Voyageur Pharmaceuticals Ltd. (TSXV:VM) (OTC Pink:VYYRF) announced a strategic advancement in its vertical integration strategy by securing 100% ownership of an innovative iodine extraction technology developed by Dr. Brian Mueller, PhD. Dr. Mueller has been appointed as the Company’s Director of Chemistry, effective immediately. The acquisition of the intellectual property rights to the proprietary iodine-extraction technology, known as the "Mueller Process," grants Voyageur control over the intellectual property supporting its iodine strategy.
The Company expects this technology to enable it to advance its iodine extraction projects with enhanced cost efficiency, operational flexibility, and long-term supply-chain security. As consideration for the acquisition, Voyageur made a lump sum initial cash payment and will pay Dr. Mueller a running royalty on net sales of iodine products. The acquisition is an arm's length transaction.
Brine water from the Anadarko and West Texas Basins has been tested using the Mueller Process. Initial bench scale testing conducted by Dr. Mueller yielded greater than 90% yield from incoming brine to technical grade iodine (greater than 85% pure) and conversion to 99.5% pure iodine. The process is environmentally friendly, being a closed process with no volatile organic compounds or hazardous emissions. Output brine is a "clean brine" useful for industrial use, hydraulic fracturing, desalination, or further mineral extraction. Third-party evaluation of the process is expected to occur in 2026.
Brent Willis, CEO & President of Voyageur, emphasized the strategic importance of securing exclusive rights to this proprietary technology. "With provisional patent applications for the intellectual property acquired by Voyageur filed in 2025, we are on track to submit full utility patent applications in 2026. Our immediate focus is on iodine extraction in the Anadarko Basin, where we believe this technology will allow us to produce iodine flake efficiently," Mr. Willis explained. "More importantly, it may enable us to bypass the flake process entirely, directly creating iodine drugs through our proprietary Streamlined API process. This potential capability not only enhances our ability to produce high-quality, cost-effective iodine contrast agents but is expected to allow Voyageur to achieve one of the lowest cost structures in the multi billion-dollar iodine contrast drug industry. In addition, the new technology opens the door to potential elemental mineral extraction from our ULI claim block in the Paradox Basin, Utah. The elemental minerals of interest are lithium, iodine, bromine, boron, magnesium, potassium and sodium."
Voyageur’s Streamlined API process, created by Bradley Willis, P.Eng, Voyageur's COO, aims to set a new benchmark for the industry by simplifying the production of iodine contrast drugs by extracting directly from brine water and creating a closed loop manufacturing process. This has the potential to position Voyageur, through a wholly owned subsidiary, to become the first U.S. company to produce iodine drugs domestically, mitigating supply chain risks and setting a new standard for cost efficiency in the industry.
The global contrast media market size was estimated at USD 6.77 billion in 2024 and is projected to reach USD 13.86 billion by 2033, growing at a CAGR of 8.3% from 2025 to 2033. The North American market for iodine contrast media is estimated at 39.07% of the global market, $2.65 billion per year, according to Grand View Research.
Dr. Brian Mueller, Ph.D., is a scientist, inventor, and experienced professional with over 40 patents spanning water treatment, mineral extraction, and carbon capture technologies. His expertise in thermodynamic brine chemistry and critical mineral recovery allowed him to design a specialized, efficient, and economically viable iodine recovery technology. Dr. Mueller's appointment as Director of Chemistry at Voyageur reflects the Company's commitment to innovation and excellence. His track record in developing and commercializing advanced technologies is expected to support Voyageur's mission to become a leader in the radiology contrast media drug market.
Voyageur also announced that it has delivered a notice to Altillion Inc. terminating the collaboration between the Company and Altillion, previously announced on June 23, 2025. The Company appreciates the contributions made by Altillion during the term of the collaboration.
