Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced on March 4, 2026 that independent laboratory tests have confirmed its barium sulfate active pharmaceutical ingredient (API) from the Frances Creek barite property exceeds pharmaceutical-grade purity standards, clearing the way for a human clinical trial under Health Canada oversight. The company also disclosed stock option and deferred share unit grants, along with a proposed issuance of securities for debt.
Testing by SGS Laboratories in Mississauga, Ontario, showed barium sulfate assay results ranging from 98.1% to 99.4% BaSO4 across multiple samples, surpassing the U.S. Pharmacopeia (USP) monograph requirement of 97.5%. The average purity reached 98.8%. All samples passed the complete USP monograph tests, including identification, pH, loss on drying, limit of soluble barium salts (not more than 0.001%), acid-soluble substances, sulfides, and microbiological requirements. Elemental impurities testing per USP <232> revealed heavy metal levels significantly below specifications. The processed barite achieved particle sizes of 1 micron and 10 microns, with d50 values of 1.1–1.9 µm and d90 values as low as 2.5 µm under optimal conditions. All micronized samples met USP criteria, exhibited good flowability, 100% yield, and no discoloration or contamination. The acid-wash procedure and final processing were conducted in a cGMP-compliant environment at SGS.
Brent Willis, CEO of Voyageur, stated, “These results represent a major de-risking milestone. We believe we have proven that our natural barite resource delivers high chemical purity, ideal particle size after micronization, and full USP compliance. The upcoming clinical trial in patients is the final bridge to using our Frances Creek API in our Health Canada-approved contrast products.” The clinical trial, designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards, will compare Voyageur’s contrast agents with current standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging. Successful outcomes are expected to validate clinical performance, strengthen regulatory positioning, and accelerate market adoption. Full study completion is targeted for the fourth quarter of 2026.
The company is also advancing to stage two of the Alberta Innovates AICE-Market Access Program, unlocking additional non-dilutive funding after manufacturing batches of new product. The clinical trial results will support FDA licensing applications, which began in the first quarter of 2026, and contribute to the prefeasibility and final feasibility study for the Frances Creek project, expected by the fourth quarter of 2026. Voyageur aims to build a fully integrated supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials.
In addition, Voyageur granted 378,651 Deferred Share Units (DSUs) to directors and a consultant, and 4,300,000 stock options to directors and officers, with exercise prices of $0.1125 per share for ten years. The company also granted options to purchase 500,000 common shares at $0.18 per share to a contractor. Subject to TSX Venture Exchange approval, Voyageur intends to issue units consisting of one common share and one warrant at a deemed price of $0.1125 per unit to settle $100,000 in debt for financial advisory services. The warrants are exercisable at $0.15 for five years.
This disclosure has been reviewed by Bradley Willis, P.Eng, a non-Independent Qualified Person under National Instrument 43-101.
