Business
POINT Biopharma Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Business Highlights
Signed Strategic Collaboration Agreement with Lantheus Holdings Inc. for POINT's PNT2002 and PNT2003 product candidates Completed enrollment for randomization
About this update from Lantheus Holdings, Inc.
[{"type":"text","content":"Signed Strategic Collaboration Agreement with Lantheus Holdings Inc. for POINT's PNT2002 and PNT2003 product candidates Completed enrollment for randomization phase of PNT2002's phase 3 SPLASH registrational trial, with top line data expected in the second half of 2023 INDIANAPOLIS, March 27, 2023 (GLOBE NEWSWIRE) -- POINT Biopharma Global Inc. (NASDAQ: PNT) (the “Company” or “POINT”), a company accelerating the discovery, development, and global access to life-changing radiopharmaceuticals, today announced financial results for the fourth quarter and full year ended December 31, 2022 and provided a business update. “POINT continued to make significant progress in 2022, enabled by our company's deep expertise in radioligands and our vertically integrated, highly differentiated radioligand platform,” said Joe McCann, Ph.D., Chief Executive Officer of POINT Biopharma. “For PNT2002, POINT's lutetium-177-labelled PSMA-targeted program, we both completed enrollment of the randomization phase of our phase 3 trial and also entered into a strategic collaboration for its commercialization with Lantheus, a leader in PSMA PET imaging. I am proud of our agreement with Lantheus as it positions PNT2002 and PNT2003 for maximum commercial success and validates the value of our radioligand platform. In December 2022, we received $260 million in upfront payments from Lantheus and have the potential to receive an additional $1.8 billion in future milestone payments as well as meaningful double-digit royalties. These upfront payments, together with net proceeds of $130 million from our successful follow-on financing in September 2022, strengthen our balance sheet, starting 2023 with over $540 million in cash, cash equivalents and investments. We are in the fortunate position to be able to expand our pipeline, and to strengthen our manufacturing and supply chain capabilities.” “We also made meaningful progress in 2022 pushing forward our pipeline of next generation radioligand therapies,” Dr. McCann continued. “PNT2004, our pan-cancer FAP-α-targeted program, entered its first in-human phase 1 clinical trial. We advanced PNT2001, our next-generation actinium-225 PSMA-targeted program, to enable the initiation of our phase 1 study later this year. Finally, on radioligand manufacturing and supply, a core competency of POINT, we made significant headway...