ITM has been producing radioisotopes for pharmaceutical companies around the world since the company was founded.
Photo: ITM
Frankfurt The German biotech company ITM has found a cooperation partner in China for its targeted radionuclide cancer therapy. The deal could bring the company from Garching near Munich income of up to 520 million euros plus license fees.
The partner is the listed Chinese pharmaceutical company Grand Pharma, which licenses the development, manufacturing and marketing rights for two drug candidates and a diagnostic agent from ITM.
ITM stands for Isotope Technologies Munich SE. The company, founded in 2004, develops and produces precise cancer therapies in which radioactive isotopes are combined with tumor-specific target molecules, as well as corresponding diagnostics.
This targeted radionuclide therapy is a new class of cancer therapeutics that aims to irradiate the tumor directly while minimizing radiation exposure to normal tissue.
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Targeted radiopharmaceuticals are made by coupling a therapeutic radioisotope with a target molecule that is capable of precisely recognizing tumor cells and binding them to tumor-specific receptors. As a result, the radioisotope accumulates on the tumor, disintegrates and releases a small amount of ionizing radiation, which can destroy the tumor.
Expansion in China
As part of the agreement, ITM grants its partner Grand Pharma an exclusive license for the named products in the Greater China region and ensures the delivery of the finished medicinal product to enable clinical and commercial activities.
In turn, Grand Pharma will be responsible for clinical development, regulatory processes and commercialization of the products in the mainland China, Hong Kong, Macau and Taiwan regions. ITM is entitled to a significant upfront payment as well as success-based milestone payments totaling up to 520 million euros. In addition, there are staggered license fees.
“The agreement with Grand Pharma creates a strong partnership that supports the development and future market launch of our targeted radiopharmaceutical products with a recognized leading pharmaceutical company in Asia,” commented Steffen Schuster, Chief Executive Officer of ITM, on the deal. The company founded a subsidiary in Shanghai in May of this year to accelerate its expansion in China.
ITM has been producing radioisotopes for pharmaceutical companies around the world since the company was founded. In addition, the company, which employs around 350 people, has developed its own pipeline of products for the targeted treatment of cancer diseases, including diseases that are difficult to treat such as brain tumors, lung or ovarian cancer and so-called neuroendocrine tumors that arise from hormone-producing cells.
One of the ITM product candidates for which Grand Pharma is acquiring the rights is a radionuclide therapy that is currently being investigated in advanced clinical trials for the treatment of neuroendocrine tumors of the digestive system and pancreas.
The second product candidate is still being tested in animal experiments, among other things in use against bone metastases. The diagnostic agent, in turn, is used to make the tumors visible with the help of imaging techniques.
ITM is majority owned by entrepreneur Udo Johannes Vetter (Vetter Pharma, Ravensburg) and various institutional investors. Vetter, who is also head of the supervisory board at ITM, has been with the company since shortly after it was founded. This year, ITM raised around 115 million euros in two financing rounds.
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