KENNEWICK, Wash., June 12, 2009 (GLOBE NEWSWIRE) -- Advanced Medical Isotope Corporation ("AMIC") (Pink Sheets:ADMD) (http:www.isotopeworld.com), a company engaged in the production and distribution of medical isotopes, Along with a senior industrial partner and the University of Missouri (MU) are collectively collaborating and preparing to test and develop prototype compact devices to produce radioisotopes which could supply clinical quantities of Mo-99 within a few years.
In June 2008, Advanced Medical Isotopes Corporation (AMIC) and the University of Missouri (MU) entered into an agreement to develop a compact device for producing medical radioisotopes. As was reported at that time:
"The University of Missouri holds intellectual property for a system than can generate clinically relevant quantities of radioisotopes (including Mo-99), the production of which normally requires a nuclear reactor. This can be done in a "sub-critical system" (technically and legally not a nuclear reactor, thus avoiding significant and costly regulations) with an infrastructure footprint similar to a commercial cyclotron facility. The partnership between MU and AMIC allows for a staged development of such a system to produce medical, research, and industrial isotopes. MU currently holds intellectual property for a device that generates neutrons in a tank filled with heavy water and fissile uranium material. Current simple models indicate that at least 500 curies (Ci) of Mo-99 would be available from such a system after a one week period of operation, and the potential exists for even higher production levels. More extensive modeling and simulations are necessary, however, to confirm this possibility. Significant quantities of other useful radioisotopes, such as various radio-iodines and radioactive xenon, are expected to be generated as well."
Ongoing model calculations have supported the viability of this mode of production. Indeed, proprietary methods of increasing the production yield to several thousand curies per week of Mo-99 have subsequently been built into the latest designs. The advantages of a having a modular, sub-critical system, a small footprint, and significantly lower costs than comparable reactor-producing methods makes this a very viable candidate to reliably supply clinically significant quantities of Mo-99 in the US and elsewhere. A number of strategically located units in North America and other continents could easily supply the projected demand for Mo-99 (and other fission isotopes) with less risk and increased reliability.
AMIC is moving to now test this method and build prototype systems. To this end, discussions have been entered into with a prospective industrial partner that could result in an operational system within as little as 2-4 years. To assist in this project, AMIC is pleased to announce that Dr. Nigel R. Stevenson will be joining the Company as a Senior Consultant. Dr. Stevenson brings the experience of having previously worked in both academia and with a number of commercial ventures in the field of isotope and radiochemical production. He has had oversight of building and running several large-scale isotope production systems in addition to getting new radiochemicals and radioactive products to market.
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (AMIC) is a medical isotope production company engaged in the production and distribution of medical isotopes and medical isotope in vivo delivery systems for advanced diagnostic and non-surgical therapeutic application. AMIC's goal is to empower physicians, medical researchers, and ultimately patients by providing them with essential medical isotopes that, until now, have not been feasible or economical, in an effort to detect and cure human disease. For more information, please visit our website, http://www.isotopeworld.com
About the University of Missouri
The University of Missouri (MU) is home to over 28,000 students and offers 19 schools and colleges and more than 270 degree programs and over the past decade has performed over $2 billion in research. Research at MU has a $440 million impact on the state of Missouri and supports over 9,000 jobs. The University is also home to the MU Research Reactor (MURR), the largest research reactor operated by a university in the United States. MURR is a worldwide leader in the production of radioisotopes for research, industry and radiopharmaceutical applications and serves as a test-bed for physics testing and therapeutic studies that require high-intensity neutron beams. MURR is part of a public-private partnership which has built a facility to house a cyclotron for the production of PET isotopes and provide a facility for production of research isotopes. This will allow MU to supply a much-needed isotope to area medical centers for use in diagnosing and treating cancer and heart disease as well as expanding the types of radioisotopes available to university scientists.
SAFE HARBOR
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.