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 comprehensive feasibility studies for two strategic projects. The studies are designed to advance Voyageur's vertically integrated North American supply chain for radiology contrast drugs, addressing critical vulnerabilities in the continent's medical imaging drug supply.
The first project, the Iodine Project, is part of a collaboration with Bayer AG. The feasibility study will evaluate a proposed iodine extraction and production facility in Oklahoma, USA, using Voyageur's patent-pending Mueller process. This process extracts high-purity iodine from iodine-rich oilfield brine, a domestic source that could reduce reliance on foreign iodine imports. The second study focuses on Voyageur's Integrated Iodine and Barium Contrast Drug Manufacturing Facility, a planned pharmaceutical plant that would produce finished barium and iodine-based contrast media products. This facility would integrate high-purity barite from Voyageur's 100%-owned Frances Creek barium deposit in British Columbia with domestically sourced iodine, creating what the company calls the first fully integrated "Earth-to-Bottle" contrast media platform in North America.
Voyageur has budgeted US$2,350,000 for the Bayer project feasibility study. A final budget for the integrated drug facility study will be determined after testing of Voyageur's proprietary Streamline iodine drug manufacturing process. Fluor's expertise in process engineering, project economics, and large-scale industrial facility design is expected to ensure both studies meet the technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are expected to be completed in early 2027, paving the way for a potential 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 dual feasibility studies build on Voyageur's recent progress, including Health Canada-approved barium contrast products already generating commercial sales and the ongoing Bayer collaboration. Subject to successful completion of the feasibility study, Voyageur and Bayer may consider an offtake-linked production financing arrangement, with Bayer potentially providing capital financing while Voyageur operates the project.
This development underscores Voyageur's strategy to become a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished imaging contrast agents. By owning its barite source and developing proprietary extraction and manufacturing processes, the company aims to reduce operating costs and create a reliable, North American-based supply chain that mitigates geopolitical, logistics, and shortage risks for hospitals and patients in the United States and Canada. The news release is available on NewMediaWire and further details about Voyageur can be found on their website at https://voyageurpharmaceuticals.ca.
