CALGARY, ALBERTA - Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) has engaged Fluor Corporation, a global engineering and construction firm, to conduct feasibility studies for two strategic projects that aim to establish a vertically integrated North American supply chain for radiology contrast drugs. The studies cover an iodine extraction and production facility in Oklahoma, developed in collaboration with Bayer AG, and an integrated pharmaceutical manufacturing plant for barium and iodine contrast media.
The iodine project, part of a collaboration with Bayer, involves a feasibility study for a proposed facility using Voyageur's patent-pending Mueller process to extract high-purity iodine from oilfield brine. This initiative is supported by a milestone-based funding agreement announced on February 23, 2026. The integrated manufacturing facility will produce finished barium and iodine contrast products, combining high-purity barite from Voyageur's Frances Creek deposit in British Columbia with domestically sourced iodine, creating 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, with a budget for the integrated drug facility study to be finalized after testing the proprietary Streamline iodine drug manufacturing process. Fluor's expertise in process engineering and project economics is expected to ensure the studies meet high standards for financing and regulatory approvals. The studies are anticipated to be completed in early 2027, paving the way for a potential construction decision 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 generating commercial sales, as noted in a news release dated August 21, 2025. Subject to successful completion of the feasibility study and further agreement, Voyageur and Bayer may advance the project under an offtake-linked production financing arrangement, where Bayer could provide capital financing and Voyageur would operate the project.
Voyageur Pharmaceuticals is focused on becoming a vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished imaging contrast agents. The company already holds Health Canada licenses for five barium contrast products and is generating revenue in Canada. By owning 100% of the Frances Creek barite project and controlling its proprietary Mueller process for iodine extraction, Voyageur aims to achieve lower operating costs and create a reliable North American supply chain, reducing geopolitical and shortage risks for hospitals and patients.
