Viewpoint Molecular Targeting, a radiopharmaceutical company based in Coralville, has been awarded a total of $5 million in Phase II grants from the National Cancer Institute under the SBIR program and National Institutes of Health (NIH).
The grants will be used to advance the company’s proprietary image-guided radiotherapies in development to optimize treatment that could potentially improve the effectiveness associated with many other cancer drugs.
“As we work to advance our cutting-edge oncology therapeutics and complementary diagnostic imaging agents, securing non-dilutive funding remains a key component of our overall strategy. These grants from the National Cancer Institute provide capital to further advance our two lead programs, VMT01 and VMT-𝛼-NET, allowing us to move into the clinic as quickly as possible. These grants also enable the acceleration of our therapeutic radioisotope production technologies. In this way, we’ll advance our goal of becoming a fully integrated alpha-therapy company,” said Frances Johnson, 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 therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at two leading academic institutions.
News of the grants comes one week after the company closed its third and final tranche of Series A financing for a total of $13 million.
Viewpoint Molecular Targeting closes Series A round at $13 Million -Jan. 11, 2021