IONETIX closes financing led by Tees River and Eli Lilly and Company
LANSING, Mich., Aug. 7, 2024 /PRNewswire/ — IONETIX Corporation (“Ionetix”), a leading cyclotron technology innovator and isotope manufacturer for diagnostic and therapeutic applications, announced a financing which included Eli Lilly and Company, as well as existing shareholders of the Company led by Tees River Limited.
The financing follows prior Actinium supply and convertible debt agreements with POINT Biopharma, which has since been acquired by Lilly. The financing underscores the robust strategic interest in Ionetix’s differentiated technology and the Company’s continued leadership in isotope manufacturing.
“We are excited to expand our pre-existing relationship with POINT to include this new financing from Lilly,” said Kevin Cameron, Chief Executive Officer of Ionetix. “Having successfully produced Actinium-225 earlier this year, we are well-positioned to help researchers and drug developers to pursue these promising new cancer therapies.”
“Our experience with other critical resources enabled us to understand the significant supply constraints facing the growing radiotherapeutic space,” said Sean Benson, Founder and Chief Investment Officer of Tees River. “We are pleased to further support Ionetix as they scale supply of cyclotron-produced alpha-emitters.”
With this financing, the company meaningfully extends its cash runway to fund continued development of its core technology offerings and expansion of the current cyclotron network in support of its strategic growth plans in the late-stage clinical and commercial settings. Capitalizing on the growth derived from new therapeutics programs, Ionetix aims to fill the market need resulting from the capacity-constrained isotope manufacturing landscape.
PJT Partners is acting as exclusive financial advisor and placement agent to Ionetix. Foster Swift Collins & Smith serves as legal advisor to Ionetix in connection with the financing.
About IONETIX
Utilizing its proprietary cyclotron technology platform, IONETIX has developed innovative solutions that enable access to scarce radioisotopes used for both diagnostic and therapeutic radiopharmaceuticals. IONETIX offers both high-purity Actinium-225 (Ac-225) and Astatine-211 (At-211) for use in targeted alpha therapies. IONETIX also provides N-13, F-18 and Ga-68 for diagnostic imaging. Its distribution supply chain includes contract drug manufacturing and “white glove” distribution logistics, allowing global access to these imaging agents and targeted radiotherapies. For more information, visit www.ionetix.com
About Tees River
Tees River is a long-biased asset manager located in London. We are investment specialists in both the Clean Energy Transition with a focus on commodities, and the producers of undersupplied Isotopes that are critical for Medical and Energy & Power markets, alongside developers of technologies in these areas. Our investments include high profile projects that contribute to achieving Net Zero, as well as supporting the production of Radioisotopes essential for improved Cancer treatments. We manage three funds: a Uranium and Nuclear Power strategy, a pan-commodity Critical Resources strategy, and a dedicated Medical and Energy Isotopes strategy. Tees River is supported by a prestigious Family Office, and our investors include global Family Offices, Asset Managers, and UHNWs. Please see our website at www.teesriver.co.uk and follow our updates on LinkedIn.
CONTACT: Peter Burke, pburke@ionetix.com
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SOURCE IONETIX
