Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) CEO Brent Willis sat down with Proactive to discuss the company's latest milestone, a $600,000 grant from the Alberta Innovates program.
The funding will support the development of its high-purity barium sulfate project at Francis Creek, British Columbia.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Brent Willis, CEO of Voyageur Pharmaceuticals. Brent, welcome back. Good to see you again.
Brent Willis: Yeah, good to see you too. Thank you for having me on.
Excited to have you on, especially with some great news for the company—you’ve received a $600,000 grant from the Alberta government as part of the Alberta Innovates program. Tell me a bit about this grant.
Sure. It's great to have recognition from the Alberta government. It adds weight to our project. This funding will be used to showcase our Francis Creek barite deposit. We have collected samples and will process them on a bench scale to create batches of barium contrast. From there, we’ll move into patient testing and compare our product with existing contrast agents in the market, including barium and iodine-based solutions.
Tell me a bit about Francis Creek and the operations there so people understand what you’re talking about.
We discovered a very high-purity barium sulfate deposit in British Columbia, right on the side of a logging road, making it highly accessible. Our goal is to fully and vertically integrate our barium contrast radiology products. Our "Earth to the Bottle" model means we source our own minerals, reducing supply chain risks and overall costs, allowing us to be very competitive.
Cost is a major factor in your industry. You’ve also done imaging quality tests, correct?
Yes, we have ongoing clinical evaluations of our products. As these continue, we will transition into sales of our contrast agents. Right now, we’re using third-party minerals and manufacturing, and the revenue generated will help finance the final feasibility study for the Francis Creek project.
I’ve mentioned this before, but it’s important to note—this industry has seen little innovation, with only a couple of key players. That makes this a great opportunity, right?
Yes, we are introducing new formulations and advancing our products. Once testing is complete, we will pursue FDA licensing under the 505(b)(2) pathway. Our products are already licensed in Canada, so we can begin sales there immediately. Our business plan is focused on generating revenue, proving our economics, and securing financing to advance the entire project.
Regarding the grant, beyond funding your work, does it also help with marketing your product?
Absolutely. A major part of this grant is market launch. It will help us demonstrate that our Francis Creek barite performs better than existing products. Once testing is complete, we will develop marketing materials to convince the industry to adopt our product over competitors.
Quotes have been lightly edited for clarity and style