AtomVie Global Radiopharma Inc. Announces its Spinout and Series A Financing with Avego
HAMILTON ON, Aug. 24, 2022 /CNW/ - AtomVie Global Radiopharma Inc. ("AtomVie") today announced the successful closing of its Series A financing with Avego Management, LLC ("Avego"), a healthcare investment firm. AtomVie is a global leading CDMO (Contract Development and Manufacturing Organization) for the development, manufacturing, and global distribution of radiopharmaceuticals and has received a financing commitment of at least $40 million.
AtomVie is a spinout from the CPDC (Centre for Probe Development and Commercialization), and within CPDC, the CMO business unit, now AtomVie, served as the GMP manufacturer and supplier of finished-dose therapeutic radiopharmaceuticals for the past seven years. AtomVie will be expanding its current clinical GMP manufacturing capacity of radiopharmaceutical products to include commercial stage production through the construction of a new purpose-built state of the art facility designed to accommodate multiple isotopes. Moreover, AtomVie complements its manufacturing and logistics expertise with a high-standard quality management system and global regulatory support.
"We worked relentlessly over the past few years in preparation of this moment," said Bruno Paquin, CEO of AtomVie. "All the employees at AtomVie are extremely grateful to Avego for their support and their confidence. We are excited to launch AtomVie, continuing the culture of excellence that the CPDC has created and working with Avego for the long-term success of AtomVie."
"Avego is thrilled to partner with AtomVie to support the continued growth of one of the leading radiopharmaceutical CDMOs," said Thomas Vandervort, Managing Partner of Avego. "The AtomVie team and their collective radiopharmaceutical expertise are second to none, and our partnership will advance the development of radiopharmaceuticals and improve patient outcomes."
AtomVie has strengthened its operational management with the recent appointment of Dodi Adar, Chief Operating Officer and the promotion of Rezwan Ashique, VP Operations. Ms. Adar brings 17 years of experience in the pharmaceutical industry with expertise in fostering growth and streamlining operational processes. Mr. Ashique was an instrumental part of CPDC's success for over eight years with more than 20 years of extensive expertise in radiochemistry, development, and GMP manufacturing of ready-to-use radiopharmaceuticals.
With its world-class employees and its in-depth experience in the radiopharmaceutical industry, AtomVie empowers the development of next-generation radiotherapeutics worldwide.
About AtomVie Global Radiopharma Inc. ("AtomVie"):
AtomVie, incorporated in late 2021, is a global leading CDMO for the GMP manufacturing and distribution of clinical and commercial radiopharmaceuticals and figures as the most recent spinout from the CPDC. Founded in 2008, the CPDC is a CECR (Centre of Excellence for Commercialization and Research) located at McMaster University in Hamilton, Ontario, Canada. The CPDC was created with the long-time support from the NCE (Networks of Centres of Excellence), McMaster University and the OICR (Ontario Institute for Cancer Research). The expertise developed at the CPDC and its position as a global leading CDMO is the stepping stone for AtomVie spinout. For more information about AtomVie, visit www.atomvie.comor contact: info@atomvie.com. To learn more about CPDC, visit www.imagingprobes.ca or contact: info@imagingprobes.ca.
About Avego Management, LLC ("Avego"):
Avego, founded in 2015 by former healthcare entrepreneurs, is a multi-strategy healthcare-focused investment firm with offices in Georgia and New York. Through its three strategies, which include private equity, venture capital, and a hedge fund, Avego invests in private and public companies developing and commercializing innovative products and services for patients, practitioners, and other stakeholders across the healthcare continuum. To learn more about Avego, visit www.avego.com or contact: contact@avego.com.
SOURCE AtomVie Global Radiopharma Inc.
