Viewpoint Molecular Targeting to merge with medtech business

Coralville-based Viewpoint Molecular Targeting announced Wednesday it would merge with medtech company Isoray Inc., which is traded on the New York Stock Exchange.

Viewpoint, which would become a wholly owned subsidiary of Richland, Wash.-headquartered Isoray, is a radiopharmaceutical company that develops precision oncology therapeutics and complementary diagnostic imaging agents, the two companies said in news releases.

The agreement is subject to approval by shareholders as well as government and regulatory approvals. The deal is expected to close by the end of this calendar year.

Isoray’s board of directors will increase to five, with two directors to be designated by Viewpoint and three by Isoray, the releases said.

Lori Woods, Isoray’s CEO, will be one of the directors appointed by Isoray and will serve as chairperson. Thijs Spoor, Viewpoint’s CEO, will be one of the directors appointed by Viewpoint and will serve as Isoray’s CEO.

“I believe the combination of Isoray and Viewpoint presents a unique platform company in the precision radiation therapy market,” Spoor said in the statements.

“The companies’ shared vision of treating cancer from the inside out and pioneering effective, personalized cancer fighting therapies that aim to minimize unwanted side effects presents a compelling proposition for patients, clinicians and investors.”

Viewpoint ’s “melanoma and neuroendocrine tumor programs are entering phase one imaging studies, to be followed by therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at two leading academic institutions,” Viewpoint’s news release said.