ASP Isotopes Inc. has recently completed a series seed financing round, raising $5 million for Isobio, Inc., a U.S.-based radiotherapeutic development company. Isobio plans to use the capital to develop targeted therapies for cancer patients using monoclonal antibodies against derisked and validated tumor antigens, as well as novel tumor targets. The company is focused on developing a broad pipeline of antibody-isotope conjugates (AICs) for cancer treatment.
The strategic collaboration between Isobio and ASP Isotopes Inc. includes future manufacturing opportunities for ASP Isotopes' nuclear medicine subsidiary, PET Labs. Isobio aims to leverage the technology and global manufacturing capabilities developed by ASP Isotopes to reduce the uncertainty of isotope supply chain/manufacturing and develop novel isotopes for radiotherapeutics.
Isobio is developing radiotherapeutics containing lutetium-177, actinium-225, terbium-161, and other undisclosed novel radioisotopes, which will be attached to antibodies using novel proprietary linker and conjugation technology to create highly potent AICs. These AICs are expected to provide a highly targeted approach for difficult-to-treat tumors, allowing for maximal efficacy while minimizing off-target toxicity.
Dr. Bruce Turner, CEO of Isobio and a well-known biotech executive and entrepreneur, expressed his enthusiasm for the collaboration, stating, "My entire career has been spent caring for and treating cancer patients. Now, with the help of ASP Isotopes and PET Labs, we will be able to quickly create novel radioisotopes using established antibodies that have been validated by regulatory authorities and millions of patients throughout the world. I am looking forward to working with ASP Isotopes and PET Labs to get these therapeutics into clinical trials quickly."
Dr. Gerdus Kemp, CEO of PET Labs, also highlighted the company's capabilities, stating, "ASP Isotopes' investment into PET Labs has meant that we now have the capability to help Isobio develop new novel radiotherapeutics and diagnostics that should improve patient outcomes in many difficult-to-treat cancers."
Isobio was co-founded and is being led by Dr. Bruce Turner, who has recruited a team of industry experts and scientific innovators, including leading radiation oncologists, medical oncologists, nuclear medicine physicians, and manufacturing experts. The company plans to establish its offices and labs in Seattle, WA, and Gladwyne, PA.
The collaboration between ASP Isotopes Inc. and Isobio aims to address the critical supply chain challenges in the development and commercial supply of radiotherapeutics. Isobio's focus on developing novel radiotherapies, particularly using complex isotopes tailored for the treatment of specific tumors, is expected to benefit from the partnership, reducing the uncertainty of the isotope supply chain and providing Isobio with a significant advantage over other biotechnology companies.
Lastly, ASP Isotopes Inc. is a development stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. The company's initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The company employs proprietary technology, the Aerodynamic Separation Process (ASP technology), and has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with low atomic mass. Following these announcements, the company's shares moved -3.77%, and are now trading at a price of $10.075. For more information, read the company's full 8-K submission here.
