Brent Willis on Voyageur’s ambition to revolutionize radiology by vertically integrating the barium and iodine contrast market

June 3, 2024 — InvestorNews host Pat Bolland interviews Brent Willis, President, CEO, and Director of Voyageur Pharmaceuticals Ltd. (TSXV: VM), which is pioneering the development of barium and iodine Active Pharmaceutical Ingredients (API) to provide high-performance, cost-effective imaging contrast agents. With its unique approach of vertically integrating the barium and iodine contrast market, Voyageur is poised to become a key player by producing its own minerals. The company’s business model aims to generate cash flow through partnerships with third-party GMP pharmaceutical manufacturers in Canada, ensuring product validation by regulatory agencies worldwide. Moreover, Voyageur is committed to sustainability, striving to achieve carbon neutrality through innovative carbon-neutral infrastructure and the use of Rain Cage EDEN™ technology. In the interview, Brent Willis elaborated on the company’s strategy and recent achievements. “We started with a very rare pharmaceutical-grade barium sulfate deposit,” Willis explained, “and we realized that by transitioning it into the pharmaceutical sector, we could create the highest value possible.” This approach has led to significant milestones, including the recent announcement of a $1.9 million sales contract for SmoothX, a barium contrast medium used in abdominal CT scans. Willis highlighted the company’s Health Canada approvals on five products and its plans for global market expansion, emphasizing the competitive landscape dominated by a large Italian firm. “In Canada, our clients want to use our products, but they need all five products before they can break away from that monopoly,” he noted. Voyageur is also focused on entering the U.S. market, working closely with the FDA to obtain necessary approvals. “We’re creating better products than what’s currently in the market,” Willis stated, projecting that in five years, the company’s sales from iodine and barium could reach approximately $206 million annually. Additionally, Willis discussed Voyageur’s commitment to carbon neutrality and its collaboration with Rain Cage, utilizing advanced carbon technology to develop new radiology drugs. The company’s innovative approach extends to MRI drug development, partnering with Applied Pharmaceutical Innovations to move drugs from R&D to market. This comprehensive strategy underscores Voyageur’s ambition to revolutionize the radiology contrast media market, ensuring quality and cost efficiency from raw material sourcing to final production.