ITM gets $28M to further expand into China

AuntMinnie.com staff writers
Feb 15, 2022
2020 08 27 23 52 5591 China Flag Button 400

German radiopharmaceutical biotechnology company ITM Isotope Technologies Munich has received an equity investment of 25 million euros ($28 million) from a subsidiary of Grand Pharmaceutical Group.

ITM will use the money to further develop its radiopharmaceuticals for oncology treatments and diagnostics in China.

The investment follows a recent licensing agreement the companies signed that provides Grand Pharmaceutical with exclusive rights to develop, manufacture, and commercialize ITM's oncology radiopharmaceutical candidates, ITM-11 (edotreotide lutetium-177) and ITM-41 (zoledronate lutetium-177), as well as ITM-11's companion diagnostic, TOCscan (edotreotide gallium Ga-68) in mainland China, Hong Kong, Macau, and Taiwan.

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