Perspective Therapeutics, Inc. (NYSE AMERICAN: CATX), today
announced it entered into strategic agreements with Lantheus
Holdings, Inc., the leading radiopharmaceutical-focused company,
and its affiliates (Lantheus) (NASDAQ: LNTH). For an upfront
payment of $28 million in cash, Lantheus will obtain an exclusive
option to negotiate for an exclusive license to Perspective’s
[212Pb]VMT-α-NET, a clinical stage alpha therapy developed for the
treatment of neuroendocrine tumors, and a right to co-fund the
IND-enabling studies for early-stage therapeutic candidates
targeting prostate-specific membrane antigen (PSMA) and gastrin
releasing peptide receptor (GRPR) and, prior to IND filing, a right
to negotiate for an exclusive license to such candidates. Lantheus
has also agreed to purchase an equity stake of up to 19.9%
(56,342,355) shares of Perspective's outstanding shares of common
stock for up to approximately $33 million, subject to completion of
a qualified third-party financing transaction and certain other
closing conditions. Additionally, Perspective has agreed to acquire
the assets and associated lease of Lantheus’ radiopharmaceutical
manufacturing facility in Somerset, New Jersey for an undisclosed
price.
Thijs Spoor, Chief Executive Officer of
Perspective, stated, "At Perspective Therapeutics, our goal is to
leverage the best isotopes and provide effective therapeutic
choices for patients with difficult-to-treat cancers. We stand at
the forefront of innovation in precision oncology, particularly in
the development of lead-based alpha therapies and complementary
diagnostic imaging agents. With the strategic acquisition of the
Somerset radiopharmaceutical manufacturing facility, we will
strengthen our operational capabilities by expanding our in-house
manufacturing footprint that allows us to advance our leading
portfolio of radiotherapies.”
“This collaboration with Lantheus, a leader in
the radiopharmaceutical space, marks a significant milestone in
bringing Perspective’s targeted alpha therapies to additional
cancer indications, getting us closer to more effective and
targeted interventions against cancer,” continued Mr. Spoor.
“We are excited to partner with Perspective,
which has developed a best-in-class alpha therapy platform for
lead-based radiotherapies, and we are particularly encouraged by
the early data from VMT-⍺-NET,” said Mary Anne Heino, Chief
Executive Officer of Lantheus. “In addition to Perspective's
theranostic approach, their alpha therapies leverage lead-based
radioisotopes which potentially improve efficacy and minimize
toxicity. This option agreement potentially enables Lantheus to
expand our pipeline with a de-risked alpha particle therapy
developed by some of the industries foremost radiopharmaceutical
experts.”
Under the terms of the option agreement,
Lantheus also has a right of first offer and last look protections
for any third party merger and acquisition transactions involving
Perspective for a twelve-month period. The closing of Perspective’s
acquisition of the Somerset facility and related assets is subject
to customary closing conditions, including regulatory approval. The
closing of Lantheus’ investment in Perspective is subject to the
closing of Perspective’s next qualifying third party equity
financing totaling at least $50 million (excluding Lantheus’ equity
investment) and other customary closing conditions and will be
consummated substantially concurrently with the closing of
Perspective’s next third party equity financing. The purchase price
per share is also subject to adjustment based on such third party
qualifying equity financing.
This press release shall not constitute
an offer to sell or a solicitation of an offer to buy any
securities of Perspective, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About VMT-α-NETVMT-α-NET is a
clinical stage targeted alpha particle therapy (TAT)
radiopharmaceutical being developed for the treatment and diagnosis
of somatostatin receptor subtype 2 (SSTR2) expressing
neuroendocrine tumors, which are a rare and difficult-to-treat type
of cancer. VMT-α-NET incorporates Perspective Therapeutics'
proprietary lead-specific chelator (PSC) to bind 203Pb for SPECT
imaging, and 212Pb for alpha particle therapy.
About Perspective Therapeutics,
Inc. Perspective Therapeutics, Inc., is a
radiopharmaceutical company that is pioneering advanced treatment
applications for cancers throughout the body. The Company has a
proprietary technology that utilizes the alpha emitting isotope
Lead-212 to deliver powerful radiation specifically to cancer cells
via specialized targeting peptides. The Company is also developing
complementary imaging diagnostics that incorporate the same
targeting peptides which provide the opportunity to personalize
treatment and optimize patient outcomes. This "theranostic"
approach enables the ability to see the specific tumor and then
treat it to potentially improve efficacy and minimize toxicity
associated with many other types of cancer treatments.
The Company's melanoma (VMT01) and
neuroendocrine tumor (VMT-α-NET) programs have entered Phase 1/2a
imaging and therapy trials for the treatment of metastatic melanoma
and neuroendocrine tumors at several leading academic institutions
in the United States. The Company has also developed a proprietary
Lead-212 generator to secure key isotopes for clinical trial and
commercial operations.
For more information, please visit the Company's
website at www.perspectivetherapeutics.com.
