A company committed to advancing treatments for rare and aggressive cancers has received a series A funding of $40 million.
Clinical stage biotech, RadioMedix, Inc. announced the agreement with an entity related to Portland Investment Counsel Inc. (Portland), on Friday (October 7).
RadioMedix is committed to the advancement of a targeted alpha therapy (TAT) pipeline and diagnostic companion radiopharmaceuticals for rare and aggressive cancers.
The proceeds of the financing will be applied to developing RadioMedix’s flagship radiopharmaceutical AlphaMedix, a lead-212 (Pb212) labelled somatostatin analogue TAT agent for the treatment of metastatic or inoperable somatostatin expressing neuroendocrine tumors.
This is in addition to other diagnostic and therapeutic (theranostic) radiopharmaceuticals that are under development by the company to address needs in oncology.
The initiation of the AlphaMedix phase 2 clinical trial in the last quarter of 2021, a vital milestone in the clinical development of RadioMedix’s innovative TAT, has brought significant hope to patients across the globe suffering from this illness.
Chairman and CEO of RadioMedix, Ebrahim Delpassand, said: “We are living in an exciting time with the treatment of difficult cancers. Targeted radionuclide therapy with beta and alpha emitters and specific radiopharmaceutical diagnostic probes are among the most innovative emerging technologies available to us. This funding will accelerate our efforts to make several of these medications available to our patients.”
RadioMedix will also appoint Michael Lee-Chin to the company’s board of directors. Lee-Chin is the founder, CEO and executive chairman of Portland, and brings more than 40 years of investment experience with a successful track record in the industry.
“Mr Lee-Chin and Portland bring a unique combination of financial and organizational expertise in addition to a strategic network to RadioMedix. This will be pivotal for our Company to achieve its goal of moving our drugs from bench to commercialization and make them available globally to all patients suffering from cancer.
“I am confident that in collaboration with our other board members, Mr. Lee-Chin will play a pivotal role in our strategic thinking and the shaping of the future of RadioMedix in the promising field of theranostic and targeted radionuclide therapy,” continued Dr. Delpassand.
Lee-Chin added: “I am thrilled and humbled to join the RadioMedix board of directors. I look forward to the opportunity to contribute to RadioMedix’s vision and mission of addressing one of humankind’s most challenging problems – seeking a cure for cancer. Portland’s mantra of Doing Well by Doing Good is aligned with RadioMedix’s goal of providing cancer patients with better outcomes.
“Targeted alpha therapies are currently considered one of the most advanced technologies available to treat patients with incurable cancers. The clinical pathway and platform of novel and effective radiopharmaceuticals developed by Dr. Delpassand and his team should significantly impact cancer treatments globally. Portland and RadioMedix have aligned their complementary capabilities and are united by a commitment to help others.”