Positron has acquired Dose Shield, a subsidiary of NukeMed, and has formed a new subsidiary, Positron Pharmaceuticals.
Positron said it acquired Dose Shield for 80 million shares of Positron's common stock, plus $600,000 cash. Positron’s shares were trading at 6 cents each at midday Thursday.
Under the terms of the three-year agreement, John Zehner, president and founder of NukeMed and Dose Shield, will head Positron Pharmaceuticals.
“We believe Positron is in an ideal position to offer a complete turnkey service into the nuclear cardiology market. I look forward to guiding and growing their pharmaceutical arm,” Zehner said.
The Houston-based Positron acquisition of Dose Shield and the patent expiration of two nuclear cardiology radiopharmaceuticals will enable the company to incorporate radiopharmaceuticals into its current line of molecular imaging systems, dose drawing systems and disease management software, according to Joe Oliverio, president of Positron.