Radiopharm Theranostics (ASX:RAD) has executed a US$5 million ($8 million) private placement with Lantheus Holdings.
The investment increases Lantheus' shareholding in Radiopharm to 12.16%.
The placement involves the issue of 133 million shares at an issue price of $0.060 per share. This is a significant premium of 150% compared to the last closing price of $0.024.
The funds are designated for the advancement of Radiopharm's clinical pipeline.
Radiopharm Theranostics CEO, Riccardo Canevari, commented, "We are delighted to have Lantheus increase its shareholding in RAD, now making it the largest shareholder with over 12% of the company."
Lantheus CEO, Brian Markison, also commented on the development, "We are pleased to increase our holding in Radiopharm, while continuing to work jointly in Australia on the clinical development of radiopharmaceutical assets."
The strategic placement reinforces the collaboration between Radiopharm and Lantheus, with a continued focus on developing radiopharmaceutical solutions for cancer treatment.
Radiopharm Theranostics is a clinical-stage radiotherapeutics company developing a platform of radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need.
The company has a pipeline of highly differentiated molecules spanning peptides, small molecules and monoclonal antibodies for use in cancer, in pre-clinical and clinical stages of development.