News

Positron Receives Nuclear Regulatory Commission Manufacturing and Distribution License

2012-03-23T14:29:49+00:00

CROWN POINT, INDIANA—March 23, 2012 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), a leading molecular imaging healthcare company, specializing in the field of nuclear cardiology announces the approval of their Nuclear Regulatory Commission (NRC) manufacturing and distribution license amendment for the Company’s radiopharmaceutical manufacturing facility in Crown Point, Indiana.

Positron received its pharmacy license from the Indiana Board of Pharmacy in December 2011, which served as a precursor to the NRC amendment and recent approval, allowing Positron to manufacture and distribute radiochemicals and radiopharmaceuticals throughout the United States. The Company is currently producing Indium 111 Oxyquinoline for customer evaluation and commercial sale with plans to process additional radioisotopes for medical use.

“This NRC approval completes the mandatory requirements qualifying our Crown Point site as a fully licensed and operational radiochemical manufacturing facility” states Scott Stiffler, Positron’s Vice President of Pharmaceuticals. “The capabilities at the Crown Point facility will play a vital role in Positron’s expansion into radiopharmaceutical and radiochemical production and further development of products relevant to our full solution strategy. We expect sales of Indium Oxyquinoline to commence in the coming quarter.”

About Positron:

Positron Corporation is a leading molecular imaging healthcare company providing innovative nuclear medicine technologies and solutions that are reshaping the field of nuclear cardiology. Through proprietary PET imaging systems, services and radiopharmaceutical solutions, Positron enables healthcare providers to more accurately diagnose disease and improve patient outcomes while practicing cost effective medicine. Positron has gained significant traction in a diverse industry and continues their strong commitment to excellence and advancing cardiac imaging solutions. More information about Positron is available at www.positron.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.

For more information, contact:

Patrick G. Rooney 
Positron Corporation
Chief Executive Officer 
866.613.7587

MIT Receives First Arronax Shipment, Launching Strontium-82 Validation Project

2012-02-21T15:04:42+00:00

LUBBOCK, TEXAS—February 21, 2012 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), through its wholly owned subsidiary, Manhattan Isotope Technology, LLC (MIT), is proud to announce that on February 16, 2012, MIT, received its first shipment of Strontium-82(Sr-82) from the ARRONAX Cyclotron Facility in Nantes, France.

This historic event marks the first shipment of Sr-82 to be received by a private, non-government, entity in the U.S. in support of Sr-82 production. The receipt of this material also marks the beginning of MIT’s validation efforts in order to qualify Sr-82 product material as Active Pharmaceutical Ingredient (API).

Over the next six months MIT will continue to obtain Sr-82 target solutions, from foreign irradiators at the facility in Lubbock, Texas. MIT will conduct the critical processing procedures for final purification into API grade Sr-82. Validation of the API grade Sr-82 product material is key to the Positron/MIT 2012 Drug Master File submission to the U.S. FDA.

“With the receipt of Sr-82 from ARRONAX, Positron and MIT have achieved an incredible milestone,” states MIT President and Positron Pharmaceutical, Chief Technical Officer, Jason Kitten. “Up until this point in time, the Department of Energy was the only organization in the United States capable of processing Sr-82 material. By executing our plans, MIT is well positioned to meet the Drug Master File qualifications, which will further advance and accelerate Positron’s Sr-82 mission. Positron continues its progress and is on schedule to meet 2012 Sr-82 supply objectives. Positron’s goal of solidifying and advancing cardiac PET’s progression in the U.S. is well underway.”

About Positron:

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
866.613.7587

Positron Completes Agreement with Institute of Nuclear Research, Troitsk, Russia Additional Sr-82

2012-02-07T09:52:39+00:00

FISHERS, INDIANA—February 7, 2012 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), through its wholly owned subsidiary, Manhattan Isotope Technology, LLC (MIT), is pleased to announce the execution of a Memorandum of Understanding with the Institute of Nuclear Research (INR) of Troitsk, Russia. MIT and INR will collaborate on strontium-82(Sr-82) production beginning with a pharmaceutical ingredient validation exercise in 2012. A key goal of the collaboration is to increase the annual production capability of Sr-82 produced at INR and thereafter increase supply to key markets. Initial shipments of Sr-82 samples are expected at the MIT Facility in Lubbock, TX in the spring of 2012. These samples will be processed at MIT for final purification into Active Pharmaceutical Ingredient (API). This supply source and radiochemical methodology work will also be a part of the 2012 Drug Master File submission to the U.S. FDA.

