Coralville, IA-based company focused on developing precision α-particle radiopharmaceutical oncology drugs and complementary diagnostic imaging agents that have the potential to optimize patient care
Funds from Series A expected to propel two lead radiopharmaceutical programs, VMT01 and VMT-𝛼-NET into Phase 1 imaging studies beginning before year-end 2020 and accelerate development of radioisotope production technologies
Coralville, IA, December 15, 2020 – Viewpoint Molecular Targeting, Inc. (“Viewpoint” or the “Company”), a radiopharmaceutical company developing precision α-particle oncology therapeutics and complementary diagnostic imaging agents, announced today it has closed the first tranche of approximately $8 million of its Series A financing. The Company expects to complete one or more additional tranches of this financing on the same terms over the next few weeks. Proceeds from the financing will be used to advance the Company’s two lead programs, VMT01 and VMT-𝛼-NET, into Phase 1 human clinical studies, further develop its proprietary VMT-𝛼-GEN isotope generator, and fund general operating expenses.
“This successful financing represents a major step forward for Viewpoint and adds significant momentum as we work to advance our two lead radiopharmaceutical programs, VMT01 and VMT-𝛼-NET. Backed by recognition from the scientific community and numerous founding grants and awards from multiple agencies, we believe that our 𝛼-particle radiopharmaceutical technologies have the potential to have a transformational impact in treating cancer. The ability to determine if a tumor will respond to our therapies through the use of our imaging agents uses a unique ‘theranostic’ approach, which will potentially allow us to optimize patient treatment and outcomes. We are working to advance these two lead programs into the clinic beginning before year end 2020. In addition, development of our radioisotope production technology empowers us to move towards becoming a fully integrated receptor-targeted alpha-particle therapy company capable of driving our trials forward,” commented Frances Johnson, MD, Chief Medical Officer and Acting CEO of Viewpoint.
Viewpoint’s VMT01 program is in development to meet an unmet medical need using the theranostic approach toward a new image-guided alpha-particle therapy for metastatic melanoma patients. Using information guided by the low-risk medical imaging scan, a treatment plan utilizing the VMT01 ligand is designed to deliver the power of alpha-particle radiation specifically to melanoma tumors, while minimizing risk to unaffected organs and tissues. To-date, the Company’s VMT01 program has been funded by the National Cancer Institute (NCI) for awards of nearly $6M.
Click here to read full press release.
