Radiopharm Theranostics Limited (ASX:RAD) CEO and Managing Director Riccardo Canevari provides an overview of the company, discussing the radiopharmaceutical space in oncology, key assets and disease areas, clinical studies and collaborations.Thank you, Matt. And thanks for having me, excited to be here with you. So Radiopharm Theranostics is a startup biotech that is with the potential to be in oncology, focusing on Radiopharm Theranostics medicine. So as you know, despite progresses in oncology, there are still significant unmet medical need, in particular, in disease, in some disease area. You can see in this slide how in some area, you still have a poor prognosis.
And if we move to the next slide where we see how big is the oncology market, you can see that we are talking about $290 billion sales in one year. The most traditional therapy, the most used are chemotherapy and targeted therapy, accounting for 190 billion. A new important pillar is of course immune-oncology and more recently cell & gene. But what we believe is that there is a fourth pillar emerging with very high promising potential results that are the radiopharmaceutical therapy.
And this therapy source of business can be either as monotherapy or in combination to some of these more traditional approach. So what are these radiopharmaceutical that we are talking before?
And in the next slide, you can see small animation where the concept is simple. Radiopharmaceutical are a new approach where you can see the tumour and treat the tumour. What does it mean? You need to have a molecule, a peptide, or a monoclonal antibody that is able to selectively target the tumour cells. What you do after that, you are imaging radioisotope to this molecule. So isotope with low energy, the medicine is able to enter the patient and to be uploaded exactly where tumour is, larger tumour or small metastasis. When you identify where the tumour is, you take exactly the same medicine, but you change iso, you load the medicine with high energy, beta or alpha in meta in isotope. And in this case, of course, the drug goes exactly where it was going before as a imaging.
But this time is releasing high energy. High energy, to the tumour cells that create disruption of the tumour DNA. So the concept is simple, but of course, as you can imagine, the technology is not obvious.
And in the next slide, you can see how there has been key acquisition in the radiopharma space. Exactly because large company understood the potential value of radiopharmaceutical therapy in oncology. Actually, I was in Novartis in 2018 when we decided to invest $6 billion to acquire two company AAA and Endocyte and to enter radiopharmaceutical space. And more company are doing the same. Equally important recent IPO in the radiopharmaceutical space are confirming how this area is becoming more and more interesting.
So if we move to the next slide, we discussed the environment, but let's share now what and who are behind Radiopharm Theranostics. So we are a startup biotech, recently created in February, 2021 in Australia. The founder and the executive chairman, Paul Hopper is very well known, recognised leader in the space.
He was able to create successful biotech that are listed on the ASX, and we already Radiopharm Theranostics are his last creation. So we were able to raise $20 million in July '21 and quite fast go to IPO in November with a raise of $50 million. Our figure, the symbol/ASX code is RAD R-A-D. And as a company, we have a very important ambition. We have the ambition to become a recognised leader in fighting cancer, leveraging the disruptive innovation of radiopharmaceutical technologies. And in particular, in area of high unmet medical need.
In the next slide, you can see the executive team I already introduced myself 20 plus year in Novartis in the last two roles I was global head of breast cancer franchise. And more recently I was leading as chief commercial officer the radiopharmaceutical division. So it was a perfect opportunity really to learn oncology specialty pharma and radiopharmaceutical. And I extremely excited to be here in my new role and proud about my team.
So a professor David Mozley, professor of nuclear medicine from New York university, Cornell, Dr. Thom Tulip with very strong experience in supply chain and manufacturing that are very critical element of this sector of the business. And of course, I already mentioned before our chairman and founder Paul Hopper.
So now in the next slide you can see, we start sharing what is our business model. The concept is quite simple. We want to allocate the great majority of the funds that we were able to raise to clinical development to accelerate our pipeline. So we are very limited. Some time it's almost zero structure cost a small number of people, but very well knowledge in the field. We have a part-time consultant that help us exactly where we need further support and a very strong network of people or institution or company that we can really leverage the expertise when it's needed. As I said before, all the investment go to accelerate our pipeline, a pipeline that we build based on the potential to be either first to market or best in class. And we expect to have significant milestone in the next six, 12 and 24 months.
So I mentioned the pipeline, so we can move to the slide where we have Radiopharm Theranostics at a glance. In our pipeline, we have four unique assets, the NANOMABs, these are single chain monoclonal antibody. We have four of them targeting different pathways in oncology there are two breast cancer, PD-L1 NSC lung cancer, TROP-2 and PTK7. So only the NANOMABs has the potential in four different indication. Then we have a peptide AVβ6 INTEGRIN. We see the development in pancreatic cancer and head and neck. And so two very important area where there is high unmet medical need. The third pillar of our pipeline is PSA-mAb. So it a monoclonal antibody able to target KLK3 expression in prostate cancer. And our last but not least asset is PIVALATE a small molecule where we see potential in different type of brain cancer.
So our asset has multi indication potential, and that's why we believe we can target at least eight disease area within oncology. And what is important as radiopharmaceutical, when you have very selected and differentiated asset. And with the potentially multiple disease area is to link to the right isotope. And that's why we are securing supply of key isotope for our pipeline.
We just signed a couple of weeks ago, an important agreement with TerraPower for actinium-225, one of the most scarce isotope. And we are very glad to have supply secure and all the other are very close to final contracts. So very confident that we will have the ability of what we need. As a result of this, including a strong collaboration with the institution. Our 2022 is a very important year. Of course, we want to continue the trials that are ongoing, but also we want to start four new clinical trial. One in imaging and three in therapeutic.
So let me go to the next slide to show, not only 2022, but also 2023. So this year we expect our first trial readout will be a Phase 2 around June, July in patient with brain metastasis. So we are very excited and keen to see these results. The other Phase 2 trial will continue of course, and we will read out next year. But as I mentioned before, 2022 is a year of starting four new Phase 1 trial. Three of them with a therapeutic. And we start from HER2 Breast Cancer, PD-L1 NSC Lung Cancer and prostate cancer. We plan to conduct two study in the US and two study in Australia. So as we execute on those trial, of course, we are already planning from 2023. That will be another very important year, will be a year of six trial rollout, as well as a year where we will start our second wave of Phase 1 trial to be started. So a lot of work, a lot of focus, a lot of commitment from the team.
But if you see this feature, we are very confident that we are building one of the deepest pipeline among the radiopharmaceutical company. And we are very excited to bring this products along their development plan and putting all our investment behind those molecule.
So in summary, in my last slide, I just want to share, we are in a fast growing market. Oncology itself is important and growing with $290 billion oncology market today. Radiopharmaceutical has incredible potential in area of high unmet medical need. And there is strong focus in term of M&A and acquisition. So in this fast growing market, what Radiopharm is doing. Well, we have, and we are building one of the deepest pipeline in term of breadth and depth. We are already in Phase 2, Phase 1, and some program are at the end of preclinical stage with almost 160 patient already dosed with our medicine.
We maintain an opportunistic view about business development strategy. And finally, and probably the most important aspect. We have a big ambition, the ambition to improve outcome for patient living with oncological disease. So with this, I really want to thank you for your attention and back to you Matt.
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