German Biotech Company ITM Raises Record 188 Million Euros in Funding
The biotech company ITM, based in Garching near Munich, has made waves in the field of oncology with its development of cancer therapies loaded with radioactive isotopes for targeted tumor destruction. The company recently announced a record-breaking funding round of 188 million euros, marking the largest investment in the German biotech industry this year. Led by global investment firm Temasek, the funding round also includes investment from prominent entities such as the Strüngmann twins, Blackrock, and Qatar Investments. ITM, short for Isotope Technologies Munich, has been a key player in producing radioisotopes for pharmaceutical companies worldwide since its establishment in 2004. One of its major clients, Novartis, saw significant revenue from the radiopharmaceutical therapy Pluvicto for metastatic prostate cancer. With the opening of a second production site focused on Lutetium177, ITM aims to meet the rising demand for radioisotopes and advance its own cancer therapies and diagnostics. The company's lead candidate, ITM11, is progressing in advanced clinical trials for gastrointestinal and pancreatic tumors, positioning ITM for a potential market entry. CEO Steffen Schuster highlighted the company's expansion into the American market and plans to enhance production capabilities for radioisotopes like Actinium225 with the new funding. The involvement of entrepreneur Udo Vetter, a significant investor and chairman of the supervisory board, has influenced ITM's strategic focus on researching radiopharmaceuticals in addition to supplying radioisotopes. As the company approaches a critical data evaluation phase for its lead candidate, ITM stands as a leading expert in the industry with promising growth prospects in the realm of innovative cancer therapies.
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