Voyageur Pharmaceuticals hits $1 million payment from Bayer collaboration

CALGARY, Alberta — September 10 , 2026 — Leads & Copy — Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF), a Canadian company focused on developing pharmaceutical-grade barium and iodine contrast media for medical imaging, has achieved its first milestone under a non-dilutive Collaboration and Funding Agreement with Bayer AG. The company announced that it successfully submitted a complete feasibility work plan and timetable, which has been approved by Bayer.

The milestone achievement triggers the first major non-dilutive payment of USD $1,000,000 from Bayer. This payment, combined with the initial USD $350,000 received on March 31, 2026, brings the total funding received by Voyageur from Bayer to USD $1,350,000 of the committed USD $2,350,000.

Voyageur’s research and development team in Houston has successfully demonstrated the company’s proprietary patent-pending Mueller iodine extraction process. This process resulted in laboratory production of 99.8% purity iodine from Anadarko Basin produced water, providing the technical confirmation required for Bayer to advance the program.

A transportable pilot plant for the iodine extraction process is nearing completion and is scheduled to begin field operations this fall. The funding will enable Voyageur to complete the FEL-3 feasibility study once the pilot plant is operational and field data become available. The remaining Milestone Payment II of USD $1,000,000 is expected upon completion of this study.

“ Achievement of this first milestone under our agreement with Bayer is an important step forward for Voyageur,” said Brent Willis, President and Chief Executive Officer of Voyageur. “It confirms that the feasibility work is advancing as planned and triggers the first major non-dilutive payment under the collaboration. This capital is expected to further accelerate our iodine supply strategy and move us closer to validating a reliable North American source of high-purity iodine for use in contrast media drugs.”

Willis added that this work, combined with the Frances Creek barium project and planned drug manufacturing capabilities, is central to building a secure, vertically integrated supply chain for radiology drugs.

Following the successful completion of the feasibility study, Bayer and Voyageur may explore a second phase to negotiate a long-term offtake supply agreement. The project outlines a potential production of 1,000 tonnes per year of iodine, with a phased rollout beginning at 200 tonnes per year. Upon testing of Voyageur's 200 tonnes/year iodine extraction unit (Mueller process), the company may evaluate constructing and deploying additional units and potentially expanding capacity to 1,000 tonnes per year. A central iodine manufacturing facility would then process the iodine concentrate to produce USP Pharmaceutical grade iodine for contrast drug manufacturing.

The non-dilutive funding will support ongoing feasibility work through 2026, reflecting progress toward establishing a domestic, high-purity iodine supply for Bayer’s contrast drug manufacturing.

Fluor Corporation (NYSE: FLR), a global engineering firm, has been providing engineering, thermodynamic modeling, and project planning support. The engineering phases are progressing on schedule through FEL-2 (Concept Design) and FEL-3 (Basic Design) to define a practical demonstration-scale configuration for the modular Field Unit and Central Hub architecture. FEL-2 is expected to take approximately four to five months, followed by FEL-3, which is expected to take approximately seven to nine months.

Voyageur’s vertically integrated strategy aims to enhance supply-chain security, reduce reliance on imported raw materials, and lower operating costs for medical imaging contrast agents. The global contrast media market is estimated at approximately USD $7.06 billion.

Willis further stated that Voyageur is focused on developing multiple revenue streams, including near-term barium contrast sales, iodine sales under the Bayer collaboration, and longer-term barium and iodine-based contrast drug sales. He emphasized that the Bayer collaboration, along with Fluor's technical support, strengthens the foundation for scalable domestic iodine production.

Voyageur Pharmaceuticals Ltd. is developing barium and iodine Active Pharmaceutical Ingredients (APIs) and aims to provide high-performance, cost-effective imaging contrast agents. The company holds five barium contrast products with Health Canada licenses. Voyageur’s business plan involves partnering with third-party GMP pharmaceutical manufacturers in Canada to validate its products and eventually transitioning into domestic manufacturing of radiology drugs.

The company owns a 100% interest in the Frances Creek barium sulfate (barite) project. Voyageur believes its high-grade barite resource is suitable for the pharmaceutical marketplace and can offer higher quality, lower-cost imaging products compared to current synthetically produced alternatives.

Voyageur intends to become the first vertically integrated company in the radiology contrast media drug market, controlling all primary input costs from raw material sourcing to final production to ensure quality and cost efficiency.

Source: Voyageur Pharmaceuticals Ltd.

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September 10, 2026 - 6:30 AM PDT

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