From Earth
to Bottle
TSXV: VM OTCQB: VYYRF
Voyageur Pharmaceuticals is the only North American company building a domestic, secure and vertically integrated contrast media drug solution at a cost structure no manufacturer can match.
The Voyageur Advantage
COST ADVANTAGE
90%+
Cost Reduction
PATENT-PENDING TECHNOLOGY
1st
North American iodine contrast media manufacturer2
ACTIVE COMMERCIAL REVENUE
5
Health Canada licensed barium contrast products
BAYER PARTNERSHIP
$2.35m
USD milestone based funding
Contrast Media Market
Contrast media are pharmaceutical-grade agents injected or ingested before medical imaging to make internal organs, blood vessels, and tissue visible on X-rays, CT scans, and fluoroscopy.
The Standard Since Inception
Barium and iodine are dense enough to block X-rays and safe enough for the human body, a combination no other elements have matched. Barium and iodine remain the undisputed clinical standard, making them essential and irreplaceable inputs for modern diagnostic imaging.
Growing US$7.3B Market with Limited Supply3
Projected to nearly double by 20304
Pharma-grade contrast media is scarce, with foreign supply sitting in unstable jurisdictions and several well-documented instances of shortages amid rising demand.
Proven Innovation, Market Ready
“Capital is selective right now, and it should be.What got my attention with Voyageur is commercial revenue today, Bayer funding the iodine feasibility study, and a firm like Fluor doing the engineering, which is not a typical profile for a company this size. I joined the board because the business has de-risked well ahead of where the valuation sits, and with a cost structure that would be very difficult to match for any synthetic producer in a market this large, it has a credible path to leading the space rather than chasing it.”
Jeffry Kraws
Top 10 global pharma stock picker nearly 20 years, including #1 StarMine, 5-Star biotech & pharma ratings by StarMine; top-rated by Zacks
“As a radiologist, I see every day how essential contrast media are for enabling accurate diagnoses and supporting the best possible care for patients. Reliable access to safe, high-quality contrast agents is vital for healthcare systems, helping ensure that critical imaging examinations can be performed without delay or compromise. Continued innovation and a resilient supply of contrast media are key to meeting the growing demands of modern radiology.“
Dr. Thomas Lauenstein
Medical Director at Evangelisches Krankenhaus in Düsseldorf,Germany.Chief physician of radiology since 2015.
“From my decades-long experience as a risk manager, I see that the best-run organizations are those that manage reward and risk intentionally and thoughtfully to achieve valuable strategic objectives. Voyageur’s well-constructed project timelines and their sharp focus on internal and external validation of key processes reflect Voyageur’s risk-aware culture and commitment to resilient and sustainable product development and execution.“
Chris Van Buren
Former CRO at Edward Jones ($2T+ assets, 9M clients)and TIAA ($1T AUM, 4M+ clients), leading enterprise risk management.
5 Licensed Health Canada Products
Two Discoveries, One Supply Chain
A Barium Solution
An Iodine Solution
The Mueller Process, a patent-pending technology fully owned by Voyageur Pharmaceuticals, extracts pharmaceutical-grade iodine from oilfield brine water using mobile units. Voyageur utilizes North American feedstock that is abundant, broadly distributed, and currently discarded from the oil and gas industry to develop cost–effective, pharmaceutical grade iodine contrast media.
Voyageur’s Planned Path to Production
Iodine Timeline
LOI signed with Bayer
Letter of intent signed with a large multinational pharmaceutical company, initiating the iodine collaboration that would become the formal funding agreement.
Mueller Process IP secured
Secured 100-per-cent ownership to an innovative iodine extraction technology developed by Dr. Brian Mueller, PhD, who has been appointed as the company's director of chemistry.
Bayer collaboration agreement signed
USD $2.35 million in milestone based funding committed to complete the feasibility study for the Oklahoma iodine extraction facility.
Voyageur internal iodine drug production pre-feasibility publication
Study will highlight proprietary manufacturing cost savings, translating to high-margin financial projections for finished iodine contrast media.
Fluor Corporation engaged
Leading global engineering firm retained to complete dual feasibility studies: the Iodine Project as part of a collaboration with Bayer, and Voyageur's Integrated Iodine and Barium Contrast Drug Manufacturing Facility, projected early 2027 completion date.
Three US manufacturing locations under evaluation
Competitive site selection underway for the integrated iodine and barium contrast media facility.
Bayer offtake-linked financing agreement
Subject to the ongoing feasibility engagement, Bayer may negotiate the Offtake Agreement for iodine prill production resulting from the project. All intellectual property and infrastructure developed in connection with the project will remain exclusively owned by Voyageur.
Dual feasibility studies complete
Fluor-led studies for the Oklahoma iodine facility and integrated manufacturing plant.
US manufacturing site location selection
Subject to ongoing discussions and economic incentives with three US municipalities.
Oklahoma iodine extraction facility operational
Construction and commissioning of the first commercial-scale, pharmaceutical grade iodine prill manufacturing facility in North America. Construction fully funded by Bayer, contingent on offtake agreement, with no dilution.
First US iodine contrast drug approvals
FDA pathway for iodine contrast products developed via the Streamline Process, positioning Voyageur as the first domestic US producer of iodine contrast, a category currently 100% import-dependent.
Integrated North American manufacturing facility construction commences
The Earth-to-Bottle facility combining Frances Creek barium and domestically extracted iodine into finished contrast drugs begins construction, subject to site selection and capex financing secured.
Iodine contrast market entry at scale
As the integrated manufacturing facility reaches capacity, Voyageur becomes a full-scale North American producer of both barium and iodine contrast media, the only vertically integrated Earth-to-Bottle supplier in the world.
Corporate Presentation
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2 Several companies manufacture finished iodinated contrast media products in the United States through fill-and-finish operations. These companies import the active pharmaceutical ingredients rather than synthesizing them domestically. At present, there is no commercial-scale manufacturing in the U.S. that starts from iodine flake and produces the iodinated contrast APIs.
3 Global contrast media market valued at $7.3B in 2025. Source: Grand View Research, “Contrast Media Market Size And Share Report, 2026-2033.”
4 Global contrast media market projected to reach $13.9B by 2033, at a CAGR of 8.4%. Source: Grand View Research, “Contrast Media Market Size And Share Report, 2026-2033.”