September 12, 2012 – Positron Corp. announced that Jubilant DraxImage Inc., a Jubilant Life Sciences company, and Positron, have executed a Letter of Intent pertaining to:
- Positron's supply of Active Pharmaceutical Ingredient (API) grade strontium (Sr)-82 for the JDI Sr-82/rubidium (Rb)-82 generator;
- JDI's and Positron's co-promotion of JDI Sr-82/Rb-82 generators to end-users (upon FDA clearance); and
- Positron's lifecycle management for expired JDI Sr-82/Rb-82 generators.
The strategic alliance between JDI and Positron will facilitate the stabilization, security and growth of the industry by increasing the supply of radioisotopes and radiopharmaceuticals. The parties expect that it will also provide considerable benefits to both parties: Positron secures a generator supply for future sales of cardiac positron emission tomography (PET) scanners and a customer for Sr-82; JDI secures a reliable supply of Sr-82, a vendor for expired generators management and a strategic partner with a growing customer base of cardiac PET scanners installed and serviced.
Martyn Coombs, president of JDI, stated, "Through its wholly owned subsidiary, Manhattan Isotope Technology (MIT), Positron positioned itself as the only private entity in the United States with the practical experience of servicing the Sr-82/Rb-82 generator lifecycle. Their ability to provide a more stable and secure supply of API Sr-82 and management of expired Sr-82/Rb-82 generators fits well with JDI's pre-launch strategy."
Patrick Rooney, chief executive officer of Positron, stated, "JDI has developed a robust Sr-82/Rb-82 generator and elution system. As the Sr-82/Rb-82 generator on the market has enjoyed tremendous growth and the merits of the technology have been validated many times over, we strongly believe that the arrival of an alternative, upon the U.S. Food and Drug Administration (FDA) clearance of JDI's generator, will be welcomed by the cardiac PET community."
JDI and Positron expect to complete a Definitive Agreement within three months.