ARTMS Products secures US $3M financing

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By Ted Liu

ARTMS Products Inc. has raised US $3 million from Quark Venture Inc. and GF Securities, through their Global Health Science Fund, which invests in world-leading health sciences technology platforms and product companies around the world.

ARTMS flagship product is the QUANTM Irradiation System (QIS®), a hardware and consumable system that produces technetium-99 (Tc-99m) on medical cyclotrons to enable cost-effective, decentralized, and local production of this important medical isotope.

Tc-99m is used globally in over 80 percent of all nuclear medicine imaging procedures in areas such as cardiology, oncology, and neurology. Typically sourced from an aging, international base of nuclear reactors, this important medical isotope has been subject to significant supply disruptions in recent years resulting in serious implications for patient care. ARTMS’ technology, will alleviate these supply issues and help stabilize the global supply chain of this medical isotope, by enabling the local production of Tc-99m using hospital-based medical cyclotrons, instead of nuclear reactors.

“ARTMS has already demonstrated proof of concept in Tc-99m production and during its use in human clinical testing, thereby solidifying this technology as a viable alternative that allows for a safe, reliable and environmentally sound supply of a critical medical isotope,” said Dr. Paul Schaffer, Chief Executive Officer of ARTMS Products. “The investment through Quark Venture and GF Securities, is significant as it now enables us to set up operations as a stand-alone company and focus on partnerships, commercialization and production.”

The technology was developed in collaboration with TRIUMF, Canada’s particle accelerator centre and scientists at three health research institutes across Canada, including the British Columbia Cancer Agency, the Centre for Probe Development and Commercialization and Lawson Health Research. Early stage research funding was provided by the Federal Government through NSERC and the Isotope Technology Acceleration Program (ITAP Program).

“This is an excellent example of Canadian collaboration and innovation at its very best. Medical isotopes are critical to detecting and treating diseases. This modernized approach to using hospital-based particle accelerators, instead of nuclear reactors, to produce high value and important medical isotopes, has the potential to revolutionize the nuclear medicine industry and stabilize the global supply chain,” said Karimah Es Sabar, Chief Executive Officer of Quark Venture and Director of GHS Fund.”

ARTMS will also be developing the Quantm Irradiation System to allow its partners and customers to produce other high value isotopes such as gallium-68 (Ga-68), copper-64 (Cu-64) and zirconium-68 (Zr-89).

photo credit: ARTMS Products