Since 1997, INR, at Troitsk, has made crucial contributions to the yearly supply of Sr-82 in the U.S. through the supply of target material to Los Alamos National Laboratory (LANL) for processing. INR is one of a small number of global accelerator facilities which are capable of producing Sr-82. Leading the collaboration for INR is Dr. Boris Zhuikov, Head of Laboratory of Radioisotope Complex Institute for Nuclear Research of Russian Academy of Sciences and Jason Kitten, President of MIT and Chief Technology Officer of Positron Pharmaceuticals. Dr. Zhuikov and Mr. Kitten previously collaborated on Sr-82 production from 1997-2010, while Mr. Kitten was at Los Alamos National Laboratory. Additional Russian institutions participating in the Sr-82 project are the Institute of Physics and Power Engineering (IPPE) and The Isotope Company; both which are located in the premier Russian science city of Obninsk. IPPE and The Isotope Company are entities which reside within the Russian State Atomic Energy Corporation, ROSATOM.

Jason Kitten, President of MIT, commented upon the significance of the MOU, “Working with a reliable, proven, provider such as INR is an enormous win for the Sr82/Rb82 generator community and Positron. Throughout the past 14 years, INR has played a significant role that has bolstered the US medical isotope supply. Through INR’s production expertise and reliability of supply, the growth of Sr-82 has been possible, thus making the Sr82/Rb82 generator a mainstream modality for cardiac perfusion imaging.” On behalf of INR, Dr. Boris Zhuikov commented, “This is an important supplement to the current collaboration with Los Alamos National Laboratory. INR now brings forth the possibility of not only supplying irradiated targets for process in the U.S., but through a combination of partners, will produce Sr-82 via a new method developed in Russia. In addition, INR will use a portion of this strontium for preparing INR’s Sr-82 generator in an effort to meet the needs of national medicine in Russia and also the needs of the nuclear medicine communities in neighboring countries. This is a new, important growth step in INR’s business.”

About Positron:

Forward Looking Statements:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Positron/MIT Receives License Amendment Approval for Strontium-82

2012-01-27T09:25:56+00:00

MIT Initiates 2012 Strontium-82 Validation Project

FISHERS, INDIANA—January 27, 2012 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), a leading molecular imaging healthcare company, specializing in the field of nuclear cardiology, is pleased to announce that on January 23, 2012, its wholly owned subsidiary, Manhattan Isotope Technology (MIT), received approval of its radioactive materials license amendment. The Texas Department of State Health Services- Radiation Control Program granted the amendment approval.

This specific amendment will now permit for the receipt and processing of solutions, which contain Sr-82 and multiple other radioisotopes. Over the next six months MIT will obtain Sr-82 target solutions, from foreign irradiators, for final purification into Active Pharmaceutical Ingredient (API) grade Sr-82 at the MIT facility in Lubbock, TX.

During proton irradiation to produce Sr-82, many other radioisotopes are co-produced. These additional isotopes are removed from Sr-82 during radiochemical processing. The previous MIT radioactive materials license was limited to two radioisotopes: Sr-82 and Sr-85. The new amended license broadens the scope of isotopes permitted on site and allows MIT greater flexibility in this validation phase.

Commenting on the significance of the license approval, MIT President and Positron Pharmaceutical, Chief Technical Officer, Jason Kitten stated, “Positron and MIT are rapidly implementing a new foundation for cardiac PET by increasing the supply and reliability of Sr-82. Positron has designed a superior integrated business model for the reliability and expansion of cardiac PET in the US. With this latest license approval, MIT has significantly accelerated Positron’s Sr-82 mission and will begin supporting Sr-82 supply in 2012, further strengthening Positrons goal of solidifying cardiac PET’s progression in the US.”

About Positron:

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Positron Finalizes Acquisition of Manhattan Isotope Technology

2012-01-17T09:01:35+00:00

FISHERS, INDIANA—January 17, 2012 (BUSINESS WIRE)—Positron Corporation (OTCBB: POSC), a leading molecular imaging company specializing in the field of nuclear cardiology is pleased to announce the acquisition of 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 $3,500,000 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 U.S. 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 PET imaging, Positron plans to build and operate the world’s largest commercial high energy/high current cyclotron (70MeV) in the U.S. 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. Positron is committed to advancing the practice and technology of Nuclear Cardiology and with our integrated solution will play the largest role in the future and longevity of the industry.

