HOUSTON and BURLINGTON, Ontario, Oct. 07, 2022 (GLOBE NEWSWIRE) -- RadioMedix, Inc. ("RadioMedix" or "Company"), a clinical-stage biotechnology company announced an agreement with an entity related to Portland Investment Counsel Inc. ("Portland") involving an equity investment of $40 million Series A funding round. 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 AlphaMedixtm, a lead-212 (Pb212) labelled somatostatin analogue TAT agent for the treatment of metastatic or inoperable somatostatin expressing neuroendocrine tumors, 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 AlphaMedixtm Phase II 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.
"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," said Dr. Ebrahim Delpassand, MD, Chairman and Chief Executive Officer of RadioMedix.
RadioMedix will appoint Mr. Michael Lee-Chin to the Company's board of directors. Mr. Lee-Chin is the founder, CEO and Executive Chairman of Portland, and brings over 40 years of investment experience with a successful track record in the industry.
"Mr. Lee-Chin and the Portland team 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.
"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," said Mr. Lee-Chin.
"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," added Mr. Lee-Chin.
RadioMedix, Inc. is a clinical-stage biotechnology company, based in Houston and Humble, Texas. The company is focused on innovative targeted radiopharmaceuticals for the diagnosis, monitoring, and therapy of cancer. RadioMedix is developing radiopharmaceuticals for PET imaging and therapy (alpha- and beta-labelled agents). The company's first diagnostic product 64Cu-DOTATATE (Detectnet®) was approved by US FDA in September of 2020. RadioMedix is also sponsoring a phase II clinical trial for treatment of metastatic or inoperable neuroendocrine cancer using 212Pb-DOTAMTATE (AlphaMedixtm) Targeted Alpha-Therapy (TAT) with promising results. In addressing other unmet needs in oncology, RadioMedix is developing theranostic agents to treat brain tumors, and pancreatic ductal adenocarcinoma (PDAC). In addition, RadioMedix has established contract service facilities for academic and industrial partners, including a drug discovery center for the early probe development, a pre-clinical core facility for in vitro and in vivo evaluation of radiopharmaceuticals, and cGMP and analytical suite for Phase I-III clinical trials, and the large-scale post-approval commercial manufacturing facility, at its Spica Center, in Humble, Texas. To learn more, visit www.radiomedix.com
About Portland Investment Counsel Inc.
Headquartered in Canada, Portland Investment Counsel Inc. is part of Portland Holdings group of companies, which invest in public and private equities. Portland Holdings, a privately held group of investment companies, have an ownership interest in a collection of diversified businesses operating in sectors that include financial services, insurance, tourism, agriculture, consumer goods and services, real estate development, energy and targeted radionuclide therapy. The Wealthy Invest Differently. Portland understands this and has made it their mission to provide all wealth-seeking investors with access to investment opportunities both within the public and private realm typically reserved for affluent and institutional investors. Portland invests in private equity, private debt, publicly traded equities and fixed income securities globally on behalf of retail and institutional clients. www.portlandic.com
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