IsoRay now part-owner of new Russian isotope company

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

IsoRay, a manufacturer and distributor of brachytherapy seeds, is now a 30 percent owner in UralDial, a new medical isotope manufacturing and distribution company based in Yekaterinburg, Russia.

IsoRay Chairman and CEO Roger Girard said the creation of the new entity “should significantly reduce manufacturing costs--in the United States as well as Russia--which should improve gross margins, assure a steady exclusive supply of isotopes from multiple Russian sources, and open new international markets for the company's Proxcelan Cesium-131 brachytherapy seeds.”

Under the terms of the UralDial Charter, IsoRay owns a 30 percent share in the new company, through its subsidiary, IsoRay International. UNONA Holdings, a private holding company that drives medical initiatives in concert with the Russian government, has a 40 percent ownership and 30 percent ownership is held by Russian engineers and scientists involved in the new operations.

All capital investments for the new manufacturing plant and the development of centers of excellence is expected to be provided by UNONA Holdings using funds from the British Petroleum/RENO Joint Venture and the Russian Central Railroad in support of the Russian government's new men's health initiatives.

The Richland, Wash.-based IsoRay said initial seed manufacturing capacity at the Russian facility is expected to support treating up to 2,500 patients per month with Cesium-131 (Cs-131) brachytherapy seeds and an additional 2,500 with Iodine-125 (I-125) seeds. Other medical isotopes may be manufactured at the plant in the future, IsoRay added.