Voyageur Pharmaceuticals Hits Milestone in Bayer Collaboration

Voyageur Pharmaceuticals, a Canadian company focused on developing pharmaceutical-grade barium and iodine contrast media for medical imaging, has achieved a significant milestone in its collaboration with Bayer AG. The achievement, which triggered the first major non-dilutive payment of USD $1 million from Bayer, marks a crucial step forward in the partnership.

According to a statement from the company, Voyageur successfully submitted a complete feasibility work plan and timetable, which was approved by Bayer. This submission, a key requirement under the non-dilutive Collaboration and Funding Agreement, has paved the way for the first major payment. The total funding received from Bayer now stands at USD $1,350,000, out of the committed USD $2,350,000.

The milestone achievement is a result of Voyageur’s research and development team's successful demonstration of the company’s proprietary patent-pending Mueller iodine extraction process. This process, which utilizes Anadarko Basin produced water to produce 99.8% pure iodine, has provided the technical confirmation required for Bayer to advance the program. A transportable pilot plant for the iodine extraction process is nearing completion and is scheduled to begin field operations this fall.

The funding will enable Voyageur to complete the FEL-3 feasibility study once the pilot plant is operational and field data become available. The study is expected to be completed by the end of the year, with the remaining milestone payment of USD $1 million anticipated upon its completion. Brent Willis, President and Chief Executive Officer of Voyageur, stated, "Achievement of this first milestone under our agreement with Bayer is an important step forward for Voyageur. It confirms that the feasibility work is advancing as planned and triggers the first major non-dilutive payment under the collaboration."

The work being done by Voyageur, combined with the Frances Creek barium project and planned drug manufacturing capabilities, is central to building a secure, vertically integrated supply chain for radiology drugs. The company aims to enhance supply-chain security, reduce reliance on imported raw materials, and lower operating costs for medical imaging contrast agents. The global contrast media market is estimated at approximately USD $7.06 billion, and Voyageur is poised to play a significant role in this market.

Fluor Corporation, a global engineering firm, has been providing engineering, thermodynamic modeling, and project planning support. The engineering phases are progressing on schedule through FEL-2 (Concept Design) and FEL-3 (Basic Design) to define a practical demonstration-scale configuration for the modular Field Unit and Central Hub architecture. FEL-2 is expected to take approximately four to five months, followed by FEL-3, which is expected to take approximately seven to nine months.

Voyageur's vertically integrated strategy aims to establish a domestic, high-purity iodine supply for Bayer’s contrast drug manufacturing. The company envisions a potential production of 1,000 tonnes per year of iodine, with a phased rollout beginning at 200 tonnes per year. Upon testing of Voyageur's 200 tonnes/year iodine extraction unit (Mueller process), the company may evaluate constructing and deploying additional units and potentially expanding capacity to 1,000 tonnes per year. A central iodine manufacturing facility would then process the iodine concentrate to produce USP Pharmaceutical grade iodine for contrast drug manufacturing.

The non-dilutive funding will support ongoing feasibility work through 2026, reflecting progress toward establishing a domestic, high-purity iodine supply for Bayer’s contrast drug manufacturing. Brent Willis further stated, "The Bayer collaboration, along with Fluor's technical support, strengthens the foundation for scalable domestic iodine production. This collaboration is central to Voyageur's mission of providing high-performance, cost-effective imaging contrast agents."

Voyageur Pharmaceuticals Ltd. is developing barium and iodine Active Pharmaceutical Ingredients (APIs) and aims to provide high-performance, cost-effective imaging contrast agents. The company holds five barium contrast products with Health Canada licenses and owns a 100% interest in the Frances Creek barium sulfate (barite) project. Voyageur believes its high-grade barite resource is suitable for the pharmaceutical marketplace and can offer higher quality, lower-cost imaging products compared to current synthetically produced alternatives.

Voyageur intends to become the first vertically integrated company in the radiology contrast media drug market, controlling all primary input costs from raw material sourcing to final production to ensure quality and cost efficiency. The company’s vision is to provide secure, reliable, and cost-effective contrast media solutions for the medical imaging industry.