image description
20 August 2021 | Corporate

Radiopharm raises $20m for world-class nuclear medicine tech

Radiopharm Theranostics highlights

  • Capital raising attracts strong support from institutional and sophisticated high net worth investors.
  • Radiopharm Theranostics is focused on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical needs.
  • Highly prospective portfolio of four distinct and clearly differentiated platform technologies.
  • Pipeline candidate selection is based on their potential to be First to Market or Best in Class in the respective therapeutic applications.
  • Three Phase 2 and five Phase 1 trials underway across the portfolio with a total of ~127 patients dosed to date.
  • Attractive license agreements, robust and long IP protection.
  • Key executives secured including Prof David Mozley as CMO and Dr Thom Tulip as CTO, with CEO announcement in the near term.
  • The company is considering additional future funding pathways.

Some background

Many of you will be familiar with Paul Hopper’s name through successful biotechs such as Viralytics and Chimeric Therapeutics. Paul has a knack for discovering promising pharmaceutical assets (see list of articles and further reading at the end of this story), and his latest venture is one of the few Australian companies in the radio-pharmaceuticals space – Radiopharm Theranostics.

Radiopharm Theranostics has developed a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses. While using radiation therapy is not a new way to treat cancer, it is typically delivered by delivering beams of radiation outside the body – a process that can cause more harm than help. Radiopharmaceuticals are a new class of radioactive drugs that can either act as a diagnostic, allowing physicians to see and to measure disease within the body, or as a therapeutic where high energy particles are emitted directly and specifically to the desired cells to treat cancer and other diseases.

Capital raise

On 16 August, 2021, Radiopharm Theranostics announced the successful raising of A$20 million via convertible notes through Bell Potter and Baker Young, to progress a highly prospective portfolio of radiopharmaceutical assets for diagnostic and therapeutic applications. The company received strong demand for the offer, thereby increasing the raise to $20m from the original target of $15m. A range of institutional and sophisticated investors have joined the register as part of the capital raising.

Within the portfolio, Radiopharm Theranostics has five Phase 1 clinical trials and three Phase 2 trials underway (targeting a variety of cancers including breast, lung, head and neck, pancreatic and brain), with ~127 patients dosed across three of the four assets to date.

The company has a balanced portfolio of four distinct and highly differentiated platforms, spanning peptides, small molecules, and monoclonal antibodies and addressing about 75% of the causes of death from cancer:

  • NanoMabs – Phase 1 and Phase 2 trials underway for diagnostic and therapeutics in solid tumours (gastric, breast and lung cancer);.
  • 18F-FPIA – Phase 1 and Phase 2 trials underway for diagnostic in solid tumours (kidney & gliomas).
  • strong>avꞵ6 Integrins – Phase 1 underway for diagnostics in solid tumours (pancreatic, head and neck cancers, and pre-clinical studies underway for therapeutic use).
  • hu PSA antibody – Pre-clinical studies underway for diagnostic and therapeutic use.

The asset portfolio has been secured under commercially attractive license arrangements. Each technology in the portfolio is backed by a broad and robust intellectual property portfolio, with long patent lives.

Radiopharm Theranostics, founded by the experienced Australian life sciences industry figure Paul Hopper, has assembled a team of industry experts to lead the development of the portfolio. Professor David Mozley, until recently, Professor of Nuclear Medicine at Cornell University, has joined as Chief Medical Officer. He also brings senior experience at Merck & Co and Eli Lilly. Dr Thom Tulip has been appointed Chief Technical Officer, having spent more than 25 years in the development and commercialisation of radiopharmaceuticals and imaging agents. He has served in senior leadership roles at Navidea BioPharmaceuticals Inc, Alseres Pharmaceuticals, Lantheus Medical Imaging (LMI), Bristol Myers Squibb (BMS), and DuPont. A CEO with deep global radiopharmaceutical experience has been appointed and is expected to be announced in the near term.

“I am thrilled to be able to combine a range of outstanding assets with highly credentialled management in a sector that has attracted an intense level of interest in recent years,” Mr Hopper said.

“The funds we’ve been able to bring in as part of this capital raising will allow us to further develop our portfolio unimpeded while building out the executive team as we consider additional funding options moving forward.

“I’d like to thank our new shareholders for their support and look forward to delivering value to our investors while ultimately commercialising radiopharmaceutical technologies that improve patient outcomes.

The use of funds from the capital raising will include licensing and development of each of the four technology platforms, as well as working capital for the company.

There has been an extreme level of investor interest in the radiopharmaceutical sector in recent years and significant M&A activity globally including within the key market of China. Several key transactions have led to this activity including the Novartis acquisition of Advanced Accelerator Applications and Endocyte for $3.9 billion and $2.1 billion respectively.

Related reading:

  • Radiopharm Theranostics – “Australian biotech figurehead Paul Hopper raises $20 million for his latest pre-IPO venture“, (Stockhead, 17 August 2021)…Read here.
  • Radiopharm Theranostics – “Paul Hopper seeks backers for new IPO candidate Radiopharm Theranostics“, (Australia Financial Review, 4 August 2021)…Read here.
  • Chimeric Therapeutics – “Research ahead of the rest“, (Baker Young News, 17 March 2021)…Read here.
  • Chimeric Therapeutics – “Cancer biotech Chimeric soars 50pc on debut“, (Australia Financial Review, 18 January 2021)…Read here.
  • Chimeric Therapeutics – “A strong management team looks to 2021 with anticipation“, (Baker Young News, 11 December 2020)…Read here.

Related viewing:

  • Radiopharm Theranostics – “Paul Hopper’s Radiopharm Theranostics is sending out the right waves“, (ausbiz, 17 August 2021)…Watch the video here.
  • Radiopharm Theranostics – “Understanding the biotech space with leading ASX Chairman/Entrepreneur Paul Hopper“, (ASX Investor, YouTube, 9 August 2021)…Watch the video here.



Sophisticated Investors… are you on the BY Corporate Advisory Premium list?

BY Corporate Advisory now prioritises access for our Sophisticated Investors to non-disclosure (Placements, Pre-IPO and Pathfinder) deals that we lead. Clients who have registered with BY Corporate Advisory and are qualified Sophisticated Investors are given an exclusive 2-hour pre-release window to participate in our deals. After the 2-hour window, the deal is opened to other brokers and other Sophisticated Investors who do not currently have accounts with Baker Young. To register, please email To find out more about becoming a Sophisticated Investor click here.

ASX Floats

BY Corporate Advisory is now releasing IPOs that are in high demand, and we look to reward our retail clients as best we can by giving them priority access. There are a few limitations for when we can disclose an IPO to retail clients, but you can be informed as soon as one of our IPOs is lodged with ASIC. BY Corporate Advisory cannot accept a bid for an IPO prior to the opening date. To receive announcements for our IPOs, please email to ensure you are included on our exclusive list.

BY Corporate Advisory strongly recommended you talk to your Advisor before applying for an IPO.