IONETIX, a leading cyclotron technology innovator and isotope manufacturer for diagnostic and therapeutic applications, announced a round of funding. The investors included Eli Lilly and Company and existing shareholders led by Tees River Limited.
This funding follows prior Actinium supply and convertible debt agreements with POINT Biopharma, which Lilly has since acquired. This financing validates the strategic interest in Ionetix’s differentiated technology and the Company’s continued leadership in isotope manufacturing.
With this funding, the company meaningfully extends its cash runway to fund continued development of its core technology offerings and expansion of the current cyclotron network in support of its strategic growth plans in the late-stage clinical and commercial settings. With this funding, Ionetix aims to fill the market need resulting from the capacity-constrained isotope manufacturing landscape.
PJT Partners is acting as exclusive financial advisor and placement agent to Ionetix. ANd Foster Swift Collins & Smith serves as legal advisor to Ionetix in connection with the financing.
KEY QUOTES:
“We are excited to expand our pre-existing relationship with POINT to include this new financing from Lilly. Having successfully produced Actinium-225 earlier this year, we are well-positioned to help researchers and drug developers to pursue these promising new cancer therapies.”
- Kevin Cameron, Chief Executive Officer of Ionetix
“Our experience with other critical resources enabled us to understand the significant supply constraints facing the growing radiotherapeutic space. We are pleased to further support Ionetix as they scale supply of cyclotron-produced alpha-emitters.”
- Sean Benson, Founder and Chief Investment Officer of Tees River
