INDIANAPOLIS and LANSING, Mich., May 15, 2023 (GLOBE NEWSWIRE) -- POINT Biopharma Global Inc. (NASDAQ: PNT) (the “Company” or “POINT”), a company accelerating the discovery, development, and global access to life-changing radiopharmaceuticals, and IONETIX Corporation (“IONETIX”), a leading cyclotron technology and isotope manufacturing company, announced a collaboration to create Ionetix Alpha Corp. (Ionetix-). Ionetix-, a new subsidiary of IONETIX, is focused on near-term, commercial-scale production of Good Manufacturing Practice (GMP) grade therapeutic isotopes, such as actinium-225 (225Ac).
“Access to GMP grade therapeutic isotopes like 225Ac continues to be a key rate-limiting factor in the clinical development of next generation radioligands,” said Dr. Joe McCann, Chief Executive Officer of POINT. “With this investment, POINT is demonstrating its ongoing commitment to overcoming the barriers that have historically limited radioligand development, positioning us uniquely in this emerging high potential therapeutic modality.”
“Having already produced our first alpha-emitting radionuclide earlier this year in Lansing, we are excited to work with POINT to scale production of 225Ac,” said Kevin Cameron, Chairman of IONETIX. “Our investment in commercial-scale production of 225Ac has the potential to benefit patients around the globe by enabling life-changing access to these new therapeutic radiopharmaceuticals.”
IONETIX has transferred its alpha therapy isotope business assets into Ionetix-. POINT will invest $10 million into Ionetix-. Ionetix- will initially produce and distribute 225Ac from its isotope production and manufacturing facility located in Lansing, Michigan. This first-of-its kind facility is highly specialized and dedicated exclusively to the production and distribution of alpha-emitting radionuclides using cyclotrons. The first of two cyclotrons have been installed and commissioned.
About POINT Biopharma Global Inc.
POINT Biopharma Global Inc. is a globally focused radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer. POINT aims to transform precision medicine by combining a portfolio of targeted radioligand assets, a seasoned management team, an industry-leading pipeline, in-house manufacturing capabilities, and secured supply for medical isotopes including actinium-225 and lutetium-177. POINT’s active clinical trials include FRONTIER, the phase 1 trial for PNT2004, a pan-cancer program targeting fibroblast activation protein-α (FAP-α), and SPLASH, the phase 3 trial for 177Lu-PNT2002 for people with metastatic castration resistant prostate cancer (mCRPC) after second-line hormonal treatment. Learn more about POINT Biopharma Global Inc. at https://www.pointbiopharma.com/.
About IONETIX Corporation
Ionetix Corporation is a leading cyclotron technology innovator. Utilizing a proprietary cyclotron technology platform, Ionetix is focused on developing innovative solutions for the production and distribution of radioisotopes used for diagnostic and therapeutic radiopharmaceuticals. Ionetix offers turnkey services for the point-of-care supply of diagnostic positron emission tomography (PET) radiopharmaceuticals N-13 Ammonia and Ga-68. Ionetix is now expanding its services to include the supply of therapeutic alpha isotopes used in radiopharmaceuticals being developed to treat various cancers. Ionetix recently established the first dedicated alpha isotope manufacturing and distribution facility to produce alpha isotopes Actinium-225 and Astatine-211 in Lansing, Michigan. https://www.ionetix.com/
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the benefits of the recently completed business combination, as well as statements about the potential attributes and benefits of POINT’s product candidates and the format and timing of POINT’s product development activities and clinical trials. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, our ability to grow and manage our growth profitably and retain our key employees, the impact of COVID-19 on our business, the success, cost and timing of our product development activities and clinical trials, our ability to obtain and maintain regulatory approval for our product candidates, our ability to obtain funding for our operations, our the ability to maintain the listing of our common stock on the NASDAQ, changes in applicable laws or regulations, the possibility that POINT may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those described in our Annual Report on Form 10-K filed with the SEC on March 27, 2023. Many of these factors are outside of POINT’s control and are difficult to predict. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
POINT Biopharma Contact:
Daniel Pearlstein
Director, Strategy
investors@pointbiopharma.com
IONETIX Contact:
David Eve
deve@ionetix.com
812-972-0673
