January 20, 2012 – Nuclear cardiology imaging company Positron Corp. this week acquired Manhattan Isotope Technology LLC (MIT). Positron has acquired all of the assets, business operations and retained all employees of MIT. In exchange, MIT shall receive cash advances, assumption of certain indebtedness and earn-out consideration of $3.5 million based on 20 percent of the net income from sales relating to radioisotope and radiopharmaceutical operations of MIT.
Positron, through its wholly owned subsidiary MIT, is the only commercial resource in the United States with practical knowledge and experience in all stages of strontium-82 (Sr-82) production, and spent generator lifecycle management. Positron will focus on increasing Sr-82 supply through the processing of proton irradiated target material from domestic & foreign suppliers and recycling Sr-82 from spent generators. MIT seeks to become the first supplier to provide Active Pharmaceutical Ingredient (API) grade Sr-82 in the United States besides the United States Department of Energy. In an effort to expand Positron's radioisotope product offerings, MIT possesses the unique and specialized expertise in the production of additional radioisotopes, such as germanium-68, selenium-72 and others, which are currently only supplied by the U.S. government.
In pursuit of securing a proprietary supply of radioisotopes for cardiac positron emission tomography (PET) imaging, Positron plans to build and operate the world’s largest commercial high energy/high current cyclotron (70 MeV) in the United States. With the addition of MIT, Positron gains the ability to develop internal processing capabilities, gain regulatory approvals and establish a broad multiple product customer base further enhancing the timeliness of launch and long term value of this project. Positron's planned cyclotron facility, once completed, will become the workhorse of high energy radioisotope production in North America, providing a reliable, secure, indigenous supply of radioisotopes therefore stabilizing and building confidence throughout the cardiac PET market and nuclear medicine community overall.
For more information: www.positron.com