Positron Completes Agreement With Institute of Nuclear Research, Troitsk, Russia for Additional Strontium-82 Supply
FISHERS, Ind., Feb. 7, 2012 /PRNewswire/ -- Positron Corporation (OTCBB: POSC), through its wholly owned subsidiary, Manhattan Isotope Technology, LLC (MIT), is pleased to announce the execution of a Memorandum of Understanding with the Institute of Nuclear Research (INR) of Troitsk, Russia. MIT and INR will collaborate on strontium-82(Sr-82) production beginning with a pharmaceutical ingredient validation exercise in 2012. A key goal of the collaboration is to increase the annual production capability of Sr-82 produced at INR and thereafter increase supply to key markets. Initial shipments of Sr-82 samples are expected at the MIT Facility in Lubbock, TX in the spring of 2012. These samples will be processed at MIT for final purification into Active Pharmaceutical Ingredient (API). This supply source and radiochemical methodology work will also be a part of the 2012 Drug Master File submission to the U.S. FDA.
Since 1997, INR at Troitsk has made crucial contributions to the yearly supply of Sr-82 in the U.S. through the supply of target material to Los Alamos National Laboratory (LANL) for processing. INR is one of a small number of global accelerator facilities which are capable of producing Sr-82. Leading the collaboration for INR is Dr. Boris Zhuikov , Head of Laboratory of Radioisotope Complex Institute for Nuclear Research of Russian Academy of Sciences and Jason Kitten , President of MIT and Chief Technology Officer of Positron Pharmaceuticals. Dr. Zhuikov and Mr. Kitten previously collaborated on Sr-82 production from 1997-2010 while Mr. Kitten was at Los Alamos National Laboratory. Additional Russian institutions participating in the Sr-82 project are the Institute of Physics and Power Engineering (IPPE) and The Isotope Company; both which are located in the premier Russian science city of Obninsk. IPPE and The Isotope Company are entities which reside within the Russian State Atomic Energy Corporation, ROSATOM.
Jason Kitten , President of MIT, commented upon the significance of the MOU, "Working with a reliable, proven, provider such as INR is an enormous win for the Sr82/Rb82 generator community and Positron. Throughout the past 14 years, INR has played a significant role that has bolstered the US medical isotope supply. Through INR's production expertise and reliability of supply, the growth of Sr-82 has been possible, thus making the Sr82/Rb82 generator a mainstream modality for cardiac perfusion imaging." On behalf of INR, Dr. Boris Zhuikov commented, "This is an important supplement to the current collaboration with Los Alamos National Laboratory. INR now brings forth the possibility of not only supplying irradiated targets for process in the U.S., but through a combination of partners, will produce Sr-82 via a new method developed in Russia. In addition, INR will use a portion of this strontium for preparing INR's Sr-82 generator in an effort to meet the needs of national medicine in Russia and also the needs of the nuclear medicine communities in neighboring countries. This is a new, important growth step in INR's business."
About Positron: Positron Corporation is a leading molecular imaging healthcare company providing innovative nuclear medicine technologies and solutions that are reshaping the field of nuclear cardiology. Through proprietary PET imaging systems, services and radiopharmaceutical solutions, Positron enables healthcare providers to more accurately diagnose disease and improve patient outcomes while practicing cost effective medicine. Positron has gained significant traction in a diverse industry and continues their strong commitment to excellence and advancing cardiac imaging solutions. More information about Positron is available at www.positron.com.
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
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