BALTIMORE, Sept. 6, 2012 /PRNewswire/ -- Positron Corporation (OTCBB: POSC), - is pleased to announce that Jubilant DraxImage Inc. (hereinafter "JDI"), a Jubilant Life Sciences Company, and Positron Corporation (hereinafter "Positron"), have executed a Letter of Intent pertaining to:
(a) Positron's supply of Active Pharmaceutical Ingredient (API) grade Sr-82 for the JDI Sr-82/Rb-82 generator;
(b) JDI's and Positron's co-promotion of JDI Sr-82/Rb-82 generators to end-users (upon FDA clearance); and
(c) Positron's lifecycle management for expired JDI Sr-82/Rb-82 generators.
The strategic alliance between JDI and Positron will facilitate the stabilization, security and growth of the industry by increasing the supply of radioisotopes and radiopharmaceuticals. The Parties expect that it will also provide considerable benefits to both Parties: Positron secures a generator supply for future sales of cardiac PET scanners and a customer for Sr-82; JDI secures a reliable supply of Sr-82, a vendor for expired generators management, and a strategic partner with a growing customer base of cardiac PET scanners installed and serviced.
Martyn Coombs, President of Jubilant DraxImage stated, "Through its wholly owned subsidiary, Manhattan Isotope Technology (MIT), Positron positioned itself as the only private entity in the U.S. with the practical experience of servicing the Sr82/Rb82 generator lifecycle. Their ability to provide a more stable and secure supply of API Sr-82 and management of expired Sr-82/Rb-82 generators fits well with JDI's pre-launch strategy. "
Patrick Rooney, Chief Executive Officer of Positron stated, "JDI has developed a robust Sr82/Rb82 generator and elution system. As the Sr82/Rb82 generator on the market has enjoyed tremendous growth and the merits of the technology have been validated many times over, we strongly believe that the arrival of an alternative, upon the FDA clearance of JDI's generator, will be welcomed by the cardiac PET community."
JDI and Positron expect to complete a Definitive Agreement within 3 months.
About Jubilant DraxImage Inc.:
Jubilant DraxImage Inc., a subsidiary of Jubilant Life Sciences, develops, manufactures and markets diagnostic and therapeutic radiopharmaceuticals for the global nuclear medicine marketplace. Jubilant DraxImage Inc.'s mission is to be a leading global provider of radiopharmaceuticals and value-added enabling technologies. Products include a proprietary line of lyophilized Technetium-99m kits (MAA, MDP, DTPA and Sestamibi). Jubilant DraxImage Inc. is also a leading supplier of I-131 radiopharmaceuticals in North America, used for the diagnosis and treatment of thyroid disorder and cancer. Jubilant DraxImage Inc. products are exported worldwide, with regulatory approvals in USA, South America, parts of Europe and South Asia. More information about Jubilant DraxImage is available at www.draximage.com.
About Positron Corporation:
Positron Corporation (OTCBB:POSC) is a leading molecular imaging 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.
SOURCE Positron Corporation