Radiopharm Theranostics, a developer of diagnostic and therapeutic radiopharmaceutical products, said Lantheus Holdings (NASDAQ:LNTH) agreed to make a strategic equity investment in the company.
The initial investment will amount to $7.5 million, with an option to invest an additional $7.5 million within six months. The offer price for the shares is set at 5 cents.
Radiopharm has also agreed to transfer two of its early preclinical assets to Lantheus for an upfront payment of $3 million.
"The net proceeds of Lantheus' investment will be used by the Company for drug manufacturing, clinical trials, and general working capital," said Riccardo Canevari, CEO and managing director of Radiopharm Theranostics.