Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) announced on June 23, 2026, that it has engaged Fluor Corporation, a global engineering and construction firm, to complete feasibility studies for two strategic projects that would create a vertically integrated North American supply chain for radiology contrast drugs. The studies cover an iodine extraction and production facility in Oklahoma, developed in collaboration with Bayer AG, and Voyageur’s planned pharmaceutical manufacturing plant for finished barium and iodine contrast media products.
The iodine project, part of a collaboration with Bayer, focuses on a feasibility study for a proposed facility using Voyageur's patent-pending Mueller process to extract high-purity iodine from oilfield brine. This project aims to secure a domestic source of iodine for contrast media drugs. The second study addresses Voyageur’s integrated contrast drug manufacturing facility, which would combine high-purity barite from its Frances Creek deposit in British Columbia with domestically sourced iodine. This facility is expected to create the first fully integrated “Earth-to-Bottle” contrast media platform in North America.
Voyageur has budgeted $2,350,000 for the Bayer project feasibility study and will determine a final budget for the drug facility study after testing its proprietary Streamline iodine drug manufacturing process. Fluor’s expertise in process engineering and project economics ensures the studies meet high technical and environmental standards. The studies are expected to be completed in early 2027, potentially leading to a construction decision later that year.
“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.” The company’s Health Canada-approved barium contrast products are already generating commercial sales, and the feasibility studies build on this progress. Subject to successful completion, Voyageur and Bayer may consider advancing the iodine project under an offtake-linked production financing arrangement, where Bayer could provide capital financing while Voyageur operates the project.
Voyageur Pharmaceuticals is focused on becoming a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished contrast agents. By owning 100% of the high-grade Frances Creek barite project and developing the Mueller process for iodine extraction, the company aims to control its entire supply chain, reducing costs and geopolitical risks. This strategy, described as “From Earth to Bottle,” is expected to deliver lower operating costs and a reliable supply of critical medical imaging agents for hospitals in the United States and Canada.
For further information, visit https://voyageurpharmaceuticals.ca.
