CytoSite Bio, a developer of novel radiopharmaceuticals to help quantify and modulate immune activation to improve cancer immunotherapy, announced on Wednesday that has entered into a collaboration agreement with Lantheus Holdings Inc, the parent company of Lantheus Medical Imaging Inc.

The collaboration covers the clinical development and potential commercialisation of CytoSite's investigational Phase 1 ready granzyme B-targeted Positron Emission Tomography (PET) imaging tracer.

Additionally, Lantheus is granted an exclusive option to license global rights to CytoSite's novel imaging technology.

The two companies are collaborating on clinical development, with Lantheus having the option to acquire exclusive global rights for further development and commercialisation of the product. Under the agreement, CytoSite is eligible to receive payments for development, regulatory and commercial milestones, and royalties on future product sales.