Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) announced on June 23, 2026, that it has engaged Fluor Corporation, a global engineering and construction firm, to conduct comprehensive feasibility studies for two strategic projects. The studies are designed to advance Voyageur's vertically integrated North American supply chain for radiology contrast drugs.
The first study focuses on an iodine project in collaboration with Bayer AG, involving a proposed iodine extraction and production facility in Oklahoma, USA. This facility would use Voyageur's patent-pending Mueller process, developed under a milestone-based funding agreement with Bayer announced on February 23, 2026, to extract high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs. The second study covers Voyageur's integrated iodine and barium contrast drug manufacturing facility, which is expected to produce finished barium and iodine-based contrast media products. This facility would integrate Voyageur's high-purity barite from its 100%-owned Frances Creek barium deposit in British Columbia with domestically sourced iodine, creating what the company describes as the first fully integrated "Earth-to-Bottle" contrast media platform in North America.
Voyageur has budgeted US$2,350,000 for the Bayer project feasibility study and will create a final budget for the integrated drug facility study after completing testing of its proprietary Streamline iodine drug manufacturing process. Fluor's expertise in process engineering, project economics, and large-scale industrial facility design is expected to ensure both studies meet the technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are anticipated to be completed in early 2027, potentially leading to a construction decision later that year.
"We are thrilled to partner with Fluor to de-risk and accelerate these projects," said Brent Willis, CEO of Voyageur Pharmaceuticals. "With the iodine initiative and Fluor’s technical expertise, we are moving decisively toward securing North America’s supply chain for critical medical imaging drugs. These feasibility studies represent a major milestone in our strategy to become the first fully integrated producer of both barium and iodine contrast agents on the continent."
The dual feasibility studies build on Voyageur's recent progress, including Health Canada-approved barium contrast products that are already generating commercial sales, as detailed in a news release dated August 21, 2025. Subject to successful completion of the feasibility study and further agreement, Voyageur and Bayer may consider advancing the project into a subsequent phase under an offtake-linked production financing arrangement. In a potential subsequent phase, Bayer may provide capital financing for the project, while Voyageur would operate and manage it, subject to definitive agreements.
This engagement with Fluor underscores Voyageur's commitment to becoming a low-cost, vertically integrated producer of barium and iodine active pharmaceutical ingredients and finished imaging contrast agents. By controlling its own source of pharmaceutical-grade barium sulfate from the Frances Creek project and leveraging the Mueller process for low-cost iodine extraction, Voyageur aims to reduce operating costs and create a reliable North American supply chain for critical medical imaging agents. The company's strategy, encapsulated in its motto "From Earth to Bottle," focuses on responsible, traceable, and secure sourcing and manufacturing from North American resources.
