Positron And iThemba LABS Enters Into Radioisotope Supply Agreement
CHICAGO, July 29, 2013 /PRNewswire/ — Positron Corporation (OTCBB:POSC) announces it has entered into a multi-year radioisotope supply agreement with iThemba LABS of Cape Town, South Africa. The supply agreement contracts the procurement of raw material, strontium-82 (Sr-82) from iThemba LABS for further production of the Active Pharmaceutical Ingredient (API) at Positron’s radioisotope production facility in Lubbock, TX. In September 2013, Positron will receive relevant volumes of strontium-82 for qualification and will commence with commercial availability beginning in February 2014. This additional supply will enhance the industry’s strontium-82 supply and increase the availability of radiopharmaceuticals to the end user. Positron intends to make this Sr-82 API supply available to all rubidium-82 generator producers in the marketplace.
The iThemba Laboratory for Accelerator-Based Sciences (LABS) is a group of multi-disciplinary research laboratories administered by the National Research Foundation of South Africa. The iThemba LABS facility provides basic and applied research using particle beams, particle radiotherapy for the treatment of cancer and the supply of accelerator-produced radioactive isotopes for nuclear medicine and research. The Radionuclide Production Department has been producing radiopharmaceuticals and radionuclides for the past 23 years, some of them include (67)Ga-citrate, (123)I-products, (18)F-FDG, (68)Ge/(68)Ga generators, (22)Na UHV positron sources and (82)Sr (irradiated Rb or RbCl targets). iThemba LABS is the largest facility of its kind in the Southern Hemisphere and one of six facilities in the world that can produce Sr-82 with a proton accelerator.
“Over the past 15 years, iThemba LABS has played an integral role in supplying a significant portion of the global Sr-82 supply,” states Jason Kitten, Executive Director of Radioisotopes for Positron. “During my tenure, with the U.S. Department of Energy at Los Alamos National Laboratory, I came to recognize iThemba LABS as a global leader and am pleased to continue our relationship. This agreement is a true testament to our mutual commitment to cardiac PET and enhancing the reliability of this vital lifeline to the industry. This collaboration further advances and strengthens the progression of a successful technology transfer of the Sr-82 lifecycle, from the U.S. DOE to the private sector. We look forward to a mutually beneficial partnership, whereby iThemba LABS can assist in expanding the cardiac PET market in the U.S. through Sr-82 supply and Positron will assist in bringing the cardiac PET modality to the African continent with iThemba LABS leading the effort.”
About Positron: Positron Corporation is a nuclear medicine healthcare company vertically integrating all the segments of nuclear cardiology, providing an end-to-end solution for cardiac PET. Through proprietary PET imaging systems, radiopharmaceuticals and radioisotopes solutions, Positron enables healthcare providers to more accurately diagnose disease and improve patient outcomes, while practicing cost effective medicine. Positron’s unique products, market position and approach in securing the supply chain are substantial advantages, further accelerating the adoption of cardiac PET and growth of nuclear cardiology. Positron is redefining the industry. More information about Positron is available at www.positron.com.
About iThemba LABS: iThemba (which means HOPE in Nguni languages) Laboratory for Accelerator Based Sciences is a National Research Facility administered by the National Research Foundation of South Africa. Located at two sites in Cape Town and Gauteng, the facility is committed to unleash African potential through knowledge creation, innovation and human capacity building. The infrastructure available at iThemba LABS is used to advance knowledge in the field of experimental nuclear physics and applications.
The particle beams available at the facility in Cape Town are used to:
- Advance the fundamental understanding of the structure and reaction mechanisms governing interactions of charged projectiles with target nuclei;
- Offer proton and neutron particle radiotherapy;
- Produce radionuclides for medical and industrial applications;
- Provide analysis techniques for applications in materials research.
The Radionuclide Production Department at iThemba LABS has been producing isotopes for the past 23 years and is currently one of six facilities in the world capable of producing Sr-82. More information on iThemba LABS is available at www.tlabs.ac.za.
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Positron assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as “Risk Factors” in our filings with the Securities and Exchange Commission.
SOURCE Positron Corporation