Canadian CDMO AtomVie, armed with $40M Series A, readies new manufacturing facility

02 Mar 2023
endpts.com
Acquisition
A Canadian manufacturer of radiopharmaceuticals is building a new site in Ontario after netting a major investment. AtomVie Global Radiopharma, which launched and secured a $40 million Series A in the latter half of last year, is currently building a new 64,000-square-foot manufacturing facility in the city of Hamilton in Ontario, Canada. The company’s origins can be traced back to 2008, with the Centres of Excellence for Commercialization and Research (CECR) program, AtomVie CEO Bruno Paquin said, in an interview with Endpoints News. The program, run by the Canadian government, was aimed at commercializing academic research and resulted in the Hamilton-based Center for Probe Development and Commercialization (CPDC), aimed at bringing radiopharmaceuticals to Ontario. The CPDC started offering contract manufacturing services which quickly grew, Paquin said, and in 2020, he became the CEO. However, CDPC was then based on the campus of McMaster University in Hamilton, and the space became too small, so Paquin decided to create a spinoff company. In 2021, AtomVie was incorporated with the manufacturer and officially launched in August of 2022, eventually closing on a $40 million Series A. However, Paquin said, the company was still operating in a 15,000 square-foot space at McMaster University and was “scattered” over four different buildings. Paquin said the space at McMaster University is limited in terms of growth, and there were other factors, such as the electrical and HVAC systems, that were not controlled by the company. “There was several drivers for us to go out, seek that money and build the facility. One of them was that the demand was way over what we could offer in the current facility. The second is that the current facility (at) McMaster University is very good, but it’s limited in terms of infrastructure, and it’s very limited in terms of growth for space,” Paquin said. AtomVie’s new space is located near Hamilton’s airport and about 50 miles from the US border. The shell of the facility is already built, and Paquin said the buildout of the interior will start soon. The new build will allow the manufacturer to attract more clients who have commercial needs in the radiopharmaceutical space and allow it to handle around 30 products, Paquin said. The facility’s exact cost was not disclosed, but Paquin said the funding for the facility’s buildout all came from private investment in the US, and no funding came from the Canadian government. AtomVie, which currently has 110 employees, plans to increase its headcount to 200 by 2027. The facility’s full build-out is expected to be finished in the second half of 2024, with Paquin estimating that production will start in 2025.
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