizin Essen, Germany) of Pharma15 joining Radiopharm's Scientific Advisory Board.

Nasdaq listing process

The process for listing (Level 2 American Depositary Receipt program) began in February this year, and RAD has filed Form 20‐F with the country's regulator Securities and Exchange Commission, alongside the listing application with the bourse. Radiopharm states that one ADR would represent 100 ordinary shares, with no capital raising. The expected ticker is RADX.

Tax incentive, appointment, and participations

The Quarterly Report also mentions the R&D tax incentive receipt of approximately AU$1.56 million during the period (for activities during FY 2022). Besides, Dr. Rama Abu Shmeis, who has worked for over two decades in a variety of dose forms, products and technologies overseeing advancement from pre‐clinical to clinical stages to commercialisation, has joined RAD as Senior Vice President, Chemistry and Manufacturing Controls.

Over the past months, RAD's officials participated in the Jefferies Radiopharma Innovation Summit (New York City), and the NWR Virtual Healthcare Conference.

Radiopharm's ASX-listed shares traded at AU$0.18 (market cap over AU$59 million) at the time of writing on 4 May 2023.