SYDNEY & BELOIT, Wis., October 26, 2022--(BUSINESS WIRE)--Radiopharm Theranostics (ASX:RAD), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, and NorthStar Medical Radioisotopes, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, today announced they have entered into a clinical supply agreement that will see NorthStar supply Radiopharm with Actinium-225.
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Actinium-225 is key to development of several radiopharmaceutical products within Radiopharm’s broad portfolio of technologies, with this being the second supply agreement it has secured for Actinium-225. It will be utilised in drug trials involving targeted alpha therapy in multiple disease areas.
"It remains a priority for us to secure these key supply agreements, which allow us to continue with our clinical development unimpeded," said Riccardo Canevari, CEO and Managing Director of Radiopharm Theranostics. "We are fortunate to lock in another outstanding partner such as NorthStar, who has proven itself as a reliable, high-quality supplier of medical radioisotopes."
"NorthStar is recognized as an emerging leader for the production of n.c.a. Actinium-225, and we have recently stated our intention to become the first commercial-scale supplier in the market," said Stephen Merrick, CEO of NorthStar Medical Radioisotopes. "We look forward to applying our state-of-the-art production technology to bring n.c.a. Actinium-225 to the team at Radiopharm Theranostics, with the aim of together making a difference, to develop revolutionary, environmentally preferable therapeutic radiopharmaceuticals that have enormous potential to benefit patients with serious disease."
The costs associated with the purchase of Actinium-225 are not material in relation to RAD’s annual budgeted expenditure and will be met from existing funds. The initial order with NorthStar is expected to occur during the first half of 2024. The effective date of the supply agreement is 23 October 2022 and there are no material preconditions. The supply agreement is for an initial period of ten years and may be extended unless agreed otherwise by either party. Cancellation provisions are at industry standard rates. Radiopharm will own all data generated and all inventions and discoveries made or conceived from its clinical trials.
About NorthStar Medical Radioisotopes
NorthStar Medical Radioisotopes is a commercial-stage nuclear medicine company that manufactures and distributes diagnostic and therapeutic radioisotopes and radiopharmaceuticals. The Company’s proprietary state-of-the-art technology and proven management team have propelled it to the forefront of U.S. medical radioisotope production as the sole domestic producer of the diagnostic imaging radioisotope molybdenum-99 (Mo-99). Mo-99 is used to generate technetium-99m (Tc-99m), the standard of care in diagnostic imaging to assess the extent and severity of heart disease and cancer. NorthStar’s unique Mo-99 production process is non-uranium based and environmentally friendly. NorthStar is expanding its industry-leading position in the emerging area of therapeutic radioisotopes, which are used in targeted radiopharmaceutical therapy to treat cancer, respiratory and other diseases. Using first-in-kind and environmentally-sound electron accelerator technology, NorthStar is poised to be the first commercial-scale producer of therapeutic radioisotopes actinium-225 (Ac-225) and copper-67 (Cu-67). NorthStar also collaborates with other companies in the development of radiopharmaceuticals. For more information about NorthStar’s comprehensive radiopharmaceutical portfolio, visit: www.northstarnm.com.
Authorised on behalf of the Radiopharm Theranostics board of directors by Chairman Paul Hopper.
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