Radiopharm Theranostics , a developer of radiopharmaceutical products for both diagnostic and therapeutic uses, is pleased to announce that through its wholly owned subsidiary, Radiopharm Theranostics (USA) Inc., it has entered into a binding agreement to acquire Pharma15 Corporation (Pharma15), a private US-based venture which is developing next-generation therapeutic radiopharmaceuticals for Prostate Cancer. Pharma15 was founded by leading radiopharmaceutical scientist Professor David Ulmert and CEO Suzanne Dance.
Pharma15 is developing assets which seek to overcome resistance to prostate-specific membrane antigen (PSMA) targeting cancer therapies currently available or in late-stage development. In each case, the technologies exhibit highly specific targeting of receptors expressed on cancer cells, but not in healthy tissues. This selectivity may further limit toxicity in the new approaches to targeted radiotherapy in prostate cancer.
Together with Pharma15’s scientific co-founder Professor Ulmert, KOL Professor Ken Herrmann will join RAD’s Scientific Advisory Board (SAB) and spearhead the development of the acquired technologies.
Consideration for the acquisition has been structured to minimise impact on RAD’s cash flow. It comprises the issue of ordinary shares and cash up-front, with some consideration deferred and some subject to the achievement of significant clinical milestone.
Under the direction of the founders, the development of the technology will not be a drain on RAD’s management team.
Riccardo Canevari, CEO and Managing Director of RAD, said: “Targeted Radiopharmaceutical Therapies (TRT) in PSMA-expressing tumor in prostate cancer represent a major innovation and they are transforming the clinical approach. With this agreement, we are looking at the potential next generation of radiopharmaceuticals in prostate cancer to go beyond PSMA and to continue innovation for patients suffering from this disease. We are in early preclinical stage with these technologies, but we wanted to secure them in our pipeline, before other competitors may have, and we are excited by the underlying potential of going after those two new targets.”
“Additionally, we will benefit from gaining access to the Pharma15 team of experienced scientists, clinicians and radiochemists and their deep experience in preclinical and translational TRT development.”
Paul Hopper, RAD Founder and Executive Chairman, added: “Professors David Ulmert, Ken Herrmann and their colleagues from Pharma15 are broadly recognized as pre-eminent subject matter experts in cancer therapy development. In addition, through the Pharma15 acquisition, RAD further improves its access to strong academic networks in Europe and USA.”
Professor David Ulmert, MD PhD, Assistant Professor and Director in the Preclinical Theranostics Program at the University of California at Los Angeles and Project Investigator at Department of Clinical Sciences, Lund University, Lund, Sweden, said: “Since the licensing of my PSA monoclonal antibody technology by RAD in 2021 and the subsequent IPO of the Company, I have become increasingly involved with the RAD senior team. I am impressed with their knowledge and expertise and believe that the Pharma15 technology is in very safe hands and will be driven into the clinic at the earliest opportunity. Further, for Ken Herrmann and I to remain embedded in the development of these two drugs has been of critical importance to us.”
Professor Ken Herrmann, Chair in the Department of Nuclear Medicine at the Universitätsmedizin Essen, Germany and a globally recognized leader in radiopharmaceutical Research and Development, said: “I have watched RAD’s progress since IPO and the skill with which their portfolio is being developed. The decision to merge Pharma15 into RAD was supported by the quality of the joint assets and the commercial and scientific experience of the team. It is a pleasure to not only join RAD’s SAB, but also to remain deeply involved in the translation of Pharma15’s technologies.”
