What Melbourne Theranostic Innovation Centre does

Melbourne Theranostic Innovation Centre (MTIC) is a private Australian theranostics centre founded in 2022 by Professor Rodney Hicks AM and operating from a purpose-built facility in North Melbourne, adjacent to the Royal Melbourne Hospital and the Victoria Comprehensive Cancer Centre. The centre operates the Siemens Biograph Vision Quadra — a 106 cm axial field-of-view total-body PET/CT scanner that enables dynamic whole-body imaging, sub-five-minute scan times and radiation doses less than one-third of conventional PET systems — together with ARPANSA-licensed use of Lutetium-177, Actinium-225 and Terbium-161 for targeted radionuclide therapies including 177Lu-PSMA therapy and PRRT. MTIC also functions as a Phase I–III clinical trial site for international radiopharmaceutical sponsors and co-locates with Telix Pharmaceuticals Manufacturing Solutions North Melbourne, forming Australia's first integrated radiochemistry, manufacturing, dosing and imaging facility under one roof.

MTIC serves three distinct customer groups: cancer patients referred by specialists for advanced molecular imaging and radionuclide therapy, referring medical specialists (oncologists, urologists, nuclear medicine physicians), and domestic and international pharmaceutical/biotech companies contracting the centre as a trial site. Revenue is generated through Medicare-rebated PET/CT scans for eligible indications, out-of-pocket payments for non-Medicare-covered scans, professional services fees for radionuclide therapy (with partial Medicare reimbursement), and clinical trial contracts with pharma and biotech sponsors. The centre operates an electronic image portal (results.mtic.net.au, powered by Zed Technologies) and is integrated with Fujifilm Synapse MIX for distributed image delivery to referring clinicians and treatment centres.

The leadership team is anchored by Professor Hicks (550+ publications, H-index 90, Member of the Order of Australia, Fellow of the Australian Academy of Health and Medical Sciences) and includes CEO Tom Tarasewicz (joined 2022, Georgetown BSBA / UCLA MBA), Dr Jason Callahan (Head of Research and Clinical Operations, PhD, 100+ publications), Dr Rob Ware (also co-founder and Clinical Director of Cyclotek Australia, the country's largest PET radiopharmaceutical supplier), Hugh Morgan (Chief Nuclear Medicine Technologist), Katherine Lyons (Director of Nursing) and additional nuclear medicine physicians, technologists and trial coordinators, the majority recruited from Peter MacCallum Cancer Centre. MTIC is closely aligned with its sister R&D entity PreMIT (Precision Molecular Imaging and Theranostics), which coordinates the centre's pipeline of novel radiopharmaceuticals under Professor Hicks's chairmanship.

Name

Melbourne Theranostic Innovation Centre

Legal name

Melbourne Theranostic Innovation Centre

Website

https://mtic.net.au

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

MTIC is a private Australian theranostics centre in North Melbourne operating the Siemens Biograph Vision Quadra total-body PET/CT scanner, delivering advanced molecular imaging and Lu-177/Ac-225/Tb-161 radionuclide therapies to cancer patients, referring specialists and international pharma/biotech trial sponsors.

Ownership category

akta.pro rank

Product category

Molecular Imaging and Theranostics Services

NAICS

Diagnostic Imaging Centers (621512), Medical Laboratories (621511), Medical and Diagnostic Laboratories (62151)

SIC

Services-Health Services (8000), Services-Medical Laboratories (8071), In Vitro & In Vivo Diagnostic Substances (2835)

akta.pro primary industry

Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC)

akta.pro secondary industries

Nuclear Medicine & Molecular Imaging (SPECT/PET) (HLAHABAE), Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB), Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology) (HLAFAKAB)

Keywords

• PET/CT imaging services
• Radionuclide therapy
• Theranostics services
• Molecular imaging
• Clinical trial site

Headquarters

HQ city

North Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D

Revenue model

1. Clinical PET/CT Imaging Services: MTIC provides PET/CT scanning services using various radiopharmaceuticals (FDG, PSMA, FES, FET, NaF, and investigational radioisotopes). Revenue is derived from Medicare rebates for eligible clinical indications and out-of-pocket patient payments where Medicare does not cover the indication.
2. Radionuclide Therapy Services: Therapeutic radiopharmaceutical services including 177Lu-PSMA therapy (Pluvicto), provided as a day procedure. Revenue includes partial Medicare reimbursement for eligible patients. MTIC also conducts novel therapeutic radiopharmaceutical clinical trials.
3. Clinical Trial Contracts: MTIC serves as a clinical trial site for Phase I, II, and III radiopharmaceutical studies, often as lead site. Sponsors from all over the world contract MTIC to conduct investigator-initiated and sponsor-initiated trials. Revenue comes from clinical trial agreements with pharmaceutical and biotech companies.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

