Health Check: Radiopharm goes to the well for $16 million after clinical trial double delight | Stockhead
Pretty RAD: the radiopharma house is busting some groovy moves with two trial results and an opportunistic capital raising. Pic: Getty ImagesRadiopharm is on the hunt for capital after two separate trial. . .
Pretty RAD: the radiopharma house is busting some groovy moves with two trial results and an opportunistic capital raising. Pic: Getty ImagesRadiopharm is on the hunt for capital after two separate trial updates, most notably for brain metastasesOncosil to undertake breast imaging study with the Mayo ClinicAll the latest quarterly reports – or some of ‘emRadiopharm Theranostics (ASX:RAD)has launched a “material” capital raising – reportedly for $16 million – after disclosing good news with two separate cancer imaging trials. We’ll start with RAD-101 for brain metastases, as it is in the more advanced, phase 2b stage. The company evaluated 30 patients with suspected recurrence ofbrain metastases after radiotherapy. RAD-101 is a small molecule targeting the fatty acid synthase, as overexpressed in certain cancers. To find the tumour, the agent is ‘radiolabelled’ with the Fluorine-18 isotope. The trial met its primary objective of matching the performance of scanning with conventional magnetic resonance imaging (MRI) and contrast dye. The imaging data showed a 93% “concordance” between these techniques, with a “substantial and selective” uptake of RAD-101 into the tumour. Additionally, RAD-101 showed an 86% ability to identify the disease in 14 patients with evaluable six-month follow-up and/or biopsy data. This was a secondary endpoint. “The entirety of this dataset captures the strength and potential of RAD-101 to address a difficult diagnostic challenge in neuro-oncology,” said Radiopharm CEO Riccardo Canevari. “Achieving the primary endpoint provides strong validation of our approach and supports the advancement of RAD-101 into an intended registrational phase III study. ”RAD-204 comes up trumpsIn a separate disclosure, Radiopharm announced a partial patient response in its phase I study of multiple tumour types. This one avails of Radiopharm’s RAD-204, a monoclonal antibody that targets the PD-L1 biomarker. PD-L1 is overexpressed in many cancers, including small-cell and non-cell lung cancers, melanomas and endometrial cancer. The trial targets patients with advanced solid tumors who have failed standard therapies. Or should we say the standard therapies have failedthem?In cohort three, two patients so far have been dosed, with the third patient under screening evaluation. “Both patients remain on treatment, and initial clinical observations from the ongoing study support the potential of repeated administration of RAD-204. ”Specifically, patient one achieved a confirmed partial response after the second treatment cycle, “which has been maintained during continued therapy. ”This included a 19% reduction in target lesions from baseline after dose one, a 43% fall after dose two and a 35% improvement after dose four. “The patient remains progression-free beyond seven months with continued follow-up”. Radipharm shares this morning entered trading halt ahead of the capital raising, believed to be by way of a $10 million placement and a $6 million share purchase plan. In October last year the company raised $40 million, which goes to show that in drug and device development too much money is never enough. Optiscan seals Mayo breast imaging dealOptiscan (ASX:OIL)has signed a research agreement with the esteemed Mayo Clinic, for a study of 35 patients undergoing breast-conserving surgery. The company is furthering confocal laser endomicroscopy, CLE, which eliminates the age-old and unreliable method of analysing tissue samples under a traditional microscope. This creates real-time digital microscopic images, magnified 1000 times that of computed tomography or MRI scanning. The trial road tests both Optiscan’s Invue real-time surgery assistance tool and its Inform pathology device. As with the company’s local studies, the Mayo work will support an intended marketing application to the FDA for both products. Here, the company is undertaking a breast cancer study at the Royal Melbourne Hospital. It’s also doing a head, neck and shoulder cancer trial at Perth’s St John of God Murdoch Hospital. The company yesterday said stage two of the latter study had started ahead of schedule. Let’s play catch upA few that slipped past us yesterday:Control Bionics has completed a share purchase plan, raising $256,000 at 7. 5 cents a share. The company had sought to raise $500,000. The SPP was alongside a placement that in toto raised a handy $9. 5 million. The deal was done at a 14. 5% discount to the five-day average price. The company develops assistive communication devices and sensors to help people with severe neurological conditions. Mesoblast (ASX:MSB)founder and CEO Dr Silviu Itescu has become the $177 million man – on paper at least – having exercised $2. 73 million options at $1. 45 apiece. This purchase boosts his Mesoblast holding to 80. 84 million shares, about 6% of the company. Mesoblast markets the stem cell drug Ryoncil, the first FDA approved treatment for childhood graft versus host disease. The developer of a more reliable bowel cancer test based on blood biomarkers,Rhythm Biosciences (ASX:RHY)has developed a lung cancer risk prediction assay. This one uses the health, lifestyle and genetic data from about 500,000 people from a British biobank. The test extends Rhythm’s Genetype portfolio, acquired from the administrators of Genetic Technologies for $625,000 in December 2024. In testing, Rhythm said, the model identified 42 percent more lung cancer cases as eligible for screening than current Australian criteria (based on smoking history). Kwarterly kornerAmong yesterday’s dribble of June quarter reports,Noxopharm (ASX:NOX)reported cash burn of $859,000 and end-of-quarter cash of $293,000. While that sounds a tad meagre, the company has $5 million of unused funding including $3. 85 million of convertible notes. Noxopharm is harnessing an agent called Toll-like receptor 8, to enhance the power of current chemotherapies and radiotherapies. The company is also pursuing an elusive cure for the autoimmune disease lupus. Patrys (ASX:PAB)burnt through $789,000 in the stanza, with June 30 cash of $3. 36 million. The company also has raised $3. 1m. In phase 1a stage, Patrys is honing an injectable reformulation of quetiapine, to tackle delirium in acute care situations. Yesterday, veteran contract drug makerIDT Australia (ASX:IDT)said unaudited revenue for the year to June 2026 should be $20. 3 million, up 2. 5%. The company also expects a net loss of $950,000 – a big improvement on the previous $8. 06m deficit. The company cites robust demand for its services, including making medical cannabis and psychedelics for clinical study and other restricted purposes. IDT has struggled share price-wise, with its sub $20 million valuation worth less than the $21. 4 million of its property, plant and equipment at its digs at Boronia in Melbourne’s east. IDT also has about $9 million of bank debt, but the property valuation is likely to be highly conservative. At Stockhead, we tell it as it is. While Optiscan is a Stockhead advertiser, the company did not sponsor this article.