IRE spin-off attacks the radiopharmaceutical market23/05/2018

The biotech IRE-ELiT has just received the authorization to launch its generator in 13 European countries. A key step to conquer the radiopharmaceuticals market.

IRE-ELiT was created by the IRE (National Institute of Radioelements), active since 1971 in nuclear chemistry and recognized worldwide for its radioactive isotopes (25% of the world market).

The new "Gallium-68" generator produces radiopharmaceuticals with a better visualization of the functioning of certain organs or cells. It helps in the diagnosis of neuroendocrine and prostate cancer and is 100% designed and manufactured in Fleurus (Belgium).

"We aim 35% of the global market within three years for this type of generator.", says Michel Baijot, member of the Board of Directors.

Right now, there is only one competitor: Eckert & Ziegler, and around 1,000 generators worldwide. The selling price is around 100,000 euros.

"The potential of the market is huge because we estimate a growth of about 10 to 15% every year for the next 3 years", says Erich Kollegger, CEO of IRE and IRE-ELiT.

A bright future

The spin-off wants to create a partnership or buy a cold kits company because Gallium-68 must be accompanied by a cold vector. "Thus, we would have the two elements necessary for the diagnostic solution", adds Michel Baijot.

In the future, IRE-ELiT will carry out the therapeutic treatment via another radio-element, Lutécium.

Regarding fundraising, "The spin-off is 51% owned by the IRE (foundation of public utility held by the Federal Government) and 49% by the SFPI. Our shareholders are behind us",concludes the CEO