Voyageur Pharmaceuticals Ltd. (TSX-V: VM) has announced independent laboratory test results confirming that its barium sulfate active pharmaceutical ingredient (API) sourced from the Frances Creek barite property in British Columbia meets pharmaceutical-grade purity standards, achieving an average of 98.8% BaSO4 across multiple samples. The testing, conducted by SGS Laboratories in Mississauga, Ontario, demonstrated full compliance with the United States Pharmacopeia (USP) monograph, including identification, pH, loss on drying, limit of soluble barium salts, acid-soluble substances, sulfides, and microbiological requirements. Elemental impurities testing showed heavy metal levels significantly below USP specifications.
The results represent a major milestone for the company, which is developing natural barium-based contrast media for medical imaging. CEO Brent Willis stated, “These results are promising and represent a major de-risking milestone. We believe we have proven that our natural barite resource delivers high chemical purity, ideal particle size after micronization, and full USP compliance.” The processed barite achieved 1-micron and 10-micron particle sizes through pharmaceutical-grade micronizing equipment at Sturtevant Inc., with d50 values of 1.1-1.9 µm and d90 values as low as 2.5 µm. All micronized samples met USP particle size criteria, exhibited good flowability, and showed no contamination.
With this achievement, Voyageur is moving to stage two of the Alberta Innovates AICE-Market Access Program, which will involve manufacturing batches of barium contrast agents for an upcoming Health Canada-approved human clinical trial. The trial will compare Voyageur’s contrast products against current standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging. Chief Scientific Officer Dr. Iryna Saranchova has designed the study to align with Health Canada, FDA, and international regulatory expectations. Successful outcomes are expected to validate clinical performance, strengthen regulatory positioning, and accelerate market adoption. Full study completion is targeted for the fourth quarter of 2026.
The company is building a fully integrated supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials. Willis noted, “The purity of the Frances Creek barite in management's view confirms the value of our resource, positioning us to excel in product marketing with low manufacturing costs.” The clinical trial results will also support FDA licensing applications, which began in the first quarter of 2026, and contribute to the prefeasibility and final feasibility study for the Frances Creek project, expected by the fourth quarter of 2026.
In addition to the operational updates, Voyageur announced the grant of 378,651 Deferred Share Units (DSUs) to directors and a consultant, and 4,300,000 stock options to directors and officers, with an exercise price of $0.1125 per share for 10 years. The company also proposed issuing units for debt to an arm's length third party, comprising one common share and one warrant at a deemed price of $0.1125 per unit, subject to TSX Venture Exchange approval. The securities are subject to a four-month hold period.
