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 grow.