Radiopharm Theranostics Ltd (ASX:RAD, OTC:RDPTF) has exercised a funding facility with Radium Capital, receiving A$1.9 million in anticipation of a research and development (R&D) tax incentive from the Australian Federal Government.
The company’s funding agreement with Radium Capital provides RAD with access to a portion of its anticipated R&D tax refund expected to be issued by the ATO, with interest charged at a commercial rate.
Repayment is timed to follow receipt of the tax incentive, due by December 31, 2024, but can be repaid at any point prior to this date without penalty.
Radiopharm intends to use the funds to advance its pipeline of radiopharmaceutical products for both diagnostic and therapeutic uses.
Radiopharmaceutical portfolio
RAD is advancing several radiopharmaceutical treatments through pre-clinical and clinical development.
The most advanced is the RAD101 isotope, targeting brain metastases, which is moving through investigational new drug (IND) preparations for a Phase2b multicentre trial in the US involving 30 patients.
The company is also developing RAD301 for pancreatic cancer, with a Phase1 trial enrolling in the US, and RAD204 for non-small cell lung cancer (NSCLC), which has received approval for a Phase 1 trial in Australia.
The company’s preclinical pipeline includes treatments targeting breast and gastric cancer, prostate cancer, pancreatic ductal adenocarcinoma (PDAC), osteosarcoma, brain cancers, colorectal cancer and triple-negative breast cancer.