Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) announced that it has engaged Fluor Corporation, a global engineering and construction firm, to complete feasibility studies for two strategic projects that will advance the Company’s vertically integrated North American supply chain for radiology contrast drugs. The engagement covers an iodine project in collaboration with Bayer and Voyageur’s integrated iodine and barium contrast drug manufacturing facility.
The iodine project involves a feasibility study for a proposed iodine extraction and production facility in Oklahoma, using Voyageur’s patent-pending Mueller process, developed with Bayer under a milestone-based funding agreement. This project aims to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs. The second study focuses on Voyageur’s planned pharmaceutical manufacturing plant, which is expected to produce finished barium and iodine-based contrast media products, integrating high-purity barite from the Company’s 100%-owned Frances Creek deposit in British Columbia with domestically sourced iodine.
Voyageur has budgeted US$2,350,000 for the Bayer project feasibility study and will create a final budget for the integrated facility study after testing its proprietary Streamline iodine drug manufacturing process. Fluor’s expertise in process engineering and project economics will ensure both studies meet high technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are expected to be completed in early 2027, paving the way for a potential construction decision later that year.
“We are thrilled to partner with Fluor to de-risk and accelerate these projects,” said Brent Willis, CEO of Voyageur Pharmaceuticals. “With the iodine initiative and Fluor’s technical expertise, we are moving decisively toward securing North America’s supply chain for critical medical imaging drugs. These feasibility studies represent a major milestone in our strategy to become the first fully integrated producer of both barium and iodine contrast agents on the continent.”
This announcement builds on Voyageur’s recent progress, including Health Canada-approved barium contrast products already generating commercial sales and the ongoing Bayer collaboration. Subject to successful completion of the feasibility study and further agreement, Voyageur and Bayer may consider advancing the project under an offtake-linked production financing arrangement, where Bayer could provide capital financing while Voyageur operates and manages the project.
The dual feasibility studies underscore the importance of securing a domestic supply chain for critical medical imaging drugs. Voyageur’s strategy to become a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished contrast agents could reduce reliance on foreign sources, mitigating geopolitical and shortage risks for hospitals and patients in the United States and Canada. By owning its raw material sources and proprietary processing technologies, Voyageur aims to deliver lower operating costs compared to competitors who purchase intermediates on the open market.
For more information, visit https://voyageurpharmaceuticals.ca.
