Viewpoint Molecular Targeting, a radiopharmaceutical company based in Coralville, announced last week that it has closed its third and final tranche of Series A financing, bring the round to 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,” said Frances Johnson, Chief Medical Officer and Acting CEO of Viewpoint in a statement.
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 raises $8 Million in Series A Financing -Dec. 16, 2020