IsoBio raises $5 million in seed funding from ASP Isotopes

WASHINGTON/SEATTLE - IsoBio, Inc., a U.S.-based radiotherapeutic development company, has secured $5 million in Series Seed financing from ASP Isotopes Inc. (NASDAQ:ASPI), a company currently valued at $959 million and trading near its 52-week high of $10.82, according to a press release statement issued Monday. InvestingPro data shows ASPI has delivered an impressive 280% return over the past year.

The funding will support IsoBio’s development of antibody-isotope conjugates (AICs), which combine monoclonal antibodies with radioisotopes to target cancer cells. The company plans to focus on both established tumor antigens and novel targets.

The strategic partnership aims to address isotope supply chain challenges that have historically limited the development of radiotherapeutics. IsoBio will leverage ASP Isotopes’ technology and manufacturing capabilities, including those of ASPI’s nuclear medicine subsidiary, PET Labs.

"With the help of ASPI and PET Labs we will be able to quickly create novel radioisotopes using established antibodies that have been validated by regulatory authorities," said Bruce Turner, M.D., Ph.D., CEO and co-founder of IsoBio.

IsoBio is developing therapies containing various radioisotopes including Lutetium-177, Actinium-225, and Terbium-161, which will be attached to antibodies using proprietary linker and conjugation technology.

The company will establish offices in Seattle, Washington and Gladwyne, Pennsylvania. Dr. Turner previously co-led the merger of companies now known as Immunome (NASDAQ:IMNM) and is also the co-founder and CEO of Xanadu Bio.

Dr. Gerdus Kemp, CEO of PET Labs, noted that the collaboration should "improve patient outcomes in many difficult to treat cancers."

The companies will host an investor webcast to discuss the collaboration on Wednesday, July 30. For a comprehensive analysis of ASPI’s financial health and growth prospects, investors can access detailed metrics and expert insights through InvestingPro’s exclusive research reports, available for over 1,400 US stocks.

In other recent news, ASP Isotopes Inc. announced the pricing of a $60 million offering of common stock, expected to close soon, with shares priced at $8.00 each. This financial move aims to generate significant gross proceeds before accounting for underwriting discounts and expenses. Additionally, ASP Isotopes revealed the issuance of 1,294,778 new shares, raising approximately $4.9 million in gross proceeds through the exercise of warrants by Armistice Capital Master Fund Ltd. and another unnamed holder. The company also expanded its operations by adding three new facilities and entering into multiple agreements to advance nuclear energy and medicine. These developments include a loan agreement with TerraPower to finance a new High Assay Low-Enriched Uranium (HALEU) production facility in South Africa.

In leadership news, Dr. Ryno Pretorius has been appointed as CEO of the company’s subsidiary, Quantum Leap Energy LLC, bringing extensive experience in the nuclear fuel supply chain. Furthermore, ASP Isotopes has partnered with Isotopia Molecular Imaging Ltd. to enhance the production of Terbium-161, a promising isotope for cancer treatment. This partnership focuses on securing a stable supply of Gadolinium-160, a precursor for Terbium-161 production, utilizing ASP Isotopes’ Quantum Enrichment technology. These recent developments reflect ASP Isotopes’ strategic efforts to strengthen its position in the nuclear and medical sectors.

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