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An Australian company developing radiopharmaceutical products to treat and diagnose multiple types of cancer is planning on making its ASX debut later this month following a $50 million IPO.
Called Radiopharm Theranostics, the Sydney-based company is expected to list on 25 November with a market capitalisation of $152 million under the code RAD, opening itself up to investors keen to back the potentially groundbreaking technology.
The group is serial entrepreneur Paul Hopper’s latest venture, with the founder having been chair of several listed biotechs including Imugene (ASX: IMU) which recently surpassed the $3 billion market capitalisation mark.
Radiopharm has five phase two clinical trials and two phase one trials underway, with 133 patients dosed across three of the company’s four assets to date and is operating in a market estimated to be valued at $15.8 billion by 2027.
The company develops radiopharmaceuticals - drugs that can either act as a diagnostic (allowing physicians to see and measure disease within the body) or as a therapeutic to treat cancer and other diseases.
Its portfolio of four platforms address approximately 74 per cent of the causes of death from cancer and includes breast and lung diagnostics and therapeutics business NanoMabs; brain kidney tumour diagnostic tool 18F-FPIA; pancreatic and head & neck tumour and cancer diagnostic tool Av?6; and prostate cancer diagnostic and therapeutic antibody hu PSA.
Radiopharm is chaired by founder Hopper, and raised $20 million in seed capital earlier in 2021. Throughout the year Riccardo Canevari was appointed as CEO who joined from Novartis where he was the chief commercial officer.
It has also recruited Professor David Mozley as chief medical officer - former Professor of Nuclear Medicine at Cornell University. Dr Thom Tulip was also appointed as chief technical officer who brought more than 25 years’ experience in the development and commercialisation of radiopharmaceuticals and imaging agents.
“With Radiopharm Theranostics we’ve been able to combine an incredibly high-quality team with world-class assets in an area that is seeing growing interest and successes around the world,” Hopper said.
“Our team is dedicated to advancing these assets which have been developed from research at world leading medical universities and institutions such as Imperial College London and Memorial Sloan Kettering.
“The IPO provides us with a strong financial platform from which to support our clinical developments plans and growth strategy, and I want to thank all of our new and existing shareholders who participated in the capital raising.”
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