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Philips and Theseus Imaging Announce Expanded Molecular Imaging Research Collaboration

Posted on: Tuesday, 22 June 2004, 06:00 CDT

Royal Philips Electronics (NYSE:PHG) (AEX: PHI), under the umbrella of the Philips Medical Systems division's focused Molecular Imaging Business Unit, and Theseus Imaging Corporation, a subsidiary of North American Scientific, Inc. (Nasdaq:NASI), announced today an expanded research collaboration. Under the terms of the collaboration, Theseus will furnish to Philips imaging data from clinical studies of its Tc-99m-Hynic-rh-Annexin molecular imaging agent for advanced processing using novel Philips ADAC image enhancement software. Tc-99m-hynic annexin is an experimental radiopharmaceutical in phase II studies for imaging cell death in vivo to provide non-invasive molecular characterization of tumors and early evaluation of tumor response to anti-cancer treatment. Physician-sponsored studies of Tc-99m-hynic annexin have also suggested possible utility of the agent in evaluating unstable atherosclerotic plaque in the carotid arteries and areas of nerve cell damage in stroke.

Philips Molecular Imaging Unit was established to develop pre-clinical and clinical technologies and solutions that meet the industry's emerging molecular imaging and diagnostics needs. Use of data from Theseus' ongoing imaging studies with Tc-99m-Hynic-rh-Annexin is expected to demonstrate the ability of the new Philips ADAC nuclear medicine software technology package to significantly enhance image quality and information content.

Molecular imaging combines new molecular agents with advanced imaging tools to capture pictures of specific molecular pathways in the body in order to better understand and manage disease on a patient-by-patient basis. As a relatively new scientific discipline, molecular imaging is attempting to create a paradigm shift in healthcare. Instead of diagnosing and treating a disease based on the average appearance of disease in a large population, molecular imaging is expected to enable individualized detection, diagnosis and treatment.

This collaboration with Theseus is expected to meaningfully advance Philips' goals for molecular imaging by:

-- Speeding the translation of discoveries such as Annexin imaging of cell death from pre-clinical trials to clinical trials and product development; and by

-- Expanding the capability of nuclear imaging to create solutions that encompass the full range of medical science, including screening, staging, therapeutics and monitoring

"Through the integration of important new clinical research such as that undertaken by Theseus, Philips intends to evaluate and optimize the best new technologies for delivering what our customers require today and will need in the future to effectively apply molecular imaging to patient care," said Peter Luyten, director of Philips' Molecular Imaging Business Unit. "We are committed to translating molecular imaging research into diagnostic and therapeutic products more efficiently through collaborative relationships such as the expanded program announced today with Theseus Imaging."

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of $30.1 billion (EUR 31.8 billion) in 2002. It is a global leader in color television sets, lighting, electric shavers, medical diagnostic imaging and patient monitoring, and one-chip TV products. Its 164,000 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances, components, semiconductors, and medical systems. Philips is quoted on the NYSE (symbol: PHG), London, Frankfurt, Amsterdam and other stock exchanges. News from Philips is located at www.philips.com/newscenter/usa/

About North American Scientific

North American Scientific is a leader in products for radiation therapy and patient assessment. Its innovative radioisotope-based products include brachytherapy seeds, used primarily in treating prostate cancer, marketed under the trade name Prospera(R). The Company is also a leading supplier of planning and delivery technology for intensity-modulated radiation therapy (IMRT). IMRT allows an escalated radiation dose to be delivered to a tumor while limiting exposure and damage to nearby healthy tissue. More than 400 hospitals and research sites worldwide are equipped with the Company's clinically proven IMRT systems. The Company's lead radiopharmaceutical product candidate, being developed by its Theseus Imaging Corporation subsidiary, is Hynic-Annexin V, based upon the Apomate(TM) technology platform, which is in clinical testing for the in vivo imaging of apoptosis and necrosis, two common forms of cell death, to provide information on an individual patient's response to cancer treatment or to diagnose underlying disease. For more information, please visit North American Scientific's website at www.nasmedical.com.

Statements included in this release that are not historical facts may be considered forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company including, but not limited to, uncertainties relating to drug discovery and clinical development processes, the impact of competitive products and technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, the ability of the Company to successfully directly market and sell its brachytherapy products, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes, the impact of competitive products and pricing, research and development estimates, market opportunities, risks associated with strategic opportunities or acquisitions the Company may pursue and the risk factors included in the Company's filings with the Securities and Exchange Commission. Any forward-looking statements contained in this news release speak only as of the date of this release, and the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future results or otherwise.

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