Clarity Pharmaceuticals rallies after inking supply deal with Theragenics
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The news: Shares in clinical-stage radiopharmaceutical company Clarity Pharmaceuticals climbed in afternoon trade after the company secured a large-scale manufacturing supply agreement for its copper-64 isotope with US-based medical company Theragenics.
Shares rallied 15.64% to $3.55 at 2:56pm AEDT.
The context: The agreement marks a vital step for the commercialisation of Cu-SAR-bisPSMA, a crucial component for the prostate cancer agent, which is currently undergoing a phase three registrational trial.
Under the agreement, Theragenics will allow Clarity to access its 134,000 square foot production facility with 14 cyclotrons, capable of producing approximately 2,000 patient doses of copper-64 daily.
Clarity noted that the deal aims to prevent elevated costs and inefficiencies associated with the supply of short half-life isotopes.
What they said: “The growing body of scientific evidence, along with the FTDs from the FDA are providing great momentum for Cu-SAR-bisPSMA. Building out a secure, reliable and abundant supply and manufacturing strategy is now coming into play, ensuring a solid base for our commercial launch and accelerated market expansion, subject to FDA approval,” Clarity Pharmaceuticals executive chairman Alan Taylor said.
The source: ASX