Commenting upon the significance of the new company, MIT President Jason Kitten stated, “The staff at MIT brings decades of combined experience in isotope manufacturing and high consequence radiological facility engineering and design. With Positron’s vertically integrated approach and foresight in developing a robust solution to the isotope supply limitations, Positron is well positioned to become a total solutions provider expanding the U.S. market while taking its total solution strategy global.”

About Positron:

Positron Corporation is a leading molecular imaging company providing innovative nuclear medicine technologies and services that are reshaping the field of nuclear cardiology. Through proprietary PET imaging systems and radiopharmaceutical solutions, Positron enables healthcare providers to more accurately diagnose disease and improve patient outcomes while practicing cost effective medicine. Positron has gained significant traction in a diverse industry and continues their strong commitment to excellence and advancing cardiac imaging solutions. More information about Positron is available at www.positron.com.

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Positron Receives Indiana Board of Pharmacy License

2011-12-19T08:59:36+00:00

FISHERS, Ind. , Dec. 19, 2011 /PRNewswire/ – Positron Corporation (OTCBB: POSC.OB – News), a leading molecular imaging company specializing in the field of nuclear cardiology is pleased to announce that on December 16, 2011 , the Company received a nuclear pharmacy license from the Indiana Board of Pharmacy for the Company’s Crown Point, Indiana manufacturing facility.

The Indiana Board of Pharmacy license completes the requirements necessary to amend its NRC license to allow Positron to manufacture and distribute radiochemicals and radiopharmaceuticals throughout the United States. The Company will begin to produce Indium 111 Oxyquinoline for customer evaluation and commercial sale.

“We are pleased to receive this approval as it will allow our Crown Point facility to become fully licensed and operational as a radiochemical manufacturing facility,” said Scott Stiffler , Positron’s Vice President of Pharmaceuticals. “The Crown Point facility provides an ideal site for the manufacturing and development of radiopharmaceuticals and radiochemicals. The revenue generated from our Indium Oxyquinoline sales will allow Positron to expand its current product offerings. I’m pleased with the team’s efforts and execution at Crown Point of this significant milestone.”

About Positron:

Forward Looking Statements:

Positron’s Attrius Receives Health Canada Approval

2011-12-15T08:55:04+00:00

FISHERS, INDIANA—December 14, 2011 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), a leading molecular imaging company specializing in the field of nuclear cardiology, is pleased to announce that on December 12, 2011, the Company’s Positron Emission Tomography Scanners, the Attrius & Attrius L, received approval for sale in Canada.

The Attrius’ systems manufacturer, Neusoft Positron Medical Systems (NPMS) was granted a Medical Device License from Health Canada. NPMS is the joint venture between Neusoft Medical Systems, of Shenyang, China, and Positron Corporation. Positron Corporation has exclusive rights to sell the Attrius in North America.

“We are pleased that our scanners have been approved by Health Canada. It is a great step forward for our technology and our integrated PET solutions,” states Patrick G. Rooney, CEO of Positron. “The Canadian market is vast with a sophisticated approach to health care. It is a market that would benefit greatly from a full cardiac PET solution. We are integrating our products with key segments critical to the industry thus offering a complete value chain. The Canadian market is vital to us and we intend to have a very strong presence within this country.”

About Positron:

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Amerinet Awards Positron Group Purchasing Agreement

2011-12-02T08:51:40+00:00

Positron's PosiRx, Automated Radiopharmaceutical System, to be Introduced to Amerinet's Extensive Member Network

FISHERS, INDIANA—December 2, 2011 (BUSINESS WIRE)—Positron Corporation (OTCBB: POSC), a leading molecular imaging company specializing in the field of nuclear cardiology, is pleased to announce that Amerinet has awarded a Group Purchasing Agreement for their PosiRx system to begin January 1, 2012 for a three-year period.

Amerinet is a Group Purchasing Organization (GPO), which enters into arrangements for the purchase of products and services on behalf of its member facilities. Amerinet provides a broad portfolio of agreements, products and services capable of serving healthcare organizations, both hospitals and non-hospitals alike. Amerinet’s objective is to secure new opportunities with emerging technology vendors in order to reduce costs and improve efficiencies to its member network.

Positron’s objective is to offer the PosiRx System throughout Amerinet’s network of over 50,000 members. Positron’s PosiRx technology will meet the needs of those Amerinet members desiring efficient radiopharmaceutical solutions for their cardiac SPECT pharmacy needs.

