MELBOURNE, Australia and BRUSSELS, Belgium, March 22, 2022 (GLOBE NEWSWIRE) — Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) is pleased to provide an important update on the development of its radiopharmaceutical production facility at Brussels South (Seneffe) in the Walloon region of Belgium.
The state-of-the-art plant will serve as the main European manufacturing site for Telix’s products, in line with the Group’s strategic objective of maintaining control and reliability of its supply chain, as well as cost control. It will also be an integral hub for Telix’s R&D activities, particularly with regard to the scale-up of radioisotope production.
Following the dismantling and removal of the two pre-existing cyclotrons on the site at the end of 2021,1 the company announces that it has secured €12.1 million (A$18.2 million) in debt financing to help fund the first stage construction works, which will include the construction of a radiopharmacy , as well as the installation of the first cyclotron, clean chambers and purification suites (step 1). Phase 1 construction work is currently underway at the site.
The financing was structured by low-cost loans, with BNP Paribas and IMBC Group, an initiative of the Walloon Regional Government. IMBC Group is funded by the Walloon Regional Government and private actors in the region, with the objective of enabling investment in industrial projects that will contribute to the economic infrastructure of the Walloon Region, including the future creation of stable jobs. and durable.
Loans from BNP Paribas and IMBC Group for a total amount of 10.1 million euros have a duration of 10 years. The remaining €2 million from BNP Paribas has a two-year renewable term. All three loans have a two-year repayment holiday period, with repayments to begin from March 2024.
Telix has applied for €2 million (A$3 million) in grants from the Walloon Export and Investment Agency (AWEX), a local government agency that promotes foreign trade and investment, which will be used to repay the two-year loan. Telix will also contribute €2 million from existing cash reserves for Phase 1, which is expected to be completed in the first half of 2023. The total planned capital expenditure for Phase 1 is 14, €1 million (A$21.2 million).
Upon completion of Stage 1, Telix will have the capability to produce a wide range of medical isotopes, for use in its own commercial and clinical programs, as well as for other organizations. This will include its prostate and kidney cancer imaging agents (TLX591-CDx and TLX250-CDx) and its therapeutic candidates TLX591 and TLX250. The Company has a vision and a plan for the site to become a future hub for radiopharmaceutical R&D in Europe, not only for its own programs but through collaborations with partners, including pharmaceutical and biotechnology companies, hospitals and universities.
The facility is located in an operational hub that is home to numerous pharmaceutical and logistics companies, including several with which Telix has existing relationships, and is close to logistics networks.
Dr. Christian Behrenbruch, Group CEO and Managing Director of Telix, said: “This manufacturing and R&D facility, together with our vertically integrated operations, will further differentiate Telix as a global leader in the radiopharmaceutical industry. Our vision is that having the manufacturing plant in Brussels South, with its location in Central Europe, will provide us with greater control over our supply chain and will be an integral part of our R&D capability, which will become increasingly increasingly important as we increase our commercial, clinical and compassionate use activity.
“Our goal has always been to find low-cost capital to finance the construction of this site and preserve cash reserves to advance the development and expansion of our diagnostic and therapeutic pipeline. We have achieved this goal. We would like to thank the Walloon Regional Government who partnered with us throughout the process and created a very favorable environment for the radiopharmaceutical industry.
As an approved nuclear facility, Telix’s radiopharmaceutical production facility in Brussels South (Seneffe) will be subject to regular inspections by the Federal Agency for Nuclear Control (AFCN) and the AFCN subsidiary in charge of controls regulations and safety assessments, BEL-V. Telix’s obligations with regard to this regulation have been complied with and are up to date. The facility successfully passed the last required environmental audits conducted by the FANC on June 17, 2021.
The Company’s commitment to sound environmental practices – which includes reducing its footprint through energy-efficient buildings, waste management and water consumption – has been incorporated into the development of construction.
On Telix Pharmaceuticals Limited
Telix is a biopharmaceutical company specializing in the development and marketing of diagnostic and therapeutic products using targeted molecular radiation (MTR). Telix is headquartered in Melbourne, Australia, with international operations in Belgium, Japan, Switzerland and the United States. Telix is developing a portfolio of clinical-stage products that address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX). For more information, visit www.telixpharma.com and follow Telix on Twitter (@TelixPharma) and LinkedIn.
Telix flagship product, Illuccix® (gallium-68 preparation kit (68Ga) gozetotide (also called 68Ga PSMA-11) injectable for prostate cancer imaging, has been approved by the United States Food and Drug Administration (FDA),2 and by the Australian Therapeutic Goods Administration (TGA).3 Telix is also advancing marketing authorization applications for this experimental candidate in Europe4 and Canada.5
Telix Investor Relations
Ms Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Corporate Communications and Investor Relations
This announcement has been authorized for publication by Dr. Christian Behrenbruch, Group Managing Director and Chief Executive Officer.
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1 Press release October 17, 2021.
2 ASX disclosure December 20, 2021.
3 ASX disclosure November 2, 2021.
4 ASX disclosure December 10, 2021.
5 ASX Disclosure December 16, 2020.