BALTIMORE, Sept. 6, 2012 /PRNewswire/ -- Positron
Corporation (OTCBB: POSC), - is pleased to announce that Jubilant
DraxImage Inc. (hereinafter "JDI"), a Jubilant Life Sciences
Company, and Positron Corporation (hereinafter "Positron"), have
executed a Letter of Intent pertaining to:
(a) Positron's
supply of Active Pharmaceutical Ingredient (API) grade Sr-82 for
the JDI Sr-82/Rb-82 generator;
(b) JDI's and Positron's
co-promotion of JDI Sr-82/Rb-82 generators to end-users (upon FDA
clearance); and
(c) 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 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
Jubilant DraxImage stated, "Through its wholly owned
subsidiary, Manhattan Isotope Technology (MIT), Positron positioned itself as the only
private entity in the U.S. with the practical experience of
servicing the Sr82/Rb82 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
Sr82/Rb82 generator and elution system. As the Sr82/Rb82 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 FDA clearance of JDI's
generator, will be welcomed by the cardiac PET community."
JDI and Positron expect to complete a Definitive Agreement
within 3 months.
About Jubilant DraxImage Inc.:
Jubilant DraxImage Inc., a subsidiary of Jubilant Life
Sciences, develops, manufactures and markets diagnostic and
therapeutic radiopharmaceuticals for the global nuclear medicine
marketplace. Jubilant DraxImage Inc.'s mission is to be a leading
global provider of radiopharmaceuticals and value-added enabling
technologies. Products include a proprietary line of lyophilized
Technetium-99m kits (MAA, MDP, DTPA and Sestamibi). Jubilant
DraxImage Inc. is also a leading supplier of I-131
radiopharmaceuticals in North
America, used for the diagnosis and treatment of thyroid
disorder and cancer. Jubilant DraxImage Inc. products are exported
worldwide, with regulatory approvals in USA, South America, parts of Europe and South
Asia. More information about Jubilant DraxImage is available
at www.draximage.com.
About Positron Corporation:
Positron Corporation (OTCBB:POSC) is a leading molecular
imaging 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.
SOURCE Positron Corporation