PanTera, a Mol, Belgium-based radioisotope producer, raised €93M in Series A funding.
The round was led by EQT Life Sciences, with participation from Kurma Partners, Eurazeo, Korys, Paladin and PMV. With additional equity and debt funding, the total amount raised is €134M. Alongside this, IBA, the world leader in particle accelerator technology, and SFPIM, a Belgian sovereign fund, will convert into equity €7.2M convertible loans.
The company intends to use the funds to support the construction of a production facility in Belgium.
Led by CEO Sven Van den Berghe, PanTera leverages a patented photo-nuclear “gamma” production process that transforms Radium-226 (226Ra) into Radium-225 (225Ra), which in turn decays into 225Ac. This process provides a reliable, safe and supply of 225Ac, not only for clinical trials but also for future commercial radiopharmaceutical therapies, the first of which are due to be on the market in 2028-2029. This is designed to enable the annual production of more than 100 Curies (Ci) of clinical grade 225Ac by 2029, allowing treatment of more than 100,000 patients per year.
In parallel to its effort to develop commercial-scale production of 225Ac, PanTera is already providing early 225Ac supply through an alternative production method. Working in collaboration with TerraPower Isotopes, the company is on track to provide 1.5-2 Ci of 225Ac annually from early 2025. PanTera has signed supply agreements with several pharmaceutical companies, including Bayer, and expects to have secured agreements for more than 80% of its capacity before starting production.
FinSMEs
11/09/2024