KENNEWICK, Wash., Sept. 25, 2007 (PRIME NEWSWIRE) -- Advanced Medical Isotope Corporation (AMIC) (Pink Sheets:ADMD) of Kennewick, Washington announced today that the Company has secured debt financing for $2,706,000 from Washington Trust Bank headquartered in Spokane, Washington. The loan is secured by equipment, receivables, and personal guarantees.
The Use of Proceeds includes the installation of a proton linear accelerator (LINAC). This PULSAR(r) PET Isotope Production system from AccSys Technology, Inc., a Hitachi Company, sets a new standard for production of PET (Positron Emission Tomography) and other isotopes using proton beams, and is a more compact and reliable alternative to large and demanding cyclotrons. Further, it incorporates proven compact accelerator technology integrated with high production yield targets and advanced chemistry process units. This LINAC will be able to efficiently produce many other medical isotopes necessary for the diagnosis and treatment of major afflictions such as cancer, heart disease and Alzheimer's disease. AMIC will be a local supplier of the most common PET isotopes which can be produced for synthesis into compounds used in oncology, cardiology, neurology, and molecular imaging. The PET market is currently over $1 billion, and is expected to grow by approximately 25% annually.
Delivery of the LINAC is expected in early November and is to be housed in the Kennewick, Washington facilities secured last August. The LINAC is anticipated to be fully operational first quarter of 2008. The remainder of the loan is to be used for mandatory laboratory equipment necessary to commence production of imaging, diagnostic, and therapeutic isotopes and radiochemical as well as radiopharmaceuticals in the Kennewick production facility.
The primary isotope employed in PET scanning is Fluorine-18, which is the source of the positrons tracked by PET imaging equipment. Fluorine-18 is produced from Oxygen-18, a rare stable isotope of oxygen. AMIC currently is a supplier of Oxygen-18 to leading pharmaceutical, academic, medical research and government institutions worldwide. The global market for Oxygen -18, the first product AMIC is supplying, is $25-30 million per year and has been growing at approximately 20% annually.
William J. Stokes, CEO, states, "AMIC is rapidly moving toward becoming a direct producer of medical isotopes with production facilities on the west coast, in Kennewick, Washington, and on the east coast through its Joint Venture with CRS at SUNY Buffalo, New York, as well as continuing to supply products from Eastern Europe. AMIC provides quality products with exceptional customer service at competitive prices. With the retail radiopharmaceutical market expanding to over $2 billion, we believe we have a very compelling business opportunity."
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation is engaged in the development of advanced production systems and processes for bringing previously unavailable medical isotopes to the marketplace and advancing systems for local product production. The field of nuclear medicine has routinely utilized radioisotopes in the diagnosis of disease while new processes are being pioneered for the targeted treatment of afflictions such as cancer in preference to surgical techniques. Advanced Medical Isotope Corporation products support the accessibility to these less invasive therapeutic processes by advancing systems for lower cost production and improving supply availability of medical isotopes to hospitals and clinical treatment centers. For more information, please visit www.isotopia.us
Forward-Looking Statements
Except for historical information contained herein, the matters set forth in this press release, such as statements relating to the company's ability to drive technological developments and the acceptance and timing of product introductions, are forward-looking statements that are subject to risks and uncertainties, including but not limited to, timely development and acceptance of new products, the impact of competitive products and pricing, the timely development and release of products by suppliers, and other risks.