MTIC provides clinical PET/CT imaging and targeted radionuclide therapy services for cancer patients using the Siemens Biograph Vision Quadra total-body scanner and licensed therapeutic isotopes (177Lu, 225Ac, 161Tb). It also serves as a clinical trial site for Phase I, II, and III radiopharmaceutical studies sponsored by pharmaceutical and biotech companies, delivering investigator-initiated and sponsor-initiated trials.

Product overview

Melbourne Theranostic Innovation Centre (MTIC) operates as a clinical services and research center offering molecular imaging and radionuclide therapy services. The core offering centers on Total Body PET Scanning using the Siemens Biograph Vision Quadra - the world's most advanced PET/CT scanner. MTIC provides therapeutic services including 177Lu-PSMA Therapy for prostate cancer and general Radionuclide Therapy using Lutetium-177, Actinium-225, and Terbium-161 isotopes. The center also offers an MTIC Image Portal for secure online access to diagnostic images and reports. A planned expansion includes MTIC NUCMED (launching 2025) with Siemens Pro.specta SPECT/CT capabilities. The center operates in collaboration with PreMIT (Precision Molecular Imaging and Theranostics) for research and development activities and partners with Siemens Healthineers for imaging technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Total Body PET Scanning Advanced PET/CT imaging service for cancer patients using the Siemens Biograph Vision Quadra, offering lower radiation dose (less than a third of standard PET), higher resolution and sensitivity, scan times under 5 minutes for whole body, and dynamic whole-body imaging. Delivered via specialist doctor referral at MTIC's North Melbourne facility.
• 177Lu-PSMA Therapy Targeted radionuclide therapy combining Lutetium-177 with Prostate-Specific Membrane Antigen (PSMA) for prostate cancer, performed as a day procedure in a dedicated therapy suite by a multidisciplinary team of Nuclear Medicine Technologists, Nurses, and Nuclear Medicine Physicians. Eligible patients may receive partial Medicare reimbursement.
• Radionuclide Therapy Targeted cancer treatment service using radioactive tracers that bind to specific cells, performed as a day procedure in MTIC's dedicated therapy suite. MTIC is licensed to use Lutetium-177, Actinium-225, and Terbium-161 isotopes for a broad range of targeted therapies including PSMA therapy, PRRT, and experimental treatments.
• Epidermal Radioisotope Therapy (Rhenium-SCT) Epidermal radioisotope therapy for non-melanoma skin cancers using Rhenium-SCT, delivered in collaboration with Avion Medical Skin Centres as a novel outpatient treatment.
• MTIC NUCMED (Nuclear Medicine Services) General Nuclear Medicine service offering enabled by the Siemens Pro.specta SPECT/CT scanner, delivering a broad range of routine Nuclear Medicine procedures along with quantitative SPECT imaging capabilities at MTIC's new Blackwood Street facility.

