/PRNewswire/ VERO Biotech Inc., a commercial-stage healthcare business dedicated to neonatal intensive care and the acute care hospital community, today.
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Financing led by Petrichor Healthcare Capital Management strengthens company s global position as a leader in precision oncology and the field of Targeted Radionuclide Therapy ITM AG announced today the successful close of a convertible loan financing totaling EUR 90 million (USD 109 million) led by Petrichor Healthcare Capital Management with participation of additional undisclosed investors. The proceeds will support the expansion of ITM s precision oncology pipeline as well as fund late-stage development and market access activities for lead candidate, n.c.a.
177Lu-Edotreotide, currently in a phase III trial in gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Under the terms of the agreement, the loan will convert into shares of ITM in the event of certain future financial or other corporate development transactions. Further details of the financing were not disclosed.