Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) has announced the engagement of 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 Project in collaboration with Bayer and Voyageur’s Integrated Iodine and Barium Contrast Drug Manufacturing Facility.
The Iodine Project involves a feasibility study for a proposed iodine extraction and production facility in Oklahoma, USA. This project uses Voyageur's patent-pending Meuller process, developed in collaboration with Bayer AG under a milestone-based funding agreement announced on February 23, 2026. The facility aims to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs.
The second feasibility study focuses on Voyageur’s planned pharmaceutical manufacturing plant, which management expects will produce finished barium and iodine-based contrast media products. This facility is designed to integrate Voyageur’s high-purity barite from its 100%-owned Frances Creek barium 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 completion of the Bayer project feasibility study. A final budget for the integrated iodine and barium drug facility feasibility study will be created after completion of testing of Voyageur's proprietary Streamline iodine drug manufacturing process. The studies are expected to be completed in early 2027, paving the way for a potential construction decision in 2027.
“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 its Health Canada-approved barium contrast products already generating commercial sales (see news release dated Aug 21, 2025) and the ongoing Bayer collaboration. Subject to successful completion of the feasibility study and further agreement of the parties, Voyageur and Bayer may consider advancing the project into a subsequent phase under an offtake-linked production financing arrangement. In a potential subsequent phase, Bayer may provide capital financing for the project, while Voyageur would operate and manage the project, subject to definitive agreements.
This engagement with Fluor Corporation underscores Voyageur’s commitment to creating a reliable, North American-based 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 vertically integrated strategy, from raw material extraction through proprietary processing to finished pharmaceutical products, is expected to deliver materially lower operating costs compared to competitors who purchase intermediates on the open market.
