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. These studies are designed to advance the company's vertically integrated North American supply chain for radiology contrast drugs, including barium and iodine-based products used in medical imaging.
The first project, the Iodine Project, is part of a collaboration with Bayer AG. It involves a feasibility study for a proposed iodine extraction and production facility in Oklahoma, USA. The facility would utilize Voyageur's patent-pending Meuller process, developed in collaboration with Bayer under a milestone-based funding agreement announced on February 23, 2026. The goal is to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs.
The second project focuses on Voyageur's Integrated Iodine and Barium Contrast Drug Manufacturing Facility. This feasibility study will assess the company's planned pharmaceutical manufacturing plant, which is expected to produce finished barium and iodine-based contrast media products. The facility aims 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 the Bayer project feasibility study. A final budget for the integrated drug facility study will be determined after completion of testing for 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 anticipated 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. 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 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, Voyageur and Bayer may consider advancing the project 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 it.
Voyageur Pharmaceuticals is a Canadian company focused on becoming a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished imaging contrast agents. It has developed five barium contrast products with Health Canada licenses and is generating revenue in Canada. By owning 100% of the high-grade, metal-free Frances Creek barite project, the company controls a secure, domestic source of pharmaceutical-grade barium sulfate. Its patent-pending Mueller process enables low-cost iodine extraction from mineral brine water, and its Streamline manufacturing technology aims to process that iodine into finished contrast drugs within an integrated production chain. This end-to-end ownership from raw material extraction to finished products is expected to deliver lower operating costs and a reliable North American supply chain, reducing geopolitical and shortage risks for hospitals and patients.
For more information, visit https://voyageurpharmaceuticals.ca.
