Positron, a nuclear cardiology company, has executed a memorandum of understanding (MOU) with the City of Noblesville, Ind., to relocate its corporate headquarters, research & development and product manufacturing facilities to Noblesville.

Included in the MOU are economic incentives for the development of the company’s 70 MeV cyclotron project and radiopharmaceutical manufacturing facility also to be located in Noblesville.

Positron is proposing to make a capital investment of approximately $55 million dollars for this project in conjunction with economic development incentives from Noblesville and the state of Indiana, as well as various other project financing opportunities.

This cyclotron, once completed, will be a commercial cyclotron for isotope production within the U.S. and will advance Positron’s objectives for the production of medical isotopes and radiopharmaceuticals used in cardiac PET imaging and diagnostic and therapeutic medical radiopharmaceuticals, according to the company.

Positron said its development plans are expected to create more than 80 jobs in Noblesville over the next three to five years.