ITM Secures $262.5M Blue Owl Deal to Launch Groundbreaking Cancer Drug
ITM Isotope Technologies Munich SE has secured major funding to push forward its cancer treatments. The company announced a financing deal worth up to $262.5 million (€240 million) with Blue Owl Capital Inc. on 18 December 2024. This follows an earlier €188 million funding round led by Temasek in the same year.
The new financing agreement provides ITM with an initial $140 million, alongside options for additional funds. The capital will help prepare for the market launch of ITM-11, its lead drug candidate, and expand its radiopharmaceutical pipeline. ITM-11 recently met its primary goal in a Phase III trial for treating gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
The company now plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in 2025. Beyond ITM-11, the funding will also support the expansion of production capabilities and the acceleration of its actinium-225 programme through Actineer, a joint venture. Sandip Agarwala, Managing Director and Head of Life Sciences at Blue Owl, highlighted enthusiasm for backing ITM’s growth in targeted cancer therapies.
With fresh funding in place, ITM is set to advance its drug development and production plans. The company’s focus remains on bringing ITM-11 to market while strengthening its position in radiopharmaceuticals. The financing deal marks a key step in expanding its treatment pipeline for cancer patients.
