L19 targets adhesion molecules that anchor blood vessel cells and interferes with the signaling pathway used by cancer cells to stimulate growth of blood vessels.
In addition, actinium-225 decays and produces a series of daughter atoms emitting high-energy alpha particles for killing cancer cells.
Clinical trials of drug candidates based on alpha emitting isotopes have demonstrated significant efficacy with minimal side effects in blood borne cancers, in metastases of solid cancers and in residual disease in solid cancers post-surgery.
The company said, after the completion of the development of the product, the drug will be initially used to treat glioblastoma multiforme, a difficult to treat form of brain cancer.
Actinium Pharmaceuticals CEO Jack Talley said, "We are looking forward to further demonstrating the power and wide ranging utility of alpha emitters in numerous clinical settings with high unmet medical needs."