Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) has received a C$600,000 grant from Alberta Innovates to support the commercialization of its Frances Creek barium sulfate contrast products.
The funding, awarded through Alberta Innovates’ AICE-Market Access Program, will be used for a pivotal study comparing the efficacy of Voyageur’s natural barium sulfate against synthetic barium precipitate and oral iodine contrast agents.
The study aims to highlight the superior imaging quality of natural barium sulfate, which the company attributes to its wider particle distribution.
Voyageur, which is developing five Health Canada-licensed barium contrast products, plans to launch sales through third-party imports and contract manufacturing. Revenue from these efforts is expected to support the advancement of its Frances Creek project, which, according to a 2022 preliminary economic assessment, could generate high gross margins and cost savings.
Brent Willis, CEO of Voyageur, said the grant highlights the potential of the company’s barium contrast project and strengthens its market position. “By leveraging Alberta’s expertise and resources, we are poised to address critical supply shortages and enhance diagnostic imaging standards,” Willis said.
Tim Murphy, vice president of health at Alberta Innovates, said the project aligns with Alberta’s health product development goals and could help mitigate supply shortages while improving patient outcomes and reducing costs.
Alberta Innovates, a provincial Crown corporation, oversees a portfolio of nearly 1,300 projects valued at C$1.33 billion. It supports innovation across various sectors, including healthcare, energy, and agriculture.