German radiopharmaceutical biotechnology company ITM Isotope Technologies Munich has received an equity investment of 25 million euros ($28 million) from a subsidiary of Grand Pharmaceutical Group.
ITM will use the money to further develop its radiopharmaceuticals for oncology treatments and diagnostics in China.
The investment follows a recent licensing agreement the companies signed that provides Grand Pharmaceutical with exclusive rights to develop, manufacture, and commercialize ITM's oncology radiopharmaceutical candidates, ITM-11 (edotreotide lutetium-177) and ITM-41 (zoledronate lutetium-177), as well as ITM-11's companion diagnostic, TOCscan (edotreotide gallium Ga-68) in mainland China, Hong Kong, Macau, and Taiwan.
