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HOUSTON and BURLINGTON, Ontario, Oct. 07, 2022 (GLOBE NEWSWIRE) — RadioMedix, Inc. (“RadioMedix” or “Company”), a clinical-stage biotechnology firm introduced an settlement with an entity associated to Portland Investment Counsel Inc. (“Portland”) involving an fairness funding of $40 million Series A funding spherical. RadioMedix is dedicated to the development of a focused alpha remedy (TAT) pipeline and diagnostic companion radiopharmaceuticals for uncommon and aggressive cancers.
The proceeds of the financing might be utilized to growing RadioMedix’s flagship radiopharmaceutical AlphaMedix™, a lead-212 (Pb212) labelled somatostatin analogue TAT agent for the remedy of metastatic or inoperable somatostatin expressing neuroendocrine tumors, along with different diagnostic and therapeutic (theranostic) radiopharmaceuticals which are underneath improvement by the Company to handle wants in oncology.
The initiation of the AlphaMedix™ Phase II scientific trial within the final quarter of 2021, a very important milestone within the scientific improvement of RadioMedix’s modern TAT, has introduced vital hope to sufferers throughout the globe affected by this sickness.
“We are living in an exciting time with the treatment of difficult cancers. Targeted radionuclide therapy with beta and alpha emitters and specific radiopharmaceutical diagnostic probes are among the most innovative emerging technologies available to us. This funding will accelerate our efforts to make several of these medications available to our patients,” stated Dr. Ebrahim Delpassand, MD, Chairman and Chief Executive Officer of RadioMedix.
RadioMedix will appoint Mr. Michael Lee-Chin to the Company’s board of administrators. Mr. Lee-Chin is the founder, CEO and Executive Chairman of Portland, and brings over 40 years of funding expertise with a profitable monitor file within the trade.
“Mr. Lee-Chin and the Portland team bring a unique combination of financial and organizational expertise in addition to a strategic network to RadioMedix. This will be pivotal for our Company to achieve its goal of moving our drugs from bench to commercialization and make them available globally to all patients suffering from cancer. I am confident that in collaboration with our other board members, Mr. Lee-Chin will play a pivotal role in our strategic thinking and the shaping of the future of RadioMedix in the promising field of theranostic and targeted radionuclide therapy,” continued Dr. Delpassand.
“I am thrilled and humbled to join the RadioMedix board of directors. I look forward to the opportunity to contribute to RadioMedix’s vision and mission of addressing one of humankind’s most challenging problems – seeking a cure for cancer. Portland’s mantra of “Doing Well by Doing Good” is aligned with RadioMedix’s purpose of offering most cancers sufferers with higher outcomes,” stated Mr. Lee-Chin.
“Targeted alpha therapies are currently considered one of the most advanced technologies available to treat patients with incurable cancers. The clinical pathway and platform of novel and effective radiopharmaceuticals developed by Dr. Delpassand and his team should significantly impact cancer treatments globally. Portland and RadioMedix have aligned their complementary capabilities and are united by a commitment to help others,” added Mr. Lee-Chin.
About RadioMedix
RadioMedix, Inc. is a clinical-stage biotechnology firm, primarily based in Houston and Humble, Texas. The firm is concentrated on modern focused radiopharmaceuticals for the analysis, monitoring, and remedy of most cancers. RadioMedix is growing radiopharmaceuticals for PET imaging and remedy (alpha- and beta-labelled brokers). The firm’s first diagnostic product 64Cu-DOTATATE (Detectnet®) was permitted by US FDA in September of 2020. RadioMedix can be sponsoring a part II scientific trial for remedy of metastatic or inoperable neuroendocrine most cancers utilizing 212Pb-DOTAMTATE (AlphaMedix™) Targeted Alpha-Therapy (TAT) with promising outcomes. In addressing different unmet wants in oncology, RadioMedix is growing theranostic brokers to deal with mind tumors, and pancreatic ductal adenocarcinoma (PDAC). In addition, RadioMedix has established contract service services for educational and industrial companions, together with a drug discovery middle for the early probe improvement, a pre-clinical core facility for in vitro and in vivo analysis of radiopharmaceuticals, and cGMP and analytical suite for Phase I-III scientific trials, and the large-scale post-approval industrial manufacturing facility, at its Spica Center, in Humble, Texas. To be taught extra, go to www.radiomedix.com
About Portland Investment Counsel Inc.
Headquartered in Canada, Portland Investment Counsel Inc. is a part of Portland Holdings group of firms, which put money into private and non-private equities. Portland Holdings, a privately held group of funding firms, have an possession curiosity in a assortment of diversified companies working in sectors that embody monetary companies, insurance, tourism, agriculture, client items and companies, actual property improvement, vitality and focused radionuclide remedy. The Wealthy Invest Differently. Portland understands this and has made it their mission to offer all wealth-seeking buyers with entry to funding alternatives each inside the private and non-private realm sometimes reserved for prosperous and institutional buyers. Portland invests in non-public fairness, non-public debt, publicly traded equities and glued revenue securities globally on behalf of retail and institutional shoppers. www.portlandic.com
