German radiopharmaceutical firm ITM Isotope Technologies Munich has raised 33 million euros ($36.4 million U.S.) in another new equity investment.
The investment, which comes on the heels of a 25-million-euro ($28 million U.S.) equity investment in February from its strategic partner Grand Pharma, was made by Indigenous Critical Infrastructure Fund Canada (ICIF) and from a private equity fund managed by Portland Investment Counsel.
ITM said it would use the funds primarily to finalize its ITM-11 (edotreotide lutetium-177) oncology radiopharmaceutical candidate, as well as for any future commercialization efforts. Furthermore, the funds will be utilized to accelerate strategic development of additional radiopharmaceutical candidates in its pipeline and to expand its radioisotope supply capabilities, according to the vendor.