Quantifiable outcome

• Less than one-third the radiation dose of standard PET scanners
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Telix PharmaceuticalscoreStrategic or Co-development PartnerMTIC operates in collaboration with Telix Pharmaceuticals at the Telix Manufacturing Solutions North Melbourne (TMSNM) facility. This multi-million dollar radiopharmaceutical research, manufacturing, and treatment facility in Melbourne is the first Australian site to integrate radiochemistry laboratories, clinical product manufacturing, patient dose administration, and imaging under one roof. The partnership aims to address domestic manufacturing capacity challenges and reduce the time from early-stage clinical trials to patient access.
• Siemens HealthineerscoreTechnology or IntegrationMTIC has partnered with Siemens Healthineers to provide patients with the Siemens Biograph Vision Quadra PET/CT scanner — the world's most sensitive whole-body PET scanner with 106 cm axial field of view. Siemens engineers completed the installation and calibration of the scanner. Professor Hicks has been featured in Siemens Healthineers' Nuclear Medicine News & Stories publication.
• PreMIT (Precision Molecular Imaging and Theranostics) Pty LtdcoreStrategic or Co-development PartnerMTIC's sister research and development entity, PreMIT, integrates the latest developments in genomics, imaging, and therapies to advance the theranostic paradigm. Under the guidance of its Scientific Advisory Board, PreMIT coordinates with academic and industry partners to develop molecular imaging probes from target to market. MTIC and PreMIT share leadership (Professor Rodney Hicks is Founder, CMO, and Board Chair of PreMIT) and operate in close coordination to deliver clinical services and research.
• 3B Pharmaceuticals GmbHminorStrategic or Co-development PartnerMTIC completed an investigator-initiated Phase I diagnostic imaging study ('A Single-Arm Comparative Imaging study of 68Ga-NTA-476 PET/CT Compared to Standard of Care 18F-DCFPyL PET/CT in Men with Prostate Cancer') with support from 3B Pharmaceuticals GmbH. MTIC completed the entire Phase I study within three months from site activation.
• Alpha9 OncologyminorStrategic or Co-development PartnerMTIC partnered with Alpha9 Oncology to perform the first-in-human dosing and imaging of 68Ga-A9-3202, a radiodiagnostic targeting melanocortin 1 receptor (MC1R) for imaging locally advanced or metastatic melanoma. MTIC used its Siemens Biograph Vision Quadra PET/CT for the first-in-human imaging.
• Avion Medical Skin CentresminorStrategic or Co-development PartnerIn collaboration with Avion Medical Skin Centres, MTIC provides Rhenium-SCT (skin cancer therapy) — a novel treatment option using epidermal radioisotope therapy for non-melanoma skin cancers.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Cyclotek (Australia) Pty Ltd: Major supplier of PET radiopharmaceuticals in Australia and New Zealand, co-founded by MTIC's Dr Rob Ware. Operates in the same theranostics supply chain and supports similar clinical sites, making it a directly comparable peer for tracer manufacturing and distribution.
• Peter MacCallum Cancer Centre: Australia's largest cancer hospital and the nuclear medicine program where most of MTIC's leadership trained. Operates PET/CT imaging, PRRT, and PSMA therapy at scale, making it the closest direct comparator and primary source of talent and patients for MTIC.
• GenesisCare Theranostics: Operates community-based theranostics and nuclear medicine services across Australia (and globally), delivering PSMA and PRRT in private settings. Comparable as a directly competing private theranostics delivery network targeting similar referrers and patient populations.

Broad incumbents

• Novartis (Advanced Accelerator Applications): Manufacturer of Pluvicto (177Lu-PSMA) and Lutathera (PRRT), the leading therapeutic radiopharmaceuticals MTIC administers. Operates in the same theranostic treatment paradigm and is the dominant upstream supplier to MTIC's therapy program.
• Telix Pharmaceuticals: Listed radiopharmaceutical company partnered with MTIC for co-located manufacturing and clinical translation. Comparable as a developer and supplier of PSMA, kidney, and brain PET imaging agents, with overlapping clinical/scientific operations.
• Bayer (Curium / Noria / Algeta): Global radiopharmaceutical player (legacy Algeta/Xofigo franchise, plus ongoing PSMA and alpha-emitter development). Comparable as a broad incumbent in the same therapeutic radiopharmaceutical category MTIC delivers clinically.
• GE HealthCare: Major PET/CT and SPECT/CT manufacturer with competing total-body and molecular imaging systems. Comparable as a broad incumbent imaging-hardware vendor whose installed base competes for the same clinical and research imaging market.
• Lantheus Holdings: Global radiopharmaceutical company with established PSMA and PET imaging franchises (e.g., Pylarify, Definity). Comparable as a commercial-stage theranostics/radiodiagnostic peer with significant scale advantages.

Others

• Siemens Healthineers: OEM partner supplying MTIC's Quadra PET/CT and Pro.specta SPECT/CT scanners. Adjacent as the technology infrastructure provider and a related peer in molecular imaging hardware, though not a clinical competitor.

Emerging players

• Clarity Pharmaceuticals: Australian-listed clinical-stage radiopharmaceutical company developing PSMA, SAR-bisPSMA, and other theranostic agents. Comparable as a domestic peer operating in the same theranostic paradigm with overlapping clinical and commercial interests.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/melbourne-theranostic-innovation-centre

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Melbourne Theranostic Innovation Centre