Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) announced today that it has engaged Fluor Corporation, a global engineering and construction firm, to complete comprehensive feasibility studies for two strategic projects that will advance the company's vertically integrated North American supply chain for radiology contrast drugs. The studies cover an iodine extraction and production facility in Oklahoma, USA, developed in collaboration with Bayer AG, and Voyageur's planned integrated iodine and barium contrast drug manufacturing facility.
The iodine project feasibility study, budgeted at US$2,350,000, will assess a proposed facility using Voyageur's patent-pending Mueller process to extract high-purity iodine from iodine-rich oilfield brine. This initiative is part of a milestone-based funding agreement with Bayer announced on February 23, 2026. The second study will evaluate Voyageur's planned pharmaceutical manufacturing plant, which is expected to produce finished barium and iodine-based contrast media products, integrating high-purity barite from the company's 100%-owned Frances Creek barium deposit in British Columbia with domestically sourced iodine.
“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.”
Fluor's expertise in process engineering, project economics, and large-scale industrial facility design will ensure the studies meet high technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are expected to be completed in early 2027, paving the way for a potential construction decision later that year.
Voyageur's strategy aims to create the first fully integrated “Earth-to-Bottle” contrast media platform in North America. The company already has five Health Canada-approved barium contrast products generating commercial sales, as reported in August 2025. Subject to successful feasibility study outcomes and further agreements, Voyageur and Bayer may advance the iodine project into a subsequent phase under an offtake-linked production financing arrangement, where Bayer could provide capital financing while Voyageur operates the project.
This vertical integration is expected to deliver lower operating costs compared to competitors who purchase intermediates on the open market. By controlling raw material extraction through proprietary processing to finished pharmaceutical products, Voyageur aims to create a reliable North American supply chain for critical medical imaging agents, reducing geopolitical, logistics, and shortage risks for hospitals and patients in the United States and Canada. The company's motto, “From Earth to Bottle,” reflects its commitment to responsible, traceable sourcing and manufacturing from North American resources.
For more information, visit https://voyageurpharmaceuticals.ca.
