Radiopharma firm secures $85M to expand domestic production of radioisotopes
A global radiopharmaceutical company has secured $85 million to expand the production of radioisotopes in the United States.
Indiana-based SpectronRx announced the funding, coming from global investment firm OrbiMed, on Thursday, highlighting the critical need for domestic supply chains of radiopharmaceuticals. The move is intended to strengthen and expand SpectronRx’s current platform, which orchestrates isotope production, drug development, scale-up and GMP manufacturing within a single infrastructure to create a “comprehensive radiopharmeceutical ecosystem.”
The company recently acquired an additional 14 acres in Kokomo, Indiana, to add onto its already sprawling Grissom Aeroplex campus, which now spans more than 34 acres. That procurement paves the way for the construction of a new 150,000-square-foot production facility. The campus already houses a 200,000-square-foot manufacturing space, built with scaling isotope production in mind. In total, the company operates isotope manufacturing facilities spanning over 400,000 square feet globally.
“Radiopharmaceutical innovation is advancing rapidly, but isotope supply and manufacturing capacity remain critical constraints,” John Zehner, CEO of SpectronRx, said in an announcement April 2. “This investment enables us to expand production at scale while strengthening our...capabilities, supporting our partners from early development through global commercialization.”
The funding will expand the company’s ongoing production of Actinium-225, Copper-64, Zirconium-89, Iodine-124, Indium-111, Radium-226, Fluorine-18, Lutetium-177, Lead-212, Thorium-232, Thorium-228, Iodine-123, Iodine-131, Technetium-99, Yttrium-90, Copper-67, Copper-61, Molybdenum-99, Rhenium-186, Gallium-68, Germanium-68 and more. The Grissom Aeroplex campus alone currently produces over 300,000 doses of radioligand therapies annually.
Location is key for SpectronRx, as its Indiana headquarters is settled near a 24/7 airport, large international cargo hubs and within a 12-hour drive of 60% of the U.S. population. Given the varying half-lives of radioligand therapies, this timeframe is critical.
“Reliable access to high-quality medical isotopes and integrated manufacturing services is essential to advancing the next generation of precision diagnostics and therapies,” noted Lars Enstrom, managing director at OrbiMed.
Read more here.
In addition to her background in journalism, Hannah also has patient-facing experience in clinical settings, having spent more than 12 years working as a registered rad tech. She began covering the medical imaging industry for Innovate Healthcare in 2021.