CHICAGO, June 7, 2013 /PRNewswire/ -- Positron
Corporation (OTCBB:POSC), a nuclear medicine healthcare company,
announces today that it has retained Covington Associates, LLC
("Covington"), as its investment banking advisor in connection with
the financing of its 70 MeV cyclotron project. Covington, a
specialty investment banking firm dedicated to healthcare and
technology companies, will advise the Company on various financing
and strategic opportunities related to the $60 million required for this 70 MeV
cyclotron.
Positron intends to build, own and operate a high-energy,
high-current, cyclotron facility for the production of medical
diagnostic imaging and radiotherapy radioisotopes. The
Company expects to finance the project through a combination of
debt, equity and economic incentives.
The proposed 70 MeV cyclotron, a Cyclone 70, manufactured by IBA
s.a. of Belgium, is a state of the
art multi-particle, high energy, industrial cyclotron capable of
producing medical and industrial radioisotopes. Positron's
cyclotron will be unique in its purpose as its focus will be to
provide a consistent and reliable supply of critical radioisotopes
utilized in diagnostic medical imaging, specifically cardiac PET.
The Company expects that once completed, its 70 MeV cyclotron will
be the largest commercially owned and operated high-energy,
high-current cyclotron in the world.
"Strontium-82 will be the primary radioisotope produced at our
facility, the source radioisotope used to produce rubidium-82
generators. Our approach to significantly increase the supply of
strontium-82 directly addresses the industry's most critical issue
of limited availability of radiopharmaceuticals that are utilized
in thousands of cardiac PET imaging procedures throughout the
country each year," stated Patrick G.
Rooney, CEO of Positron. "Positron is focused on
facilitating the stabilization, security and growth of the cardiac
PET industry. We believe through our unique position and
ability to integrate the cardiac PET supply chain, Positron will be
able to increase the supply of key resources, which have limited
the sector's ability to expand; enabling Positron to meet the
demands of the global cardiac PET market. We are pleased to
work with Covington on the financing of our cyclotron project, as
it is a true milestone and a very significant next step towards
integrating the cardiac PET supply chain; enabling Positron to
offer an efficient and economical end-to-end solution for nuclear
cardiology's providers and patients."
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.
About Covington Associates: Covington Associates is
a specialty investment banking firm founded in 1991 serving
business services, consumer & industrial, healthcare, and
technology companies throughout the country. Focused on mergers and
acquisitions, debt and equity capital raising, debt and equity
restructuring, and strategic advisory assignments for middle market
companies, Covington Associates has completed transactions ranging
in value from $10 million to close to
$2 billion for both private and
publicly traded companies. www.covingtonassociates.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