HOUSTON and BURLINGTON, Ont., Oct. 07, 2022 (GLOBE NEWSWIRE) — RadioMedix, Inc. (“RadioMedix” or the “Company”), a clinical-stage biotechnology company, announced an agreement with a company affiliated with Portland Investment Counsel Inc. (“Portland”) with a $40 million equity investment from its Series A funding round. RadioMedix is committed to advancing a pipeline of Targeted Alpha Therapies (TAT) and diagnostic companion radiopharmaceuticals for rare and aggressive cancers.
Proceeds from the financing will be used to develop RadioMedix’s flagship radiopharmaceutical AlphaMedix™, a Lead-212 (Pb212) labeled somatostatin analog TAT for the treatment of metastatic or inoperable somatostatin-expressing neuroendocrine tumors, in addition to other diagnostic and therapeutic (theranostic) radiopharmaceuticals being developed by the Company to address needs in oncology.
The start of the AlphaMedix™ Phase II clinical trial in the last quarter of 2021, a major milestone in the clinical development of RadioMedix’s innovative TAT, has brought great hope to patients suffering from this disease around the world.
“We live in exciting times with the treatment of difficult cancers. Targeted radionuclide therapy using beta and alpha emitters and specific radiopharmaceutical diagnostic probes are among the most innovative new technologies available to us. This funding will accelerate our efforts to develop several of these medicines that will be available to our patients,” said Dr. Ebrahim Delpassand, MD, Chairman and Chief Executive Officer of RadioMedix.
RadioMedix will appoint Mr. Michael Lee-Chin to the Company’s Board of Directors. Mr. Lee-Chin is the Founder, CEO and Executive Chairman of Portland and brings over 40 years of investment experience with a successful track record in the industry.
“Mr. Lee-Chin and the Portland team bring a unique combination of financial and organizational expertise, as well as a strategic network to…
