Positron has acquired all of the assets, business operations and retained all employees of Manhattan Isotope Technology (MIT). In exchange, MIT shall receive cash advances, assumption of certain indebtedness and earn-out consideration of $3.5 million, 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 U.S. in 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 and foreign suppliers and recycling Sr-82 from spent generators.
MIT seeks to become the first supplier to provide Active Pharmaceutical Ingredient grade Sr-82 in the U.S. besides the U.S. department of energy. In an effort to expand Positron's radioisotope product offerings, MIT produces 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 a U.S. commercial high-energy/high-current cyclotron (70MeV).