Voyageur Pharmaceuticals Ltd. (TSXV:VM) (OTC Pink:VYYRF) announced a strategic advancement in its vertical integration strategy by securing 100% ownership of an innovative iodine extraction technology developed by Dr. Brian Mueller, who has been appointed as the Company’s Director of Chemistry, effective immediately. The acquisition, completed on January 11, 2026, grants Voyageur control over the intellectual property supporting its iodine strategy, including the proprietary 'Mueller Process.'
Brent Willis, CEO & President of Voyageur, emphasized the strategic importance of this development. 'With provisional patent applications for the intellectual property acquired by Voyageur filed in 2025, we are on track to submit full utility patent applications in 2026. Our immediate focus is on iodine extraction in the Anadarko Basin, where we believe this technology will allow us to produce iodine flake efficiently,' Willis said. He added that the technology could enable Voyageur to bypass the flake process entirely, directly creating iodine drugs through its proprietary Streamlined API process, potentially achieving one of the lowest cost structures in the multi-billion-dollar iodine contrast drug industry.
Brine water from the Anadarko and West Texas Basins has been tested using the Mueller Process. Initial bench scale testing showed greater than 90% yield from incoming brine to technical grade iodine (greater than 85% pure) and conversion to 99.5% pure iodine. The process is environmentally friendly, with no volatile organic compounds or hazardous emissions, and the output brine is suitable for industrial use. These results have not been independently verified, and third-party evaluation is expected in 2026.
The acquisition involved a lump sum initial cash payment and a running royalty on net sales of iodine products. The transaction is considered arm's length. Voyageur also announced that it will terminate its collaboration with Altillion Inc., previously announced on June 23, 2025.
The global contrast media market was estimated at USD 6.77 billion in 2024 and is projected to reach USD 13.86 billion by 2033, growing at a CAGR of 8.3%. The North American market for iodine contrast media represents approximately 39.07% of the global market, valued at $2.65 billion per year, according to a Grand View Research report.
Dr. Brian Mueller is a scientist and inventor with over 40 patents spanning water treatment, mineral extraction, and carbon capture technologies. His expertise in inorganic chemistry and advanced brine modeling has enabled him to design an efficient and economically viable iodine recovery technology. His appointment as Director of Chemistry is expected to support the integration of the Mueller Process with Voyageur's Streamlined API process, enhancing the Company's ability to produce high-quality, low-cost iodine drugs.
Voyageur's Streamlined API process, created by Bradley Willis, P.Eng, the Company's COO, aims to set a new benchmark for the industry by simplifying the production of iodine contrast drugs through direct extraction from brine water. This could position Voyageur, through a wholly owned subsidiary, to become the first U.S. company to produce iodine drugs domestically, mitigating supply chain risks.
Voyageur Pharmaceuticals Ltd. is a Canadian developer of pharmaceutical-grade barium and iodine for medical imaging contrast media. The Company holds a 100% interest in the Frances Creek barium sulphate (barite) project, which it believes will replace synthetic products with higher quality imaging products. Voyageur aims to become the first vertically integrated company in the radiology contrast media drug market.
