Radiopharm (ASX:RAD) Clinches AU$3.0M Milestone with Nasdaq-Listed Lantheus

August 04, 2024 06:40 PM PDT | By Aditi Sarkar

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Radiopharm (ASX:RAD) Clinches AU$3.0M Milestone with Nasdaq-Listed Lantheus — Image source: Company update

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Highlights

Radiopharm Theranostics receives AU$3.0 million from Lantheus Holdings.

Lantheus committed to AU$7.5 million equity investment at a 47% premium.

Radiopharm has sublicensed two preclinical assets (TROP2 targeting nanobody and LRRC15 targeting antibody) to Lantheus for AU$3.0 million.

Funds to be used for drug manufacturing, trials, and working capital.

RAD aims to achieve a secondary listing on the Nasdaq Capital Market by 2024 end.

Australia-based clinical-stage biopharmaceutical firm Radiopharm Theranostics (ASX:RAD) has secured yet another milestone with a payment of AU$3.0 million (US$2.0 million) from Nasdaq-listed Lantheus Holdings Inc (Nasdaq:LNTH). This payment comes under their recent preclinical assets transfer and development agreement, announced on 20 June 2024.

Under this agreement, Lantheus, a US-based player in the radiopharmaceutical sector, has committed to an initial equity investment of AU$7.5 million (US$4.99 million) in Radiopharm at 5 cents per share, representing a 47% premium over the share price at that time. Additionally, Lantheus has the option to invest a further AU$7.5 million (US$5.0 million) within the next six months under the same terms.

The agreement also includes a separate transfer and development component in which Radiopharm has assigned and sublicensed two of its preclinical assets to Lantheus. These include a TROP2 targeting nanobody and an LRRC15 targeting monoclonal antibody. These assets are valued at AU$3.0 million (US$2.0 million).

Riccardo Canevari, CEO & MD of Radiopharm Theranostics, expressed enthusiasm about the partnership, stating, "I am delighted with the confidence demonstrated by Lantheus in settling the transfer and development agreement and making this payment ahead of the shareholder meeting later this month. We are well advanced in our strategic planning with Lantheus, and the collaboration between our two companies augurs well for the future."

Lantheus' investment funds will be allocated to general working capital, drug manufacturing, and clinical trials for Radiopharm Theranostics.

In June, Radiopharm announced the completion of an AU$70 million placement, featuring a strategic investment from Lantheus. Additionally, as per its recent update, RAD aims to achieve a secondary listing on NASDAQ by 2024 end.

The closing price of RAD was AU$0.033 on 05 August 2024.

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