Radiopharm Theranostics (RADX) said Friday it has raised $5 million through a private placement of its ordinary shares with Lantheus Holdings (LNTH), increasing Lantheus' stake in the company to nearly 12.2%.

Radiopharm said the placement, expected to settle in seven days, involved the issuance of 133 million shares at 0.060 Australian dollars ($0.037) per share.

Radiopharm said it intends to allocate the funds to support the development of its clinical pipeline.

This follows an earlier investment by Lantheus in June last year, Radiopharm added.

Shares of Radiopharm were up more than 6% in recent Friday premarket activity.