From Earth to Bottle
TSXV: VM OTCQB: VYYRF
Voyageur Pharmaceuticals is the only North American company building a domestic, secure and vertically integrated contrast media drug solution at a cost structure no manufacturer can match.
The Voyageur Advantage
COST ADVANTAGE
93.5%Cost Reduction
Voyageur fully owns the only known pharmaceutical-grade barium deposit in the world. PEA-confirmed production costs are at $650 per tonne, against an industry standard of approximately $10,000 per tonne for synthetic alternatives.
PATENT-PENDING TECHNOLOGY
1stNorth American iodine contrast producer
Fully owned, patent-pending technology enables the first domestic pharmaceutical-grade iodine production with the Mueller process, a technology that extracts iodine from abundant oilfield brine water currently discarded by the oil and gas industry.
ACTIVE COMMERCIAL REVENUE
5 Health Canada licensed barium contrast products
Commercially available with international distributor partnerships across Latin America in place and ongoing Canadian sales revenue as of August 2025.
BAYER PARTNERSHIP
$2.35mUSD milestone based funding
To complete the feasibility study for the Oklahoma iodine extraction facility, with construction fully funded by Bayer, contingent on offtake agreement, with no dilution.
Contrast Media Market
Contrast media are pharmaceutical-grade agents injected or ingested before medical imaging to make internal organs, blood vessels, and tissue visible on X-rays, CT scans, and fluoroscopy.
The Standard Since Inception
Barium and iodine are dense enough to block X-rays and safe enough for the human body, a combination no other elements have matched. Barium and iodine remain the undisputed clinical standard, making them essential and irreplaceable inputs for modern diagnostic imaging.
Growing US$7.3B Market with Limited Supply
Projected to nearly double by 2030 Pharma-grade contrast media is scarce, with foreign supply sitting in unstable jurisdictions and several well-documented instances of shortages amid rising demand.
Proven Innovation, Market Ready
"Capital is selective right now, and it should be.What got my attention with Voyageur is commercial revenue today, Bayer funding the iodine feasibility study, and a firm like Fluor doing the engineering, which is not a typical profile for a company this size. I joined the board because the business has de-risked well ahead of where the valuation sits, and with a cost structure that would be very difficult to match for any synthetic producer in a market this large, it has a credible path to leading the space rather than chasing it."
Jeffrey Kraws
Top 10 global pharma stock picker nearly 20 years, including #1 StarMine, 5-Star biotech & pharma ratings by StarMine; top-rated by Zacks
"As a radiologist, I see every day how essential contrast media are for enabling accurate diagnoses and supporting the best possible care for patients. Reliable access to safe, high-quality contrast agents is vital for healthcare systems, helping ensure that critical imaging examinations can be performed without delay or compromise. Continued innovation and a resilient supply of contrast media are key to meeting the growing demands of modern radiology."
Dr. Thomas Lauenstein
Medical Director at Evangelisches Krankenhaus in Düsseldorf, Germany. Chief physician of radiology since 2015.
"From my decades-long experience as a risk manager, I see that the best-run organizations are those that manage reward and risk intentionally and thoughtfully to achieve valuable strategic objectives. Voyageur's well-constructed project timelines and their sharp focus on internal and external validation of key processes reflect Voyageur's risk-aware culture and commitment to resilient and sustainable product development and execution."
Chris Van Buren
Former CRO at Edward Jones ($2T+ assets, 9M clients) and TIAA ($1T AUM, 4M+ clients), leading enterprise risk management.
5 Licensed Health Canada Products
Two Discoveries, One Supply Chain
A Barium Solution
Frances Creek, a wholly owned deposit in Radium, British Columbia, produces barite at 98.8%+ pharmaceutical purity through a streamlined, cost-effective process. PEA-confirmed production costs at $650 per tonne, against an industry standard of approximately $10,000 per tonne for synthetic alternatives.
An Iodine Solution
The Mueller Process, a patent-pending technology fully owned by Voyageur Pharmaceuticals, extracts pharmaceutical-grade iodine from oilfield brine water using mobile units. Voyageur utilizes North American feedstock that is abundant, broadly distributed, and currently discarded from the oil and gas industry to develop cost–effective, pharmaceutical grade iodine contrast media.
Voyageur’s Path to Production
Iodine Timeline
LOI signed with Bayer
Letter of intent signed with a large multinational pharmaceutical company, initiating the iodine collaboration that would become the formal funding agreement.
