Health Check: Radiopharm dials up after gaining new major shareholder

US-based Lantheus Holdings becomes largest shareholder in Radiopharm after US$5 million private placement
Anteris Technologies CEO Wayne Paterson to ring the bell at Nasdaq after share debut with positive coverage from US brokers
Arovella well funded for phase I trial of ALA-101 in patients with CD19-positive blood cancers following $20 million placement

Dual-listed (ASX and Nasdaq) Radiopharm Theranostics (ASX:RAD) has executed a subscription agreement for a private placement of ordinary shares to US-based radiopharmaceuticals play Lantheus Holdings Inc, raising US$5 million (~A$8m) and making it the largest shareholder.

The placement of 133 million shares was completed at an issue price of 60 cents/share, representing a 150% premium to the last traded price of Radiopharm shares with settlement expected within seven days. The placement replaces six-month options that the company issued in August 2024.

Radiopharm said Massachusetts-based Lantheus is a leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to find, fight and follow disease for better patient
outcomes.

Lantheus also has offices in Canada and Sweden and has provided radiopharmaceutical solutions for more than 65 years.

Radiopharm CEO Riccardo Canevari said Lantheus’s increase in its shareholding makes it now the largest shareholder with more than 12% of the company.

“We have been working closely with Lantheus since the initial investment announced in June 2024, and
we are delighted with the collaboration that has been taking place between our two companies,” he said.

Lantheus CEO Brian Markison said the company was pleased to increase its holding in Radiopharm, while continuing to work jointly in Australia on the clinical development of radiopharmaceutical assets.

Hearts pump in US for Anteris

Anteris Technologies (ASX:AVR) CEO Wayne Paterson has made his way to New York to ring the bell at the Nasdaq for opening of Friday trade after the heart valve innovator’s shares debuted on the US bourse on December 13, with positive initial coverage from US brokers.

Anteris raised ~US$88 million via the issue of 14.8 million Nasdaq shares at US$6/share, which it is using to fund development of its DurAVR transcatheter heart valve, notably a pivotal phase III clinical study to treat aortic stenosis.

The company is hoping to start enrolling patients in the phase III trial in the first half of CY25, pending US Food and Drug Administration (FDA) approval.

DurAVR is the first transcatheter aortic valve to use a single piece of bioengineered tissue that is “uniquely shaped” to mimic the performance of a healthy human aortic valve. It is based on the company’s anti-calcification tissue, called Adapt.

Anteris said in a sign of confidence US brokers initiating coverage have come out bullish on the name with Barclays having an overweight rating, price target of US$22 with potential upside of 292.2%.

Barclays said clinicians have demonstrated a strong preference for BEV TAVR (balloon-expandable transcatheter aortic valve replacement).

“AVR’s DurAVR valve system is on track to be the second balloon-expandable TAVR system on the market in 2028,” Barclays said.

“Our (US) $22 price target is based on an 7x EV/Sales multiple on our projected 2030 sales of (US) $329m, discounted back four years at a 20% discount rate.

In its initiating coverage note TD Cowen has a buy rating on the stock with a US$15 price target, with the broker saying it thinks DurAVR “has disruptive potential”.

“The hemodynamic outcomes generated in the clinical development program are differentiated and if these results are replicated in the upcoming PMA trial, DurAVR should capture meaningful share in the ~$10B TAVR market,” the broker said.

In its debut session the stock traded between US$5.14 and US$5.90, before settling at US$5.85 in after-hours trading. It is currently trading at ~US$5.88.

Arovella funded for phase I trial after $20 million placement

Arovella Therapeutics (ASX:ALA) said it was well-funded to complete and report its phase I, first in-human trial for lead product ALA-101 in patients with CD19-positive blood cancers after receiving firm commitments for a $20 million placement.

The biotechnology company, which is focused on developing its invariant Natural Killer T (iNKT) cell therapy platform, said under the placement 117.6 million new fully paid ordinary shares were issued at 17 cents/share, representing a 2.9% discount to last trade on January 7.

Arovella said an Australia-based investor had made a cornerstone investment of $15 million with additional commitments from new and existing Australian institutional and sophisticated investors, including from Pengana Capital Group (ASX:PCG).

2025 is shaping up to be a big year for Arovella, which it said expected to achieve several critical milestones, including:

Securing IND approval through the US FDA to conduct a phase I clinical trial in CD19-positive non-Hodgkin’s lymphoma and leukemia
Commencing phase I clinical trial and obtaining clinical data from initial patients dosed with ALA-101
Securing proof-of-concept data for its solid tumour programs directed toward gastric and/or pancreatic cancer

“This is a pivotal time for Arovella, which is a global pioneer in developing CAR-iNKT cell therapeutics,” said Arovella chairman Dr Thomas Duthy.

Arovella managing director and CEO Dr Michael Baker said he was delighted with the level of support that we have received from new and existing investors.

“We are excited to take ALA-101 into the clinic and assess its impact on patients with CD19+ blood cancers.”