IDAHO FALLS, Idaho, Jan. 21, 2021 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company"), due to recent unusual trading volume, and share price volatility in its common stock, is providing the following update on its business segments.
The Company confirmed it is still on track to resume large volume cobalt sales in the second quarter of 2021 from the Department of Energy's Advanced test Reactor. These sales had been interrupted and the Company forced to secure alternate supplies for more than five years.
International Isotopes recently disclosed in an 8-K filing that pursuant the settlement of a manufacturing agreement, the Company has acquired the improvements and certain equipment of a new radiopharmaceutical production facility, adjoining its current facility. The Company is currently developing a business plan to produce additional radiopharmaceutical products or explore new contract manufacturing opportunities in this facility. The settlement will result in a significant one-time gain in the fourth quarter of 2020.
The Company is currently in advanced negotiations to purchase the remaining 75% of RadQual LLC that it does not already own. RadQual is the premier global developer of quality control products for the nuclear medicine industry, focused principally on SPECT and PET imaging. Currently, International Isotopes owns 25% of RadQual, and handles the manufacturing and distribution of RadQual products. RadQual has recently launched commercial sales of several new source products which were recently approved by the Nuclear Regulatory Commission and has several more products in the pipeline for release later in 2021. INIS management believes that the acquisition of RadQual and the launch of these new products should significantly increase the revenues within the Company's nuclear medicine products business segment.
Since the middle of 2020, the Company has been funding the research and development of an advanced COVID test at a leading research hospital, with a goal of developing an accurate, inexpensive, at home saliva-based test. Results to date have shown a high degree of accuracy in this testing, and a lower detection limit than most of the currently available tests. While initial results are encouraging, there is no certainty at the present time that the test will be successfully developed or approved by the FDA. Further work on this product is expected to be completed by about mid-2021.
About International Isotopes Inc.
International Isotopes Inc. supplies sodium iodide I-131 as an FDA approved generic drug product and manufactures a full range of nuclear medicine calibration and reference standards. The Company also provides cobalt-60 products for medical and industrial applications and provides contract manufacturing services of some sterile drug products using I-131.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "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, including statements with respect to the Company's future growth expectations for the various business segments. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of International Isotopes Inc. to be materially different from any future results, performance or achievements of the Company expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including its Annual Report on Form 10-K for the year ended December 31, 2019. Investors, potential investors, and other readers, are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and International Isotopes, Inc. and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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