ARTMS Closes a US$19 Million Series A Financing with Deerfield and GHS Fund
ARTMS Inc. a global leader in developing technology that transforms the production of the world’s most-used diagnostic imaging isotopes, announced that it has raised US$19 million in Series A financing. The investment was led by New York based Deerfield Management Company with continued investment from Vancouver based seed investor GHS Fund (Quark Venture LP and GF Securities).
“We are thrilled to have this significant investment with such knowledgeable, high-caliber investors. This funding gives us the financial flexibility to leverage our QUANTM Irradiation SystemT (QISTM) technology and partner with customers to revolutionize the nuclear medicine industry by enabling global access to cyclotron-produced medical isotopes,” says Charles S. Conroy, Chief Executive Officer of ARTMS Inc.
ARTMS’ flagship product, the QUANTM Irradiation SystemTM (QISTM) enables cost-effective, decentralized, and local production of important medical isotopes including gallium-68 (68Ga), zirconium-89 (89Zr), technetium‐99m (99mTc) and copper-64 (64Cu). The award-winning technology utilizes locally-based medical cyclotrons, empowering the user to control their supply chain and produce high volumes of innovative high-quality radiopharmaceutical products. In 2019 ARTMS, demonstrated a world record 68Ga production from a single, short-duration irradiation of QUANTM 68Zn Target Plates. A single 90-minute run produced as much isotope as 200 commercially available generators. ARTMS has already proven the concept and clinical application for routine and high-yield production of 99mTc.
ARTMS will use the financing to continue to collaborate with industry partners with the aim of developing cyclotron produced 68Ga-based diagnostic and to expand the commercialization of the QISTM for the production of additional critical medical isotopes.
In 2020, ARTMS announced partnerships with ImaginAb, to explore a novel radiochemistry manufacture of ImaginAb’s lead asset 89Zr CD8 ImmunoPET, and Telix Pharmaceuticals to develop proof of concept to manufacture TLX591-CDx – a Prostate Cancer Diagnostic. 68Ga produced using the QISTM system will be used for the radiolabeling of TLX591-CDx.
“We strive to invest in companies that are working toward the development of innovative technologies to improve the way healthcare is delivered to patients. We are delighted to support ARTMS to advance the QISTM technology as it has the potential to stabilize the global supply chain of vital medical isotopes,” says James E. Flynn, Managing Partner at Deerfield.
“As the seed investor in ARTMS we are pleased to continue to support the company and the development of its groundbreaking technology. The QISTM technology has the ability to satisfy the rapidly increasing demand for high-quality medical isotopes and unlock the potential of medical isotopes for diagnostic and therapeutic applications,” says Karimah Es Sabar, Chief Executive Officer & Partner, Quark Venture LP and Director of the GHS Fund.
ARTMS’s initial founding technology stems from leading Canadian founding institutions, TRIUMF, BC Cancer, the Centre for Probe Development and Commercialization, and Lawson Health Research Institute, and has had continued support from partners at Alliance Medical, Western Economic Diversification Canada and National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
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