VM:CC - Voyageur Launches Market Introduction of Barium Contrast Product Line Following Successful Clinical Study Results

(TheNewswire)

• Positive feedbackreceived after completion of CDC tests on 24 subjects

• All key productperformance milestones met or exceeded expectations

• Well positioned tocompete with international counterparts in qualifiedjurisdictions

• Advancing towardsdevelopment of Frances Creek project and initiation of phase IItesting to support FDA licensing

Calgary, Alberta, Canada – April 23, 2025 – TheNewswire - VoyageurPharmaceuticals Ltd. ( TSX.V:VM ) (OTC Pink:VYYRF) (" Voyageur " or the" Company ") a radiology contrast media company focused onvertical integration and secure supply chains, is pleased to announcethe initial market introduction of its new line of barium contrastmedia products in Canada and additional other global markets thataccept Health Canada standards. Prospective customers, includingdiagnostic imaging centers, have begun receiving product samples forevaluation as part of a targeted test marketing phase. This is acritical step before any orders can be placed.

The Company’s barium contrast line was recentlyevaluated in a performance study conducted at Canada DiagnosticCentres (CDC) in Calgary with 24 subjects. The study assessed imagequality and product behavior under standard clinical protocols incomparison to competing product equivalents. The radiologist leadingthe study, Dr. Robert Davies, and consulting radiologist Dr. DanJohnson, both provided positive feedback, particularly for Voyageur'shigh-density barium suspensions used in double contrast upper GI andsmall bowel examinations. From a product performance perspective, thispositive feedback puts Voyageur’s products on par with existingproducts on the market.

Voyageur believes it is now a player in the contrastmedia market, establishing its initial supply chain, which can bereplicated in other markets and improved through the development ofthe Frances Creek project. There are very few players in this growingand dynamic industry, and Voyageur now officially joins them. Voyageurfirmly believes it has a competitive product suite to go head-to-headwith its international counterparts.

Voyageur will now be focusing some of its efforts onsales and marketing in jurisdictions where it is able. In addition, asmentioned in the press release datedFebruary 5, 2025 , Voyageur willadvance trials of its products using Frances Creek barium sulfateagainst competing products on the market with the assistance ofAlberta Innovates. Lastly, Voyageur will initiate phase two testing tosupport FDA licensing under the 505 (2)(b) pathway.The next phase will generate clinical and operational data focused onkey performance indicators, including safety, efficacy,pharmacokinetic, pharmacodynamics, regulatory compliance and marketreadiness.

Brent Willis, President, CEO, and Director states"“This milestone marks a transformative moment for VoyageurPharmaceuticals as we begin the market introduction of our innovativebarium contrast product line in Canada. It represents a critical firststep in our broader commercialization strategy and reinforces ourcommitment to vertical integration and supply chain security. As wemove forward with plans to expand globally, thislaunch highlights the growth potential of our business and ourdedication to delivering long-term value and innovation to patients,partners, and shareholders alike.”

Voyageur’s initial product portfolio includes:

• SmoothX (2%w/v): For CT imaging of the gastrointestinal tract; preferredtaste noted in testing.

• SmoothHD® 105%: High-density suspension for upper GI and double contraststudies; excellent clarity and mucosal detail.

• SmoothLD® (60%w/v): Low-density suspension for single contrastimaging of the esophagus, stomach, and small bowel.

• VisionHD® (98%w/w): Powdered high-density suspension fordouble-contrast radiographic studies of the GI tract.

• VisionLD® (96%w/w): Powdered low-density suspension for singlecontrast studies.

Additionally, Voyageur is preparing to introduce V-Gas™ EffervescentGranules , a companion product used in doublecontrast studies and for managing digestive discomfort. This productis currently pending Health Canada licensing.

A New Entry in a Critical Market

Barium contrast media plays an essential role ingastrointestinal imaging, offering a reliable, radiopaque medium withfavorable safety and cost profiles compared to iodinated agents.Voyageur’s innovative formulations are designed to meet the needs ofboth adult and pediatric patients in a range of imagingcontexts.

Amidst global supply chain disruptions and increasedimaging demand, Voyageur’s vertical integration model, centeredaround the Frances Creek barium project, positions the company todeliver stable, domestic supply to North American markets. The globalcontrast media market was valued at USD 6.28B in 2023 ( Market ), with barium-basedproducts comprising approximately 10% of that total and projected togrow steadily through 2030.

Preparing for CommercialExpansion

With regulatory groundwork laid and clinical validationachieved, Voyageur is now preparing for broader commercialization. Aspart of this next phase, the company is:

? Finalizing productmonographs, Instructions for use, and educational materials.

? Establishingpost-market surveillance and product support infrastructure.

? Engaging radiologyclinics across Canada for sample-based evaluations.

