Radiopharm Theranostics Limited (ASX:RAD) Raises A$8 Million
Private Placement Details
Radiopharm Theranostics Limited (ASX:RAD) has successfully completed a private placement to Lantheus Holdings Inc. The placement raised US$5 million (A$8 million) by issuing 133 million shares at A$0.060 each, representing a significant 150% premium over the last closing price of A$0.024. Following this transaction, Lantheus’ shareholding in Radiopharm increases to 12.16%, making it the largest shareholder in the company.
Use of Proceeds
Funds from this placement will be allocated to the advancement of Radiopharm’s clinical pipeline, which includes a variety of radiopharmaceuticals aimed at oncology applications.
Statements from Executives
Riccardo Canevari, CEO & Managing Director of Radiopharm, expressed satisfaction with Lantheus increasing its stake, stating, “We are delighted to have Lantheus increase its shareholding in RAD. We look forward to continuing this positive momentum going forward.” Lantheus CEO Brian Markison added, “We are pleased to increase our holding in Radiopharm while continuing to work jointly in Australia on the clinical development of radiopharmaceutical assets.”
Background on Radiopharm
Radiopharm Theranostics is focused on developing a robust pipeline of innovative radiopharmaceutical products for diagnostic and therapeutic use in oncology. The company’s strategy involves creating products that can be first-to-market or best-in-class, with multiple clinical trials currently underway across solid tumour cancers.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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