Just months after SPAC reverse merger, Point Biopharma ups the ante at Indianapolis manufacturing site
Point Biopharma trotted out to near-unicorn status in March as part of a reverse merger with a SPAC backed by RA Capital’s Peter Kolchinsky to back its radioligand play. Now, the upstart crew is planting its manufacturing flag with a major plant in the works.
Point Biopharma is finishing renovations to an 80,000-square-foot center that will become one of the largest radioligand facilities in the world upon completion, the company said in a release. The facility will hold an NRC Materials License, which authorizes the handling of nuclear material and allows Point to work with radioisotopes on site.
EVP of manufacturing operations Todd Hockemeyer said in a statement:
The completion of our Indianapolis facility and scope of this Materials License will enable POINT to quickly bring its drug manufacturing operations online. Our mission is to make radioligand therapy applicable to more cancers, available to more people, thereby improving the lives of cancer patients and their families everywhere. This Materials License is an important milestone in our journey to deliver on our mission.
The facility will allow the company to use radioisotopes like lutetium-177 and actinium-225, CEO Joe McCann said in the release. That will help Phase III trials targeting metastatic castration resistant prostate cancer that are set to start later in 2021, the company said.
In March, the company entered a reverse-merger agreement with Boston-based Research Alliance Corp. I, the first SPAC backed Kolchinsky. Point received a projected $300 million in proceeds through the acquisition, which includes $165 million from RA and other investors. The move helped finance the company to a point where they could complete Phase III trials for radioligands to treat prostate and neuroendocrine. They also went toward strengthening internal manufacturing and logistics capabilities.
While pitching itself for a merger, Research Alliance Corp I called itself the “most company-friendly SPAC to ever exist.” Once merged, the near-unicorn newco was valued at $924 million.