Mueller Process IP secured
Secured 100-per-cent ownership to an innovative iodine extraction technology developed by Dr. Brian Mueller, PhD, who has been appointed as the company's director of chemistry.
Bayer collaboration agreement signed
USD $2.35 million in milestone based funding committed to complete the feasibility study for the Oklahoma iodine extraction facility.
Voyageur internal iodine drug production pre-feasibility publication
Study will highlight proprietary manufacturing cost savings, translating to high-margin financial projections for finished iodine contrast media.
Fluor Corporation engaged
Leading global engineering firm retained to complete dual feasibility studies: the Iodine Project as part of a collaboration with Bayer, and Voyageur's Integrated Iodine and Barium Contrast Drug Manufacturing Facility, projected early 2027 completion date.
Three US manufacturing locations under evaluation
Competitive site selection underway for the integrated iodine and barium contrast media facility.
Bayer offtake-linked financing agreement
Subject to the ongoing feasibility engagement, Bayer may negotiate the Offtake Agreement for iodine prill production resulting from the project. All intellectual property and infrastructure developed in connection with the project will remain exclusively owned by Voyageur.
Dual feasibility studies complete
Fluor-led studies for the Oklahoma iodine facility and integrated manufacturing plant.
US manufacturing site location selection
Subject to ongoing discussions and economic incentives with three US municipalities.
Oklahoma iodine extraction facility operational
Construction and commissioning of the first commercial-scale, pharmaceutical grade iodine prill manufacturing facility in North America. Construction fully funded by Bayer, contingent on offtake agreement, with no dilution.
First US iodine contrast drug approvals
FDA pathway for iodine contrast products developed via the Streamline Process, positioning Voyageur as the first domestic US producer of iodine contrast, a category currently 100% import-dependent.
Integrated North American manufacturing facility construction commences
The Earth-to-Bottle facility combining Frances Creek barium and domestically extracted iodine into finished contrast drugs begins construction, subject to site selection and capex financing secured.
Iodine contrast market entry at scale
As the integrated manufacturing facility reaches capacity, Voyageur becomes a full-scale North American producer of both barium and iodine contrast media, the only vertically integrated Earth-to-Bottle supplier in the world.
Management Proxy Materials
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Disclaimer & Compliance Disclosures
Forward-Looking Information & Financial/Economic Projections:
The contents of this webpage include forward-looking statements regarding future operations, regulatory approvals, project timelines, cost structure advantages, and market growth potential. Forward-looking statements are based on current management estimates and are subject to significant risks, uncertainties, and assumptions. Economic metrics regarding the Frances Creek project—including PEA-confirmed production cost estimates ($650/tonne), net present value ($344M NPV), project cash flow ($630M), total capital expenditures ($36M CAPEX), internal rate of return (137% IRR), and total USP barium resource estimates (130,000 tonnes)—are sourced directly from the Preliminary Economic Assessment (PEA) titled “Preliminary Economic Assessment for the Frances Creek Barite Deposit,” prepared by SGS Canada Inc. (dated February 22, 2022). Projected margins and production cost reductions reflect preliminary economic models; actual commercial results remain contingent upon completing pre-feasibility studies, feasibility studies, capital financing, regulatory clearances, and mine development.
Strategic Collaboration & Funding Disclosures:
References to strategic funding for the Oklahoma iodine extraction facility reflect the non-dilutive milestone framework agreed upon with Bayer AG (totaling up to USD $2.35 million). Commercial-scale plant construction, long-term supply arrangements, and product manufacturing remain subject to the successful completion of feasibility studies and the execution of a binding long-term offtake agreement. All intellectual property and infrastructure developed under the collaboration remain exclusively owned by Voyageur Pharmaceuticals Ltd.
Third-Party Data & Market Claims:
Industry data, market projections (including global contrast media market growth forecasts), diagnostic imaging volumes, and historical pricing trends (such as contrast media price increases of over 303% since 2017 and foreign synthetic barite import benchmarks of ~$10,000/tonne) are derived from independent third-party market research (including Grand View Research, PricePedia, and GE HealthCare estimates), public regulatory databases (Health Canada and US FDA), and the US Geological Survey (USGS).
General Securities & Regulatory Disclaimer:
This webpage is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in Canada, the United States, or any other jurisdiction. Neither the TSX Venture Exchange, the OTC Markets Group, nor any securities regulatory authority has approved or disapproved the contents of this webpage.
