CHICAGO, Sept. 26, 2013 /PRNewswire/ -- Positron Corporation (OTCBB: POSC) is pleased to announce it has entered into a licensing agreement with the Institute for Nuclear Research of the Russian Academy of Science (INR), Moscow, Russia, for its know-how, inventions and technology related to the production of radiostrontium. Under the agreement, INR grants Positron Corporation a worldwide license to the proprietary technology, including the exclusive rights to utilize the technology in the production of strontium-82 in North America, in return for royalty payments. Strontium-82 (Sr-82) is the precursor to rubidium-82 (Rb-82), the leading radiopharmaceutical used in Positron Emission Tomography (PET) myocardial perfusion imaging.
The strontium-82 production technology was developed by Dr. Воris Zhuikov, Head of the Laboratory Radioisotope Complex and colleagues at INR, and is the first commercially meaningful breakthrough in the Sr-82 production process in the last twenty years. The developed technology has significant economic benefits, as it simplifies the production process while increasing the yield and quality of the product derived from rubidium metal.
This improved rubidium metal Sr-82 production process, currently practiced in Russia as well as by a French radioisotope production facility, will be applied to future rubidium metal target processing at Positron's Lubbock, TX facility. The most significant aspect of this technology is the potential realization of a real-time, in-line Sr-82 production mechanism using a rubidium metal target loop on Positron's proposed 70 MeV cyclotron. For such a dynamic target loop system, a liquid cycling target is required. The only liquid target material suitable for Sr-82 production is molten rubidium, an alkali metal.
"For decades the top Russian scientific agencies have lead in the innovation, development and industrial application of liquid alkali metal loops in radioactive environments such as the liquid sodium metal cooling loop used in its fast breeder reactors," stated Jason Kitten, Executive Director of Radioisotopes for Positron Corporation. "This same proven technology provides the technical basis for the design and application of a liquid rubidium metal loop. Positron now has the opportunity to build on the practical experience and proven success of alkali metal loops to substantially impact the future of Sr-82. Positron's application of an inline Sr-82 production mechanism and target system is revolutionary and enhances the scalability of Sr-82 production, providing higher yield and volumes that are required to meet the ever increasing demand for Rb-82 PET."
Patrick G. Rooney, Chief Executive Officer of Positron Corporation, states, "We are extremely pleased with our agreement with INR, as it provides Positron with access to the best strontium-82 production technology in the world. This technology further complements our existing Sr-82 IP portfolio and is another key element in Positron's strategy and one that provides Positron a competitive advantage in the cardiac PET imaging market in North America."
Jason Kitten further states, "Dr. Boris Zhuikov and his radioisotope production team have provided a significant portion of the global Sr-82 supply for the past 17 years. During this time Dr. Zhuikov has developed, tested, and proven a novel mechanism for significantly improving upon the current method used for producing Sr-82 from rubidium metal. This proven technology will allow a substantial increase and scalability of Sr-82 supply, which is necessary for the industry to sustain the projected double-digit growth. The increase in Sr-82 will help meet future demands and fortify cardiac PET as a sustainable and preferred modality for cardiac imaging. We are excited that INR has recognized our expertise in the field and has chosen the Positron team for implementation of this technology."
About Positron: Positron Corporation is a nuclear medicine 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.
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