Viewpoint Molecular Targeting(TM) Announces Closing of Its Series A Financing with Proceeds of $13 Million
Funds expected to propel two lead radiopharmaceutical programs, VMT01 and VMT-𝛼-NET into Phase 1 imaging studies beginning in 2021 and accelerate development of radioisotope production technologies
CORALVILLE, IA / ACCESSWIRE / January 8, 2021 / Viewpoint Molecular Targeting, Inc. ("Viewpoint" or the "Company"), a radiopharmaceutical company developing precision α-particle oncology therapeutics and complementary diagnostic imaging agents, announced today it has closed the third and final tranche of its Series A financing for a total of approximately $13 million. Proceeds from the financing will be used to advance the Company's two lead programs, VMT01 and VMT-𝛼-NET, into Phase 1 human clinical studies, further develop its proprietary VMT-𝛼-GEN isotope generator, and fund general operating expenses.
"We are incredibly pleased to have achieved the closing of this pivotal milestone for the Company. This funding enables us to advance what we believe are cutting-edge radiopharmaceutical oncology therapeutics and complimentary diagnostic imaging agents, VMT01 and VMT-𝛼-NET, into the clinic in the near term. We are dedicated to addressing the unmet needs in the current cancer therapy landscape and potentially optimize patient care and look forward to further evaluating the potential of these two programs," commented Frances Johnson, MD, Chief Medical Officer and Acting CEO of Viewpoint.
The Company plans to initiate its VMT01 and VMT-𝛼-NET programs into Phase 1 imaging studies in the first half of 2021, followed by Phase 1/2a therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at two leading academic institutions.
Viewpoint's 𝛼-particle radiotherapy technology originated from the University of Iowa in the laboratory of faculty member Michael K. Schultz, Ph.D., Co-Founder and Chief Science Officer of Viewpoint. The Company is currently operating in the University of Iowa BioVentures Center, a uniquely designed facility to support biotechnology start-up companies.
Viewpoint Molecular Targeting is a radiopharmaceutical company developing precision oncology therapeutics and complementary diagnostic imaging agents. The Company's leading alpha-particle radiotherapies are designed to deliver powerful alpha radiation specifically to cancer cells utilizing specialized targeting peptides. Viewpoint is also developing complementary diagnostics that utilize the same targeting peptide which provide the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enabling the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.
The Company's melanoma (VMT01) and neuroendocrine tumor (VMT-𝛼-NET) programs are entering Phase 1 imaging studies, to be followed by Phase 1/2a therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at two leading academic institutions. For more information, please visit the Company's website viewpointmt.com.
Chief Executive Officer
JTC Team, LLC
SOURCE: Viewpoint Molecular Targeting, Inc.
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