Positron Consolidates Radiopharmaceutical & Radioisotope Facilities
LUBBOCK, Texas, Aug. 7, 2012 /PRNewswire/ -- Positron Corporation (OTCBB:POSC) a leading molecular imaging healthcare company is pleased to announce the consolidation and integration of operations at the Crown Point, Indiana facility to its Lubbock, Texas site.
With the acquisition of Manhattan Isotope Technology (MIT), Positron gained the expertise, knowledge and radioactive materials facilities to manage all of the Company's radiopharmaceutical and radioisotope development, production, processing and distribution mission. Since the acquisition of MIT earlier this year, Positron has made significant developments in the production requirements of key PET radiopharmaceutical products, making the integration of production and facilities to the Lubbock facilities most favorable and advantageous for the Company. MIT possesses the proper licenses, qualified staff, expertise, procedures and quality systems for all of Positron's pharmaceutical products. The transfer of all records, systems and equipment was completed in late July. The production of Indium Oxyquinoline will resume upon the modification of the Company's current Texas Radiation license to include Indium Oxine, with expected approval in August.
By locating all radioactive production to a single facility, Positron will simplify and improve regulatory compliance, radiation safety and quality procedures associated with the production of radioisotopes and radiopharmaceuticals. Additionally, this consolidation will significantly improve efficiencies, economics, and utilization throughout the company. "With this consolidation, Positron can better realize the potential of our radiochemical and radiopharmaceutical segments. MIT will focus on key radioactive products allowing the company to accelerate and expand its offerings, while improving procedures and reducing operational costs. The integration and move to Lubbock will increase Positron's capabilities and further advance relationships with potential partners," said Patrick G. Rooney, CEO of Positron.
Jason Kitten, President of Manhattan Isotope Technology added, "the MIT staff brings the relevant experience in working with radioactive products and will continue with the production capabilities developed at Crown Point with indium and its target material cadmium. Our team is excited at the opportunity to maximize and accelerate the expansion of all current and anticipated products."
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