Voyageur Pharmaceuticals, a developer of pharmaceutical-grade barium and iodine for medical imaging contrast media drugs, announced a collaboration and funding agreement with Bayer, with milestone-based funding support of up to $2.35M.
The agreement will serve as a framework to collaborate on research and development with the aim of evaluating potential future production of iodine, to be used in contrast media drugs.
Subject to successful completion of the a feasibility study, Bayer and Voyageur may consider advancing the project into a second phase, under an offtake-linked production financing arrangement. In this potential second phase, Bayer would provide capital financing for the project, while Voyageur would operate and manage the project. This collaboration, which began with the signing of an LOI with Bayer on December 20, 2024, represents an important early step in Voyageur's mission to become the first domestic producer of iodine contrast in the United States of America, while helping to secure critical supply chains for North America's healthcare industry.
Voyageur is working towards completing the feasibility studies for the Bayer project and Voyageur's radiology drug production project. Voyageur radiology drug project entails the production of barium contrast drugs utilising the mineral resource at its Frances Creek project in British Columbia Canada and the production of iodinated contrast media drugs from iodine production from the Anadarko basin in the USA.
With respect to the Bayer project, Voyageur has completed initial lab bench testing and will now advance to building a small transportable field unit to generate the data for the Bayer project feasibility study, which is expected to be completed later this year using funding from Bayer.
Voyageur, in tandem, will be working on completing its radiology drug production project feasibility study to produce barium and iodine contrast drugs, which is funded by Voyageur.
Brent Willis, CEO & President of Voyageur states “Voyageur is pleased to initiate this project to become the first domestic producer of iodine contrast media drugs. Securing the supply chain for radiology drugs is critical for the security of the North American health care industry, and this collaboration can be an important step in this direction. Upon successfully publishing a feasibility study for the Bayer project, Voyageur will enter negotiation to secure non-dilutive financing to build out the Bayer project. With this collaboration in place and successful completion of the two feasibility studies, Voyageur believes it could have a pathway to secure the capX financing to build a radiology drug manufacturing facility, which would allow Voyageur to become the first domestic producer of barium and iodine contrast media. As Voyageur advances its projects, Bayer will have the opportunity to review our drug manufacturing feasibility study, to evaluate for potential additional investment in all of Voyageur's projects moving forward”.
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