TORONTO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- POINT Biopharma Inc. (POINT), a radiopharmaceutical company dedicated to bringing the many benefits of precision radioligand therapy to cancer patients, has completed a USD $20 Million Series A financing round. Proceeds of the financing will be used to further strengthen POINT's position as a leader in radioligand development and commercialization through investment in their pipeline as well as manufacturing capabilities.
"Cancer is hard not only on patients but also their families," said Dr. Joe McCann, POINT's chief executive officer and co-founder. "The combination of diagnostic imaging with radioligand therapy is a validated approach causing a paradigm shift in cancer treatment. POINT was born out of a mission to expand access to these revolutionary therapies."
"So far 2020 has been a very productive year for POINT," Dr. McCann continued, "including the announcement of the Phase 3 clinical trial for PNT2002, our 177Lu-PSMA radiotherapeutic for the treatment of metastatic castrate-resistant prostate cancer, as well as the purchase and build-out of our 77,000 sqft radioligand manufacturing facility in Indianapolis, Indiana. Now, with the successful close of our Series A financing, POINT is well positioned to execute on our mission of making radioligands applicable to more cancers, accessible to more people, thereby improving the lives of patients and their families."
POINT has a strong pipeline of exciting radioligand treatments for a variety of cancer indications. The Company will disclose more about these programs in the coming months. POINT continues to pursue additional opportunities for pipeline expansion.
"There are very few teams globally with such significant experience in the development, manufacturing and commercialization of radioligands," says Allan Silber, POINT's Chairman of the Board, "and I am proud to say POINT is one of them." POINT's leadership is exceptionally qualified to bring these next-generation cancer treatments to deserving patients anywhere in the world. The successful close of POINT's Series A further strengthens the Company's position to become the global leader in radioligand treatments.
About POINT Biopharma
POINT Biopharma is a globally focused radiopharmaceutical company with a growing portfolio of best in class pharmaceutical assets. POINT is combining a seasoned management team with strategic partnerships in radio-isotope supply, manufacturing technology and novel direct to patient targeting to revolutionize theranostic drug development and radioligand commercialization.
Investor or Media Inquiries:
Michael Gottlieb
michael.gottlieb@pointbiopharma.com
(647) 268-4160
www.pointbiopharma.com
