Radiopharm Theranostics Ltd (ASX:RAD) is ready to take the radiopharmaceuticals industry by storm after ringing the bell and listing on the ASX.
Under its initial public offering, the latest ASX debutant issued 83.3 million new shares at A$0.60 apiece, giving the company a market capitalisation of A$152 million at the issue price.
Both Australian and international institutional, sophisticated and retail investors jumped at the chance to buy shares in the healthcare stock, while Bell Potter Securities and Baker Young acted as joint lead managers to the IPO.
As the latest company to hit the local share market, RAD is prepared to advance its radiopharmaceutical pipeline and develop solutions for the diagnostic and therapeutic spheres.
Within its portfolio of licensed assets, the company is working on five phase-two clinical trials and two phase-one trials, with 133 patients dosed across three of its four assets to date.
Bio entrepreneur Hopper takes the helm
Radiopharm may be new to the ASX, but it’s guided by old hands.
Esteemed healthcare executive and bio entrepreneur Paul Hopper has taken the helm at Radiopharm and will serve as the company’s chair.
Hopper is also the executive chair and founder of clinical-stage immune-oncology stock Imugene Limited (ASX:IMU, OTC:IUGNF) and cell therapy developer Chimeric Therapeutics Ltd (ASX:CHM).
Speaking to RAD’s mission, Hopper commented: “The radiopharmaceutical sector has been gaining momentum worldwide while delivering standout results both from a diagnostic and therapeutic perspective.
“The sector has so much untapped potential still to play out, which makes what we’re doing at Radiopharm Theranostics so exhilarating for all involved.
“We’ve pulled together an enviable team and highly prospective assets from leading institutions, which has been reflected in the interest received from investors, and I thank them for their support.”
Radiopharm has also recruited Professor David Mozley, former Professor of Nuclear Medicine at Cornell University, as its chief medical officer and Dr Thom Tulip as chief technical officer.
In the role, Dr Tulip brings more than 25 years of experience in the development and commercialisation of radiopharmaceuticals and imaging agents.
Taking radiopharmaceuticals industry by storm
After ticking its ASX debut off the list, RAD is eager to make its mark in the radiopharmaceuticals industry.
The market was estimated to be worth US$6.7 billion last year and is expected to more than double to hit US$11.5 billion in value by 2027.
According to Radiopharm, radiopharmaceuticals are drugs that can either act as a diagnostic, allowing physicians to see and to measure disease within the body, or as a therapeutic, where high energy particles are emitted to treat cancer and other diseases.
Radiopharm’s portfolio includes four distinct and highly differentiated platforms, spanning peptides, small molecules and monoclonal antibodies that address roughly 75% of the causes of death from cancer.
The platforms include:
- NanoMabs: phase one and phase two trials underway for diagnostics and therapeutics in solid tumours (breast & lung cancer);
- 18FFPIA: phase one and phase trials underway for diagnostic in solid tumours (brain metastases, kidney, gliomas);
- Avꞵ6 Integrins: phase one underway for diagnostics in solid tumours (pancreatic, head & neck cancers, & preclinical studies underway for therapeutic use); and
- hu PSA antibody: preclinical studies underway for diagnostic & therapeutic use in prostate cancer.
Notably, each technology in RAD’s treasure chest is backed by a broad and robust intellectual property portfolio, supported by long patent lives.