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Positron Corporation (OTCBB:POSC), a molecular imaging company specializing in the field of nuclear cardiology announced today that on Friday Nov. 11, Positron and Manhattan Isotope Technology LLC. (MIT LLC) entered into a binding Letter of Intent to acquire MIT LLC. The transaction will close January 2, 2012 upon execution of final transaction documents.
Manhattan Isotope is a commercial resource in the United States with practical knowledge and experience in all stages of strontium-82 production. The company’s current facility in Lubbock, Texas has the capacity to provide services necessary for the refurbishment of spent strontium82/rubidium82 generators and thereafter the recycling of strontium-82 using patented methods.
Over the past five years the explosive growth of PET imaging has driven a significant increase in the Sr82/Rb82 generator demand, creating an environment whereby the Sr-82 demand has begun to outpace supply. MIT LLC will focus on the pursuit of increasing the Active Pharmaceutical Ingredient (API) Sr-82 supply through the recycling of Sr-82 from spent generators and production of Sr-82 from foreign suppliers.
Founded in 2009 by former Los Alamos National Laboratories (LANL) scientists, Manhattan Isotope personnel were at the core of the DOE team that developed the patented technology for recycling Sr-82 from expired Sr82/Rb82 generators. This patented recycle production method was exclusively licensed by MIT LLC from the United States Department of Energy (DOE) via Los Alamos National Laboratory in 2010.
“We are excited at the prospect of welcoming the world-class innovations and talented employees of Manhattan Isotope to the Positron team,” said Patrick G. Rooney, CEO of Positron. “MIT has the intellectual property, expertise and facilities needed to accelerate Positron’s plans for securing the supply channel and becoming a leader in Sr-82 supply whereby offering a full PET solution for the nuclear cardiology industry.”
“Working with MIT over the past several months has made it very clear that Manhattan Isotope shares Positron's long term vision of creating a reliable commercial domestic supply of Sr-82 and other radioisotopes produced in our planned 70 MeV cyclotron,” Said Scott Stiffler, VP of Pharmaceuticals. “We believe Manhattan Isotope will bring immediate value to Positron and could provide a credible and viable radioisotope processing plan, access to existing non DOE isotope supply, supply chain management, and radioactive waste solutions.”
“We are excited to fast-track MIT’s visualization of full service Sr-82 production, generator lifecycle support, and current pursuit of other high energy, high current cyclotron produced radioisotopes which are in short supply,” said Jason Kitten, President and co-founder of Manhattan Isotope Technology. “Positron's business plan that includes the construction of the first 70 MeV cyclotron in the US complements and fulfills the long term vision of Manhattan Isotope while Positron’s presence in the PET imaging market brings a tremendous strategic asset to the total full solutions provider model and defines Positron as an innovator in combining radioisotopes, radiopharmaceuticals and imaging systems under one organization.”
This report was obtained from information contained in the company's press release.