Voyageur Pharmaceuticals Ltd. has announced independent laboratory test results confirming the pharmaceutical-grade purity of barium sulfate sourced from its Frances Creek property in British Columbia. The testing, completed as part of the Alberta Innovates AICE-Market Access Program, showed purity levels exceeding United States Pharmacopeia requirements, with samples achieving 98.1% to 99.4% barium sulfate content and an average grade of 98.8%.
Testing conducted by SGS Laboratories in Mississauga, Ontario confirmed full USP monograph compliance across all parameters, including identification, pH, loss on drying, limit of soluble barium salts, acid-soluble substances, sulfides, and microbiological requirements. The material also showed heavy metal levels significantly lower than USP specifications. Processing trials at Sturtevant Inc. demonstrated efficient micronization to ultra-fine particles, with d50 values of 1.1-1.9 µm and d90 values as low as 2.5 µm under optimal conditions.
With these results, Voyageur is advancing to stage two of the Alberta Innovates program, which includes manufacturing barium contrast agents for an upcoming clinical trial designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards. The clinical trial will compare Voyageur's contrast agents with current commercially available standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging applications.
CEO Brent Willis stated that the results represent a major de-risking milestone, bringing the company significantly closer to establishing a fully integrated, secure, and cost-effective North American supply chain for barium contrast media. The company believes the upcoming patient trial may confirm a path to commercial use of natural barium sulfate active pharmaceutical ingredient.
The clinical trial is expected to provide comprehensive assessment of the company's products' performance by evaluating investigational agents against both barium-based and iodinated oral contrasts. Successful study outcomes are expected to validate clinical performance, strengthen regulatory positioning, and accelerate progress toward market adoption. Full study completion is targeted for the fourth quarter of 2026.
Clinical trial results will be pivotal for marketing and enhancing the company's FDA licensing applications, with the FDA process beginning in the first quarter of 2026. The results will also contribute to the prefeasibility and final feasibility study for the Frances Creek project, expected by the fourth quarter of 2026. By developing this domestic resource, Voyageur is building a fully integrated supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials while improving cost efficiency and supply reliability.
Voyageur also announced corporate actions including the issuance of 378,651 Deferred Share Units to directors and a consultant, and the granting of 4,300,000 stock options to directors and officers. Additionally, the company announced a proposed issuance of securities for debt, subject to TSX Venture Exchange approval, involving units to be issued to an arm's length third party at a total deemed value of $100,000 in connection with financial advisory services.
