ITM Isotope Technologies Munich, a German radiopharmaceutical biotech, has raised $262.5 million in debt financing to scale its cancer treatment pipeline. The deal was led by Blue Owl Capital and includes $140 million upfront. The rest will be made available in future tranches.
The funding will help ITM bring its lead therapy, ITM-11, to market. This therapy targets neuroendocrine tumors—rare cancers that are often difficult to treat. ITM-11 recently passed a key milestone in a late-stage Phase 3 trial. The company plans to file for FDA approval in 2025.
ITM is also expanding production of Lutetium-177, a radioactive isotope used in precision cancer care. This isotope powers many next-gen cancer treatments and has become vital in personalized oncology.
Pioneering Radiopharmaceuticals for Precision Oncology
Founded in 2004 by Dr. Andrew Cavey, ITM focuses on a field called theranostics. This approach combines imaging and treatment in one solution. Its therapies aim directly at cancer cells using radioactive isotopes. This helps protect healthy tissue while improving outcomes.
For over 20 years, ITM has worked on targeted radiotherapies. These include treatments for neuroendocrine tumors and bone metastases. This long-term focus gives ITM a first-mover advantage. As the field grows, ITM stands out with its specialized science and clear vision.
What makes ITM unique is not just its research—it’s the control it has over its supply chain. The company owns its production facilities and manages distribution globally. Few firms can match this level of autonomy in radiopharma.
Own Supply Chain Gives ITM a Key Advantage
Radiopharmaceuticals rely on isotopes that decay quickly. That makes supply chain control critical. ITM is one of the few firms that can produce non-carrier-added Lutetium-177 and Actinium-225 at scale. These isotopes are used in many advanced cancer therapies.
By owning its production and logistics infrastructure, ITM ensures reliability and purity. This reduces supply risks and gives it a competitive edge. The company doesn’t just support its own pipeline—it also supplies third-party developers.
For example, ITM runs a joint venture called Actineer with Canadian Nuclear Laboratories. Together, they began producing GMP-grade Actinium-225, with commercial delivery expected in 2025. In China, ITM partnered with Chengdu Gaotong to tap into the country’s booming radiopharma market.
In January 2025, ITM also signed a deal to supply Actinium-225 to Ariceum Therapeutics. This partnership reflects its growing role as a global supplier for cutting-edge cancer treatments.
Late-Stage Pipeline and Market Momentum
ITM’s lead therapy, ITM-11, is in the final stage of development. In the COMPETE Phase 3 trial, it showed strong results against gastroenteropancreatic neuroendocrine tumors. The company expects to submit an FDA application next year.
Beyond this, ITM is testing new therapies that combine its isotopes with precision-targeting compounds. These are being explored for cancers like glioblastoma and bone metastases. The goal is clear: replace one-size-fits-all treatments with targeted care based on tumor biology.
Market signals are strong. Novartis’s Lutathera—a similar radiopharma product—earned $291 million in just six months last year. That was a 57% jump over the previous year. Such demand shows the commercial potential for ITM’s pipeline.
A Shift from Equity to Strategic Debt
ITM has a history of raising capital. In 2022, it raised €58 million through equity and strategic investments. But this new round is different. It marks a shift toward debt financing, showing investor confidence in ITM’s near-term revenue plans.
According to CEO Andrew Cavey, the Blue Owl funding helps ITM move faster toward U.S. commercialization. It also supports the expansion of its pipeline across multiple cancers. For investors, ITM offers both a profitable isotope business and a high-impact drug portfolio.
Blue Owl’s Managing Director, Sandip Agarwala, called ITM a cornerstone of precision oncology. With demand rising for radiopharma, ITM appears ready to lead the next wave of innovation in cancer care.
