The Telix Pharmaceuticals Ltd (ASX: TLX) share price took off today after the company released news of its lead product and a $23 million funding package.
Telix's prostate cancer imaging agent Illuccix is now available for order in the United States, with patients scheduled to receive the product this month.
Additionally, a partnership involving the company has been awarded a significant funding package by the Federal Government.
At market close on Monday, the Telix share price finished at $4.73, 10.77% higher than its previous close.
Let's look at the news that drove the Telix share price higher today.
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Telix stock launches 10% on Monday
The Telix share price was well and truly in the green on the news Illuccix, also known as the 68Ga-PSMA-11 injection, will soon be available at around 85% of United States-based positron emission tomography (PET) sites.
Additionally, a third pharmacy network partner has been signed up to supply the product, ensuring better regional coverage.
Key academic centres, including the University of Washington, are already booking patients to receive the injection this month.
Telix CEO and managing director Dr Christian Behrenbruch said the milestone will improve access to PSMA-PET imaging. It will also allow physicians to schedule dose delivery any time of the day.
"With the recent approval in the United States of PSMA therapy – and the importance of 68Ga-PSMA-11 for patient selection – it is an exciting time for molecular imaging in GU-Oncology," commented Behrenbruch.
Also likely boosting the Telix share price is news of a $23 million funding package granted to the Australian Precision Medicine Enterprise Project.
The project involves Global Medical Solutions Australia (GMSA), Telix Pharmaceuticals, and Monash University.
GMSA is committing $41.2 million to the project over three years. Meanwhile, Telix and Monash will chip in $5 million and $11.2 million, respectively.
The grant funding is from the Modern Manufacturing Initiative's Manufacturing Collaboration Stream – part of the Australian Government's Modern Manufacturing Strategy.
It aims to help Aussie manufacturers scale up, compete internationally, and create jobs.
The project will address a manufacturing gap in Australia's radiopharmaceuticals sector. It will support the innovative development and manufacturing of precision medicines and theranostics for the Australian and Asia Pacific markets.
However, its major vision is a domestic high energy cyclotron – the future source of critical radioisotopes.
The project will provide Telix with more capacity to develop and manufacture theranostic radiopharmaceuticals in Australia. That will help strengthen its global supply chain.
Telix share price snapshot
Today's gains haven't been enough to boost the Telix share price from its recent slump.
Right now, the company's shares are trading for 42% less than they were at the start of 2022. Though, they're still swapping hands for 2% more than they were this time last year.