About Lantheus Lantheus is a
leading radiopharmaceutical-focused company, delivering
life-changing science to enable clinicians to Find, Fight and
Follow disease to deliver better patient outcomes. Headquartered in
Massachusetts with offices in New Jersey, Canada and Sweden,
Lantheus has been providing radiopharmaceutical solutions for more
than 65 years. For more information, visit www.lantheus.com.
Safe Harbor StatementThis press
release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995.
Statements in this press release that are not statements of
historical fact are forward-looking statements. Words such as
"may," "will," "should," "expect," "plan," "anticipate," "could,"
"intend," "target," "project," "estimate," "believe," "predict,"
"potential" or "continue" or the negative of these terms or other
similar expressions are intended to identify forward-looking
statements, though not all forward-looking statements contain these
identifying words. Forward-looking statements in this press release
include statements concerning, among other things: statements
relating to the satisfaction of the conditions to and consummation
of the proposed transactions; the expected timing of the
consummation of the proposed transactions; the Company’s
expectation that, with the acquisition of the radiopharmaceutical
manufacturing facility, its operational capabilities will be
strengthened; the Company’s expectation that its collaboration with
Lantheus will bring it closer to more effective and targeted
interventions against cancer; the belief that the Company’s
lead-based radioisotopes potentially improve efficacy and minimize
toxicity; the Company's prediction that complementary imaging
diagnostics that incorporate certain targeting peptides provide the
opportunity to personalize treatment and optimize patient outcomes;
the Company's expectation that its "theranostic" approach enables
the ability to see specific tumors and then treat it to potentially
improve efficacy and minimize toxicity associated with many other
types of cancer treatments; the Company's clinical development
plans and the expected timing thereof; the potential functionality,
capabilities, and benefits of the Company's product candidates and
the potential application of these product candidates for other
disease indications; the Company's expectations, beliefs,
intentions, and strategies regarding the future; and other
statements that are not historical fact.
The Company may not actually achieve the plans,
intentions or expectations disclosed in the forward-looking
statements and you should not place undue reliance on the
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause the Company's
actual results to differ materially from the results described in
or implied by the forward-looking statements, including, without
limitation: the risk that the conditions to the closing of the
proposed transaction are not satisfied; uncertainties as to the
timing of the consummation of the proposed transactions; the
Company’s and Lantheus’s respective businesses; the Company’s
ability to complete the third party qualified financing; the
pricing of the financing; the Company's ability to continue as a
going concern; the potential that regulatory authorities may not
grant or may delay approval for the Company's product candidates;
uncertainties and delays relating to the design, enrollment,
completion, and results of clinical trials; unanticipated costs and
expenses; early clinical trials may not be indicative of the
results in later clinical trials; clinical trial results may not
support regulatory approval or further development in a specified
indication or at all; actions or advice of regulatory authorities
may affect the design, initiation, timing, continuation and/or
progress of clinical trials or result in the need for additional
clinical trials; the Company's ability to obtain and maintain
regulatory approval for the Company's product candidates; delays,
interruptions or failures in the manufacture and supply of the
Company's product candidates; the size and growth potential of the
markets for the Company's product candidates, and the Company's
ability to service those markets; the Company's cash and cash
equivalents may not be sufficient to support its operating plan for
as long as anticipated; the Company's expectations, projections and
estimates regarding expenses, future revenue, capital requirements,
and the availability of and the need for additional financing; the
Company's ability to obtain additional funding to support its
clinical development programs; the availability or potential
availability of alternative products or treatments for conditions
targeted by the Company that could affect the availability or
commercial potential of its product candidates; the ability of the
Company to manage growth and successfully integrate its businesses;
the Company's ability to maintain its key employees; whether there
is sufficient training and use of the Company's products and
product candidates; the market acceptance and recognition of the
Company's products and product candidates; the Company's ability to
maintain and enforce its intellectual property rights; the
Company's ability to maintain its therapeutic isotope supply
agreement with the Department of Energy; the Company's ability to
continue to comply with the procedures and regulatory requirements
mandated by the FDA for additional trials, Phase 1 and 2 approvals,
FDA Fast Track approvals, and 510(k) approval and reimbursement
codes; and any changes in applicable laws and regulations. Other
factors that may cause the Company's actual results to differ
materially from those expressed or implied in the forward-looking
statements in this press release are described under the heading
"Risk Factors" in the Company's most recent Transition Report on
Form 10-KT and the Company's most recent Quarterly Report on Form
10-Q, each filed with the Securities and Exchange Commission (the
"SEC"), in the Company's other filings with the SEC, and in the
Company's future reports to be filed with the SEC and available at
www.sec.gov. Forward-looking statements contained in this news
release are made as of this date. Unless required to do so by law,
we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Media and Investor Relations Contacts:
Russo Partners, LLC
Nic Johnson
nic.johnson@russopartnersllc.com
Adanna G. Alexander, Ph.D.
adanna.alexander@russopartnersllc.com
Harrison Seidner, Ph.D.
harrison.seidner@russopartnersllc.com
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