Diagnostic centres interested in evaluatingVoyageur’s barium product line may contact Ethan Mohan at Ethan@Vpharma.ca .

About Frances Creek PharmaceuticalProject

The Voyageur Frances Creek Project is a pivotalinitiative by Voyageur Pharmaceuticals Ltd., centered on a 100%-ownedbarium sulfate (barite) quarry located in British Columbia, Canada.This project is a cornerstone of Voyageur’s strategy to verticallyintegrate the production of high-quality barium contrast agents forradiology, addressing global supply chain vulnerabilities andenhancing imaging quality.

Resource and Scale: The project boasts a 120,000-tonne resource of USP-grade(United States Pharmacopeia) barium sulfate, independently valued atCAD$344M under NI-43-101 standards. Supply entire industry for 50 yrs.( PEA )

Cost Advantage: Production costs at Frances Creek are significantly lower thansynthetic alternatives, at C$650 per tonne compared toC$7,000–C$24,000 per tonne for synthetic barium sulfate (source: www.hpt-hanseatic.de ). This cost efficiency enables Voyageur to achieve grossmargins exceeding 70%, providing a competitive edge in the $600Mbarium contrast market. ( PEA )

Strategic Importance: The project disrupts the current market monopoly which hasshifted to synthetic barium due to depleted natural sources. Byreclaiming access to high-quality natural barium, Voyageur canleverage its cost and quality advantages to capture marketshare.

Supply Chain Security: Frances Creek ensures a secure, domestic-controlled supplyof pharmaceutical-grade barium sulfate, reducing reliance on importsand mitigating shortages that have impacted North Americanmarkets.

Sustainability: The project aligns with Voyageur’s environmental goals,incorporating sustainable mining practices and plans forcarbon-neutral operations.

In summary, the Frances Creek Project is a high-value,strategically significant asset that empowers Voyageur to disrupt thebarium contrast market, enhance diagnostic imaging, and drivelong-term growth while addressing critical supply chain and qualitychallenges in radiology.

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the Exchange, is in development of barium and iodineActive Pharmaceutical Ingredients (API) that offer high-performanceand cost-effective imaging contrast agents. With a strategic focus onvertically integrating the barium and iodine contrast markets,Voyageur aims to become a key player by producing its own barium andiodine. In addition, Voyageur is pursuing the development of new endofullerene drugs.

Voyageur's business plan is set to generate cash flowby partnering with established third-party GMP pharmaceuticalmanufacturers in Canada thereby ensuring the validation of itsproducts by regulatory agencies worldwide. As Voyageur solidifies itspresence in the market, it plans to transition into a high-margindomestic manufacturer of radiology drugs.

Voyageur is committed to sustainability andenvironmental stewardship. Voyageur envisions a future where reducingcarbon emissions is the norm, and to achieve this, it intends to buildstate-of-the-art carbon-capture infrastructureutilising the Rain Cage EDEN TM system . By investing in carbon capture energy sources andsustainable manufacturing practices, Voyageur aims to generate revenuefrom carbon captured “advanced carbon production”. Voyageurbelieves its unwavering commitment to the environment sets it apart asa pioneer in the industry.

At the core of its operations, Voyageur owns a 100%interest in the Frances Creek barium sulphate (barite) project.Currently, the worlds pharmaceutical barium sulphate is almostentirely synthetically produced resulting in a less effective imagingquality product. Voyageur’s Frances Creek resource boasts a rare andexceptional grade mineral suitable for the pharmaceutical marketplacethat Voyageur believes will replace the current synthetic productswith higher quality imaging products.

Voyageur's ambitious vision is to become the firstvertically integrated company in the radiology contrast media drugmarket. By controlling all primary input costs, from the sourcing ofraw materials to final production, Voyageur believes it can ensurequality and cost efficiency. With its approach, it embodies the mottoof "From the Earth to the Bottle," highlighting Voyageur'scommitment to responsible sourcing and manufacturing practices.

For Further Information:

Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisnews release.

Cautionary Statement Regarding “Forward-Looking”Information

Thisnews release may contain certain forward-looking information andstatements, including without limitation, statements pertaining to:Canadian, FDA and other regulatory approvals; and the effectiveness,efficiency and market acceptance of the five barium contrast drugs andone gas agent. All statements included herein, other than statementsof historical fact, are forward-looking information and suchinformation involves various risks and uncertainties. There can be noassurance that such information will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such information. A description of assumptions used todevelop such forward-looking information and a description of riskfactors that may cause actual results to differ materially fromforward-looking information can be found in the Company's disclosuredocuments on the SEDAR+ website at www.sedarplus.ca. Voyageur does notundertake to update any forward-looking information except inaccordance with applicable securities laws.

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