ITM Secures $262.5M from Blue Owl to Fast-Track Cancer Drug ITM-11
ITM Isotope Technologies Munich SE has secured a major financing deal worth up to $262.5 million from Blue Owl Capital Inc. The funding will help push forward the company’s lead drug candidate, ITM-11, as it prepares for regulatory approval in the U.S. by 2025.
The investment comes after ITM-11 successfully met its primary goal in a late-stage clinical trial for treating gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
ITM initially received $140 million from Blue Owl, with the option for additional payments under the agreement. The funds will support the market launch of ITM-11 and expand the company’s radiopharmaceutical pipeline. Production capacities will also be scaled up to meet future demand.
The company plans to submit a New Drug Application (NDA) for ITM-11 to the U.S. Food and Drug Administration (FDA) in 2025. This follows positive results from the Phase III COMPETE trial, where the drug demonstrated effectiveness in treating GEP-NETs. Beyond ITM-11, the financing will accelerate ITM’s actinium-225 program through its joint venture, Actineer. Dr. Andrew Cavey, ITM’s CEO, highlighted that Blue Owl’s investment confirms the company’s leadership in radiopharmaceuticals. He added that the funds would speed up ITM-11’s potential U.S. approval and broader portfolio growth.
The deal positions ITM to advance its drug development and production capabilities. With ITM-11 moving closer to FDA submission, the company aims to strengthen its role in the radiopharmaceutical sector. The financing also enables further expansion of its research and manufacturing infrastructure.
