Voyageur Pharmaceuticals Ltd. (Cochrane, Alta., Canada), a developer of pharmaceutical-grade barium and iodine contrast media for medical imaging, announced that it has engaged Fluor Corp. (Irving, Tex.), a leading global engineering, procurement, construction and maintenance 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 engagement covers:
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An Iodine Project as part of a collaboration with Bayer– a feasibility study for a proposed iodine extraction and production facility in Oklahoma, USA using Voyageur’s previously announced patent pending Meuller process (see news release dated Jan 12, 2026), developed in collaboration with Bayer AG under the milestone-based funding agreement announced on February 23, 2026. This project aims to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs.
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Voyageur’s Integrated Iodine and Barium Contrast Drug Manufacturing Facility– a feasibility study for the Company’s planned pharmaceutical manufacturing plant that management of Voyageur expects will produce finished barium and iodine-based contrast media products. This facility is expected 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 and will create a final budget for the integrated iodine and barium drug facility feasibility study, after completion of the testing of Voyageurs proprietary Streamline iodine drug manufacturing process.
Fluor’s world-class expertise in process engineering, project economics, and large-scale industrial facility design will ensure both studies meet the highest 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 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.