Brent Willis on Voyageur Pharmaceuticals’ competitive suite of barium radiographic contrast media products

In a recent InvestorIntel interview, Chris Thompson speaks with Brent Willis, President and CEO of Voyageur Pharmaceuticals Ltd. (TSXV: VM) about Health Canada’s approval for their 5th licensed product in their full suite of barium radiographic contrast media products for global sales and  distribution.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), Brent touches on their recent successful financing and an update on Voyageur moving forward with its business plan of becoming the only fully-integrated company in the radiographic contrast medical field. Furthermore, Brent explains how with their own source of feedstock for its products provides Voyageur with a competitive cost advantage, makes Voyageur the only pharmaceutical radiographic contrast company to utilize its own mineral resource. Brent sums it up when he states: “We are coming to market with the lowest ingredient cost.”

To watch the full interview, click here

About Voyageur Pharmaceuticals Ltd.

Voyageur Pharmaceuticals Ltd. is a Canadian public company listed on the TSX Venture Exchange under the trading symbol VM. Voyageur is focused on the development of barite and iodine, Active Pharmaceutical Ingredient (API) minerals. The near-term focus is developing barium and iodine radio-contrast pharmaceutical products. Voyageur’s goal is to initially generate near term positive cash flow from operations using third party GMP pharmaceutical manufacturers in Canada and internationally. Ultimately, Voyageur has plans to build all the required infrastructure to become 100% self-sufficient with all manufacturing. Voyageur owns a 100% interest in three barium sulfate (barite) projects including two properties suitable in grade for the industrial barite marketplace, with interests in a potentially high-grade iodine, lithium & bromine brine project located in Utah, USA.

Voyageur is moving forward with its business plan of becoming the only fully-integrated company in the radiographic contrast medical field, by controlling all primary input costs under the motto of: “From the Earth to the Bottle”

To learn more about Voyageur Pharmaceuticals Ltd., click here

Disclaimer: Voyageur Pharmaceuticals Ltd. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp. (IIC) does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation.  Forward-looking statements are based on the opinions and assumptions of management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken,  as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on and to carry out independent investigations in order to determine their interest in investing in the Company.

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Voyageur Pharmaceuticals’ Supply Chain Security Advantage – From the Earth to the Bottle

With all the warnings issued in articles posted on InvestorIntel about rare earth supply security, the whole Suez Canal mess in March and vaccine supply issues surrounding the pandemic, supply chains have become a very real topic and very much in focus. Just in time management is being replaced by just in case management. As a Canadian with one AstraZeneca vaccine in me, I’m wondering if/when I’ll even get a second one given no vaccines are currently manufactured in Canada and many countries are becoming pretty possessive of this commodity at present. Whatever the science is around waiting too long or having your second vaccine be a different manufacturer, I’m at the mercy of “the system” as to what and when (or if) I get fully vaccinated for this incredibly annoying and very real virus.

Perhaps that was a little melodramatic but my point is, supply chain security is important and becoming a higher profile issue in the world today. So wouldn’t it be nice if a company had complete control of its destiny from the mine to the shelf, or in the case of Voyageur Pharmaceuticals Ltd. (TSXV: VM) – From the Earth to the Bottle. Voyageur has a somewhat unique business model in today’s world of niche focused companies but maybe setting a trend for the future as society realizes Amazon can’t overnight deliver everything you may need.

Voyageur is a drug manufacturing company focused on radiographic contrast media products, developing barium and iodine generic radiographic drugs, for the healthcare market. However, what separates Voyageur from most other companies is that it is sourcing its own main ingredients from its own mineral deposits. Voyageur is building a business model that will allow it to be a fully integrated company in the radiographic market place.

So let’s look a little closer at the different aspects of Voyageur. The Corporation manufactures radio-graphic contrast agents, which are substances used to enhance the visibility of internal structures in X-ray-based imaging techniques such as computed tomography, magnetic resonance imaging and fluoroscopy. Without getting into the weeds of the science here, suffice it to say these are products vital to specific medical procedures performed globally, every day. The Corporation recently announced two Health Canada approvals and issuance of product licenses for MultiX Ba; Radiographic Barium Contrast. Then on Monday Voyageur announced it has received approval from Health Canada for its fifth product, MultiXthick barium sulfate suspension as well as plans to move forward with FDA device registrations for the US market.

On the mining side, Voyageur owns a 100% interest in three barium sulfate (barite) projects including two properties suitable in grade for the industrial barite marketplace, with interests in a potentially high-grade iodine, lithium & bromine brine project located in Utah, USA. The most advanced of these projects is the Frances Creek project located 40km from Radium Hot Springs, BC and easily accessible. The Corporation has launched the Preliminary Economic Assessment (PEA) of its Frances Creek project with the goal of completion within the next three months. Subsequent to the completion of the PEA, the Corporation is planning on proceeding with a Prefeasibility Study that will be expected in the third quarter of the 2021 fiscal year.

So how does one go about evaluating a fully integrated entity like Voyageur? I don’t think there’s a PEA to Earnings metric and even if there was, would it be useful? Great drill results aren’t going to impact the demand for Barium radiographic contrast media products. So this is where you have to dig a little deeper and understand the full scope of what a company like this brings to the table. And there’s a lot to digest so I encourage you to go to their website and snoop around a little.

Nevertheless, key to investors is that there currently is no revenue and it’s going to cost money to get Voyageur to the next level. To that end, the Corporation recently announced it has closed the first tranche of a non-brokered private placement for gross proceeds of $1.4 million, which will go a long way to advancing Voyageur forward. The exciting aspect is that this only takes the shares outstanding to approximately 99 million making the market cap roughly $14.4 million based on yesterday’s closing price of $0.145/share.

