Health Check: Radiotherapies ‘set to boom’ over the next decade

• Telix says nuclear therapies will eclipse diagnostics over the next decade
• Radiopharma wins FDA backing for glioblastoma trial
• Arovella finds a new CEO … right under its nose

As usual, Telix Pharmaceuticals’ (ASX:TLX) investor day prezzo didn’t contain any company-moving revelations.

But the 94-page missive does highlight the burgeoning expected growth in radiotherapies.

According to numbers from the MEDraysIntell 2025 Nuclear Medicine Report, the global nuclear medicine market will surge from being worth US$11 billion in 2024, to US$27bn in 2030 and US$41bn in 2034.

That’s a 270% growth rate, but it only tells half the story.

The increase will be driven by radiotherapies: targeted tumour agents. The value of this market should surge by a compound annual growth rate (CAGR) of 26% over the 10 years, from US$3bn to US$27bn.

The more established radiodiagnostic sector is tipped to grow at a more sedate CAGR of 5%.

According to Telix, 50 radiopharma companies globally have a therapeutic focus, with more than 100 targets under investigation across four key isotopes.

Telix’s three approved products are all diagnostic: Illuccix and Gozellix for prostate cancer and Pixclara for brain tumours.

But Telix’s recent merger with Germany’s ITM (Isotope Technologies Munich) has delivered a near-commercial neuroendocrine tumour program called ITM-11.

Telix has four advanced therapeutic programs off its own bat: two for prostate cancer and one each for glioblastomas and kidney cancer.

Merger seals isotope supply

The ITM merger makes Telix the dominant supplier of the most commonly used isotope, Lutetium-177.

Demand for this targeting agent is tipped to grow from US$500 million to US$2.1bn over the next decade – a CAGR of 30%.

ITM also supplies the second most commonly used, Actinium-225.

Demand for this isotope should surge from a mere US$100m currently to US$1.4bn, a CAGR of 45%.

Meawhile, Telix affirmed it would spend US$950-970m on research and development in calendar 2026, compared with US$804m in 2025.

As a percentage of revenue, this bumps up R&D to 26% from 21% previously.

But the company notes that the average spend across 12 peers is 35% – and eight of them spend more than Telix on that metric.

So we guess this means that Telix is still under-spending in its labs, or is developing products more efficiently.

Radiopharm wins FDA trial ‘alignment’

We’re still on radiotherapies. We love radiotherapies (with apologies to Tom Gleeson).

Radiopharm Theranostics (ASX:RAD) says the company and the US Food and Drug Administration (FDA) have agreed on the shape of its proposed pivotal phase III trial, to diagnose brain metastases.

The study tests RAD-101, which is labelled with 18F-Pivalate (Fluorine-18).

It targets enrolling around 280 patients, with indeterminate brain metastases from various solid tumour types after previous radiotherapy.

The multicentre trial aims to demonstrate “sensitivity and specificity above a pre-specified performance threshold”.

RAD-101 binds selectively to the fatty acid synthase, a multi-enzyme protein overexpressed in brain metastases from solid tumours.

The company’s earlier phase II study showed 93% concordance between magnetic resonance imaging (MRI) and positive emission tomography (PET) imaging of brain metastases. This applied to a patient population with suspected recurrence.

Results showed “substantial and selective tumor uptake” of RAD-101.

The PET screening showed tracer uptake in lesions that were “equivocal” on MRI scans.

“Accurately distinguishing recurrent tumor from treatment-related necrosis is one of the most important challenges physicians face when managing patients with brain metastases,” Radiopharm CEO Riccardo Canevari said.

“… existing imaging modalities often leave uncertainty, creating difficult clinical decisions for both physicians and patients.”

Canevari notes the 280-patient trial is substantially smaller than historical registrational imaging studies. These required two trials and a combined 700 patients.

The company expects to appoint a clinical research organisation this year, with site activation and patient dosing in the first half of calendar 2027.

Arovella all good toe go with new CEO

Cancer cell therapy play Arovella Therapeutics (ASX:ALA) has looked far and wide for its next CEO … as far as the tearoom in fact.

The company has appointed interim chief Dr Nicole van der Weerden to the role, having run the shop since incumbent Dr Michael Baker exited in May amid a board upheaval.

(Baker joined fellow cancer drug developer Percheron Therapeutics (ASX:PER) ).

With a PhD in biochemistry and an MBA from Melbourne Business School, van der Weerden joined Arovella in 2023 as chief operating officer.

Previously, she held CEO and other roles at Hexima, where she led a team that discovered and developed pezadeftide for onychomycosis.

Onychomycosis? That’s toenail fungus to you and me.

While highly promising, pezadeftide did not proceed beyond phase II stage.

Coincidentally, the ASX on Monday removed Hexima from its board, with the stock having been suspended for two years.

Van der Weerden is in line for a base salary of $401,700, with short-term and long-term incentives that could increase this figure by 40% each.

The company announced van der Weerden’s appointment alongside its AGM.

Kapital raising korner 

Investors have endorsed Cynata Therapeutics’ (ASX:CYP) quest to find a new reason for being, following the failure of its two phase III stem cell trials.

On October 30 the company said it had raised $235,150 via its renounceable rights offer, with 25.8% of holders taking up their entitlements.

Underwriter Caravel Securities was in hock for the remaining $677,000 of the maximum $912,000.

But today the company said investors had come forth for a further $550,000, by way of a placement.

All the shares were offered at one cent apiece, with one attached option for every three shares issued.

The oppies are exercisable at 2c by May 2029.

The underwriting meant the company would have hauled in the dough anyway, but it’s nice to have ‘real’ investors coming forward.

Cynata will pursue “potential transactions to secure rights to new assets.”

On Monday motor neurone disease drug developer Neurizon Therapeutics (ASX:NUZ) said it had raised $4.3m via a placement, and up to $3m with a share purchase plan (SPP).

Both legs are priced at 6.8c per share, a 21% discount to last Wednesday’s frozen price. The offer includes one-for-one options, exercisable at 12c a share within 18 months.

Also on Monday, Noxopharm (ASX:NOX) said it had raised $1.5m in a placement, with a $1m SPP to follow.

The funds will buy out convertible notes and support the company’s cutaneous lupus program.

The deal was done at 4.2c a share, a 19% discount.

At Stockhead we tell it as it is. While Neurizon is a Stockhead advertiser, the company did not sponsor this article.

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