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ITM Lands €188M Equity Investment

NEW YORK – ITM Isotope Technologies Munich on Thursday said it has received a €188 million ($205 million) equity investment, which it will use to develop its radiopharmaceutical pipeline and bolster its radioisotope manufacturing capabilities.

The equity investment was led by Temasek, and included contributions from BlackRock, Qatar Investment Authority, ATHOS, and Carbyne.

ITM, based in Garching, Germany, will use the funds to prepare for the market launch of its lead radiopharmaceutical, ITM-11 (n.c.a. 177Lu-edotreotide), which it is studying for treating gastroenteropancreatic neuroendocrine tumors (GEP-NETs) in two Phase III trials. In COMPETE, researchers are enrolling patients with grade 1 and 2 tumors, and COMPOSE is for patients with grade 2 and 3 disease. To partake in these trials, patients must have somatostatin receptor-positive tumors.

Additionally, ITM will use the money to increase in-house manufacturing of the radioisotope lutetium-177 and expand manufacturing of actinium-225. The firm said it wants to strengthen its position as a global supplier of these radioisotopes and use them to develop its own radiopharmaceuticals.

"This financing furthers our position as a driver and partner for the radiopharmaceutical industry by supporting commercial readiness efforts for ITM-11 and the expansion of our pipeline with new medical isotopes capable of addressing various cancer indications, all while increasing our robust manufacturing capacities," Udo Vetter, chairman of ITM's supervisory board and chairman of Vetter Pharma's advisory board, said in a statement.

In 2022, ITM received €33 million through an equity investment from Indigenous Critical Infrastructure Fund Canada and a private equity fund managed by Portland Investment Counsel. Since then, according to ITM CEO Steffen Schuster, the company has grown its oncology product pipeline, opened a new facility, called NOVA, for manufacturing lutetium-177, inked supply agreements for lutetium-177, and announced a new joint venture with Canadian Nuclear Laboratories to produce actinium-225.