With geopolitical risks rising all around the globe, Voyageur is diversifying itself to fill a void if supply chains become broken. It’s hard to assess what that will be worth in the future.

High-Grade Barium Project Creates High-Value Opportunity for Voyageur Pharmaceuticals

Voyageur Pharmaceuticals Ltd. (TSXV: VM) (Voyageur) is a Canadian-based company that is focused on developing barium and iodine radio-contrast pharmaceutical suspension products for the X-ray/medical scan industry.

Currently, China has the only natural, pharmaceutical-grade barite project and only exports a fraction of the current world demand. The rest of the supply is made up of higher-cost chemically-manufactured, synthetic barium precipitate.

Voyageur is unique in that it plans to capture value from a source-to-finished product. The Company owns a 100% interest in three barium sulfate (barite) projects in British Columbia, Canada, including two properties suitable in grade and purity for the pharmaceutical barite market.

Currently, the Company is focusing on the high-grade Frances Creek project as preliminary work with SGS Canada (SGS) resulted in a gravity-separated, high-grade concentrate of 98.6% barium sulfate.

In a barium contrast suspension product, barium sulfate comprises almost 98% of the cost of the ingredients. With the Frances Creek deposit, Voyageur believes that it will have the lowest ingredient costs for barium contrast in North America and can sell any excess production into the barite market for additional cash flow.

Starting with Health Canada then Shifting to the U.S.

In late 2019, Voyageur submitted applications for product registrations to Health Canada in order to begin sales in Canada. A total of five barium sulfate suspension products were registered with Health Canada.

  • SmoothXBa: A barium sulfate oral suspension used in computed tomography scans (CT) of the abdomen to view the gastrointestinal tract in adult and pediatric patients.
  • HDXBa: A high-density dry barium powder that is engineered to be mixed with water to create a barium sulfate suspension for radiographic oral consumption. HDX is used during X-ray procedures to view the upper gastrointestinal tract.
  • MultiXthin: A specially formulated, low density, pre-mixed barium suspension product that will be sold in a 2-liter container, similar in use and composition to the dry-powder MultiX
  • MultiXthick: A specially formulated, high density, pre-mixed barium suspension product that will be sold in a 2-liter container, similar in use and composition to the dry-powder HDX.
  • MultiXBa: MultiX is similar in use and composition to HDX but the barite has been ground to 1-micron size.

Unfortunately, events pertaining to COVID-19 impacted Voyageur’s plans as Health Canada focused on approving products related to the pandemic. However, earlier this year, Health Canada approved and issued the product licenses for SmoothX, HDX, and MultiX. The Company is waiting for approvals for MultiXthin and MultiXthick but expects to receive them shortly.

Ramping Up Production and Marketing

In November 2020, Voyageur announced signing an agreement with Alberta Veterinarian Laboratories (AVL) for the manufacturing of barium radiographic contrast media.

AVL is a Calgary-based contract pharmaceutical manufacturing company and manufactures both human and veterinarian pharmaceuticals products.

It operates a Health Canada-approved medical testing laboratory and a Good Manufacturing Practices (GMP) pharmaceutical manufacturing facility.

As Voyageur progresses through sourcing the barite from its Frances Creek project, it acquired USP (US Pharmacopeia) barium sulfate from third-party sources for the initial product formulation and near-term sales.

AVL and Voyageur are currently working on the formulation testing for the initial barium contrast product using the procured barite.

A recent decision in the U.S. that upheld a prior ruling concluding radiographic contrast agent barium sulfate qualifies as a device rather than a drug could result in reduced cost and faster approvals for Voyageur barium products with the U.S Food & Drug Administration (FDA).

Earlier this month, Voyageur signed a marketing and product development agreement with Dash Consulting since the products are nearing roll-out in Canada and the Company is seeking U.S. FDA approval.

Dash is a consulting firm focused on the barium and iodine radiographic contrast media market and it has already begun working on preparing for the product applications globally, including in the U.S., U.K., South America, and Southeast Asian markets.

From PEA/Pre-Feasibility and Bulk Sample this Year to Mining in 2022

Voyageur is working with SGS to complete a Preliminary Economic Assessment (PEA) and Pre-Feasibility (PF) study that it expects to complete by mid-year. As part of this process, Voyageur filed an updated NI 43-101 Technical Report on the Frances Creek project in November 2020.

Previous results from the ore testing in December 2019 indicated that the barite could be separated from the ore using gravity, eliminating the need for the use of water and a tailings pond, and resulted in high-concentrate grades of 98.6% barium sulfate.

Voyageur plans to mine a 10,000-tonne bulk sample within the next 12-months and process it through a smaller, pilot plant. The barium sulfate produced from the bulk sample could generate cash flow from product sales into the pharmaceutical market.

If the project economics are robust and meet the economic threshold to move forward, the application for the quarry permit for full production would be submitted.

To further upgrade the barite concentrate and to add value, Voyageur plans to build a 25,000 tonne-per-year plant that could sustain pharmaceutical production requirements for the next 40 years, this plant is targeting 2022 for completion.

Final Thoughts

Currently, Voyager is raising $1.73 million as it completes a PEA and Pre-feasibility, and ramps up sales and marketing, including product roll-out and testing, and U.S. FDA and International registrations.

Earlier this month, Voyager’s stock increased sharply after it received approval from Health Canada for one of its products. With a series of milestones planned for this year, expect investors’ optimism will continue to move the share price higher as the opportunity comes closer to production.

Voyageur closed yesterday at $0.16 with a Market Cap of $14.3 million.