Led · Equity · Jun 2024

Radiopharm Theranostics Limited (RRAD) develops diagnostic and therapeutic radiopharmaceutical products. The company entered strategic agreements with Lantheus under which Lantheus will make an initial A$7.5 million equity investment and has an option to invest a further A$7.5 million within six months on the same terms. Radiopharm will also assign and sub-license two early preclinical assets (a TROP2-targeting nanobody and an LRRC15-targeting monoclonal antibody) to Lantheus for A$3.0 million under a separate transfer and development agreement. Net proceeds are intended for drug manufacturing, clinical trials and general working capital. The subscription contemplates shares issued at A$0.05 per share (a 47% premium to the 19 June 2024 close), unlisted six-month options to invest the additional A$7.5 million, and placement options exercisable at A$0.06; certain issued shares and shares issued on exercise will be subject to 12-month escrow. Radiopharm’s US affiliate, Radiopharm Theranostics (USA), Inc. is a party to the asset transfer, and B. Riley Securities acted as financial advisor to the company on the transactions. Radiopharm announced receipt of a $1.9 million advance on its FY24 research and development (R&D) tax incentive. The announcement was released on 20 February 2024 and appears under the company's latest announcements. The release includes an Investor Q&As section inviting questions that will be visible to everyone. The notice specifically identifies the payment as an advance on the FY24 R&D tax incentive. No other financial details, operating metrics, use of proceeds, or investor information are disclosed in the announcement.