“We believe the PosiRx system will impact and redefine the industry by offering a more efficient and economical alternative to the current nuclear pharmacy model. We are excited to work with Amerinet and their extensive member network, as our innovative solutions are well-aligned with their vision,” stated Michael Stewart, Positron’s Director of Radiopharmaceutical Business Development.

PosiRx is a radiopharmaceutical system that automates the elution, preparation and dispensing processes for radiopharmaceutical agents used in molecular imaging. It was created to simplify and control the procedures associated with compounding radiopharmaceuticals. PosiRx is the first system of its kind to offer a complete and comprehensive automated solution in nuclear medicine.

About Positron:

About Amerinet: As a leading national healthcare solutions organization, Amerinet collaborates with acute and non-acute care providers to create and deliver unique solutions through performance improvement resources, guidance and ongoing support. With better product standardization and utilization, new financial tools beyond contracting and alliances that help lower costs, raise revenue and champion quality, Amerinet enriches healthcare delivery for its members and the communities they serve. To learn more about how Amerinet can help you successfully navigate the future of healthcare reform, visit www.amerinet-gpo.com.

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Manhattan Isotope Technology and Arronax Collaborate on Production of Strontium-82/Radionuclides

2011-11-17T08:44:40+00:00

Manhattan Isotope Technology executes memorandum of understanding with ARRONAX cyclotron facility

FISHERS, INDIANA—November 17, 2011 (BUSINESS WIRE)—Positron Corporation (OTCBB:POSC), a leading molecular imaging company specializing in the field of nuclear cardiology is pleased to announce that Manhattan Isotope Technology, with the support of Positron, has executed a Memorandum of Understanding with the ARRONAX Cyclotron Facility in Nantes, France. Manhattan Isotope and ARRONAX will collaborate on production of strontium-82 and other medical radionuclides.

As previously announced Positron has entered into a binding Letter of Intent with Manhattan Isotope Technology, LLC (MIT) that will make MIT a wholly owned subsidiary of Positron pending upon final transaction closing. ARRONAX stands for Accelerator for Research in Radiochemistry and Oncology at Nantes Atlantic. ARRONAX GIP, a French GIP (Groupement d’Intérêt Public) operates a 70 MeV, cyclotron and associated support facilities. ARRONAX is located in Nantes on the campus of the university hospital and the ICO cancer center.

ARRONAX has made a critical investment for increasing the global supply of medical radioisotopes. ARRONAX is one of only a small number of global accelerator facilities which possess the requisite proton beam characteristics for strontium-82 production. Leading the collaboration is Dr. Jacques Barbet, director of ARRONAX GIP, and Jason Kitten president for MIT. The MOU also calls for collaboration of other high energy/high current medical radioisotopes such as germanium-68.

The parties involved expect Sr-82 validation samples will begin arriving from ARRONAX at the Lubbock, TX processing facility in early 2012 with the filing of Manhattan Isotope’s Drug Master File with the US FDA in the spring of 2012. Currently the only supplier of Active Pharmaceutical Ingredient grade strontium-82 in the United States is the US Department of Energy. MIT President, Jason Kitten commented upon the significance of the MOU, “Working with the high caliber scientists at ARRONAX and their cutting-edge high power cyclotron is truly a tremendous growth opportunity for Sr-82 supply. We fully expect that the collaboration of ARRONAX and MIT will expand the global supply of Sr-82; a supply that is very limited and in great demand by the medical community.”

As of the date of this press release, Positron has entered into a binding LOI, however, has not yet entered into a definitive agreement for the acquisition of Manhattan Isotope Technology.

About Positron:

Forward Looking Statements:

For more information, contact:

Patrick G. Rooney
Positron Corporation
Chief Executive Officer
866.613.7587

Positron Agrees to Acquire Manhattan Isotope Technology, LLC

2011-11-14T08:40:45+00:00

- Positron Gains Key COmponents as it Enters Radioisotope Market -

FISHERS, Indiana–(BUSINESS WIRE)–Positron Corporation (OTCBB:POSC), a leading molecular imaging company specializing in the field of nuclear cardiology is pleased to announce today that on Friday November 11, 2011, 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.

“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.” Manhattan Isotope is the leading 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 critical 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.”

About Positron:

Forward Looking Statements:

Positron Corporation
Patrick G. Rooney
866.613.7587
Chief Executive Officer