Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced that its carbon capture and drug development partner, Rain Cage Carbon Inc, has successfully completed Stage 1 testing of a new molecule, metallofullerene, for the medical imaging industry.
The medical imaging solutions provider said it now has a platform to create a diversified pipeline of new carbon-based drugs for diagnostic imaging, that among others, includes a combination of iodine with fullerene and theranostic radiology drugs.
"The company now has potential to create new drugs using low-cost carbon capture, creating valuable molecules, utilising low-cost fossil fuel," Voyageur Pharmaceuticals CEO Brent Willis said in a statement.
"By becoming 100% carbon neutral utilising Rain Cage technology and creating revenue from carbon capture, fullerene production and carbon credit generation, Voyageur is poised to change the landscape in this market," he added.
The company noted that the agreement provides for Voyageur and Rain Cage to share future revenue from drug sales.
As well, Voyageur stated that it is in talks currently with potential drug development research firms to launch the drug development program, although its clinical adoption is contingent upon continued research and clinical validation to confirm its safety and efficacy and regulatory approvals.
Voyageur Pharmaceuticals is in development of barium, iodine and carbon Active Pharmaceutical Ingredients (API) and high-performance, cost-effective imaging contrast agents.