Radiopharm (ASX:RAD) acquires US-based therapeutic radiopharmaceuticals developer, boosts scientific advisory board - Kalkine Media

Highlights

• Radiopharm Theranostics (ASX:RAD) is joining hands with Pharma15, a next-gen preclinical platform for therapeutic radiopharmaceuticals.
• With this acquisition, the company will further improve its access to strong academic networks in Europe and the USA.
• The company has also appointed Dr Ken Herrmann to its Scientific Advisory Board (SAB).
• Dr Herrmann, a certified nuclear medicine physician, brings in a wealth of experience in early clinical translation of novel radioligand therapy concepts.

Radiopharm Theranostics (ASX:RAD) has made two major announcements today. The company, through its wholly owned subsidiary Radiopharm Theranostics (USA) Inc., is acquiring Pharma15 Corporation. Private US-based venture Pharma15 is engaged in the development of next-generation therapeutic radiopharmaceuticals for prostate cancer.

Also, the company has appointed certified nuclear medicine physician Dr Ken Herrmann to its Scientific Advisory Board (SAB).

Acquisition of Pharma15

Leading radiopharmaceutical scientist Professor David Ulmert and CEO Suzanne Dance founded Pharma15 Corporation. This US-based venture is committed to developing assets which seek to overcome resistance to prostate-specific membrane antigen (PSMA) targeting cancer therapies currently available or in late-stage development.

Besides the Pharma15 technology, RAD will also gain access to the Pharma15 team comprising experienced scientists, clinicians and radiochemists. The team holds deep experience in preclinical and translational TRT development. 

Agreement terms

As per the terms of the stock purchase agreement signed, the consideration worth US$4 million (∼A$5.9 million) for the 100% acquisition of Pharma15 covers the issue of ordinary shares and upfront cash.

Of the total cash, the first instalment needs to be closed on 3 March 2023 and the second instalment in one year. The shares will also be issued in two equal instalments entailing 10.4 million RAD ordinary shares in the first instalment.

Also, there is some consideration deferred along with AU$3.4 million in RAD shares, subject to the achievement of value-adding clinical milestone of an Investigational New Drug Application with the US FDA for Pharma15’s product.

The agreement is binding and effective immediately, with the anticipated closing date on or before 6 March 2023.

Meet Dr Ken Herrmann - Certified Nuclear Medicine Physician

Dr Ken Herrmann is joining the company’s Scientific Advisory Board (SAB), which is chaired by RAD’s Chief Medical Officer Professor David Mozley.

Holding nearly two decades of radioligand therapy expertise, Dr Ken Herrmann brings with him a wealth of experience in early clinical translation of novel radioligand therapy concepts.

His previous experience in translating theranostics ranges from first in human use to contributing to pivotal regulatory approval receiving phase 3 studies. At UCLA and Universitätsklinikum Würzburg, he has been instrumental in building large theranostics programs.

Dr Herrmann currently serves as Chair of the Department of Nuclear Medicine at Universitätsmedizin Essen, Germany. He holds an executive MBA from the University of Zürich.

RAD shares were trading at AU$0.130 midday on 3 March 2023.