Voyageur Pharmaceuticals Ltd. (TSX-V: VM)(OTC Pink: VYYRF) announced that independent laboratory testing has confirmed its barium sulfate active pharmaceutical ingredient (API) from the Frances Creek barite property in British Columbia achieves pharmaceutical-grade purity, meeting United States Pharmacopeia (USP) standards. The results, obtained as part of the Alberta Innovates AICE-Market Access Program, allow the company to move to stage two of the program, which includes manufacturing batches for a forthcoming Health Canada-approved human clinical trial.
Testing by SGS Laboratories in Mississauga, Ontario, showed %BaSO4 assay results ranging from 98.1% to 99.4% across multiple samples, averaging 98.8%, exceeding the USP monograph requirement of 97.5%. All samples passed complete USP tests, including identification, pH, loss on drying, limit of soluble barium salts, acid-soluble substances, sulfides, and microbiological requirements. Elemental impurities testing under USP <232> showed heavy metal levels significantly lower than specifications. The processed barite achieved particle sizes of 1 micron and 10 microns, with d50 values of 1.1-1.9 µm and d90 values as low as 2.5 µm under optimal conditions. The micronized samples exhibited good flowability, 100% yield, and no discoloration or contamination, following a controlled acid-wash procedure in a cGMP-compliant environment at SGS.
Brent Willis, CEO of Voyageur, 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 upcoming clinical trial in patients is the final bridge to using our Frances Creek API in our Health Canada-approved contrast products.”
The clinical trial will compare Voyageur’s contrast agents with current standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging. The study, designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards, will evaluate both barium-based and iodinated oral contrasts. 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.
Voyageur is building a fully integrated supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials. The company also announced grants 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. Additionally, options to purchase 500,000 common shares at $0.18 per share were granted to a contractor, vesting fully on January 11, 2027. All grants are subject to TSX Venture Exchange approval.
Furthermore, Voyageur intends to issue units to an arm's length third party at a deemed value of $100,000 in connection with debt for financial advisory services, subject to Exchange approval. Each unit will consist of one common share and one warrant exercisable at $0.15 for five years. The securities issued will be subject to a hold period of four months and one day.
