Advanced Medical Isotope Corporation Awarded LSDF Grant As Commercialization Partner
KENNEWICK, Wash., Dec. 19, 2014 /PRNewswire via COMTEX/ -- Advanced Medical Isotope Corporation ("AMIC"
(OTCQB: ADMD), a late stage development company engaged primarily in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications, today announced that a Life Sciences Discovery Fund (LSDF) Proof of Concept Grant has been awarded for which AMIC is the commercialization partner. The award was made to Washington State University (WSU) for the proposal titled "Optimized Injectable Radiogels for High-dose Therapy of Non-resectable Solid Tumors," submitted by Principal Investigator Dr. Darrell Fisher, in the amount of $250,000. AMIC will receive a portion of the award by supplying product to WSU for the study as well as providing scientific and technical support. AMIC plans to use the data generated during the study to support the commercialization of the Company's brachytherapy products. Dr. Darrell Fisher serves on the AMIC Medical Advisory Board.
Brachytherapy is the use of radiation to destroy cancerous tumors by placing a radiation source inside or next to the treatment area. According to Global Industry Analysts, by 2016 the U.S. brachytherapy market will reach $2 billion.
AMIC CEO and Chairman James C. Katzaroff stated: "We are delighted to be working with one of the nation's top Veterinary schools, Washington State University College of Veterinary Medicine. We are appreciative to the LSDF for their recognition of the importance of the commercialization of our patented brachytherapy technologies that aim to improve lives by offering better treatment alternatives for certain cancers."
The LSDF recently announced $1.2 million in Proof of Concept grants to Washington-based organizations to foster the advancement of promising health-related technologies to commercial products. The LSDF Board of Trustees selected the awardees following review of proposals for scientific and technical merit, commercial potential, and health and economic benefits to Washington. Awards are contingent pending final Grant Agreement execution and availability of funds.
About Advanced Medical Isotope CorporationAdvanced Medical Isotope Corporation (OTCBB: ADMD) is a late stage development company engaged primarily in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications. AMIC's focus is on transitioning to full operations upon receipt of FDA clearance for its patented brachytherapy cancer products. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. Annual sales of brachytherapy products exceed $1 billion, about half of which are in the United States. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our website, www.isotopeworld.com.
About LSDF The Life Sciences Discovery Fund, a Washington state agency established in May 2005, makes grant investments in innovative life sciences research and development to benefit Washington and its citizens. For more information, visit www.lsdfa.org.
About WSU Washington State University conducts transformational research and provides world-class education to more than 26,000 undergraduate, graduate, and professional students. Founded in 1890 in Pullman, it is Washington's original land-grant university, with a mission of improving quality of life. The WSU College of Veterinary Medicine is one of the nation's top veterinary schools with scientists studying animal and human disease. WSU also has one of the best-equipped veterinary teaching hospitals in the country. For more information, visit www.wsu.edu.
Safe Harbor StatementThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," 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, AMIC's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; 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 technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/advanced-medical-isotope-corporation-awarded-lsdf-grant-as-commercialization-partner-300012604.html
SOURCE Advanced Medical Isotope Corporation
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KENNEWICK, Wash., Dec. 19, 2014 /PRNewswire via COMTEX/ -- Advanced Medical Isotope Corporation ("AMIC"
(OTCQB: ADMD), a late stage development company engaged primarily in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications, today announced that a Life Sciences Discovery Fund (LSDF) Proof of Concept Grant has been awarded for which AMIC is the commercialization partner. The award was made to Washington State University (WSU) for the proposal titled "Optimized Injectable Radiogels for High-dose Therapy of Non-resectable Solid Tumors," submitted by Principal Investigator Dr. Darrell Fisher, in the amount of $250,000. AMIC will receive a portion of the award by supplying product to WSU for the study as well as providing scientific and technical support. AMIC plans to use the data generated during the study to support the commercialization of the Company's brachytherapy products. Dr. Darrell Fisher serves on the AMIC Medical Advisory Board. Brachytherapy is the use of radiation to destroy cancerous tumors by placing a radiation source inside or next to the treatment area. According to Global Industry Analysts, by 2016 the U.S. brachytherapy market will reach $2 billion.
AMIC CEO and Chairman James C. Katzaroff stated: "We are delighted to be working with one of the nation's top Veterinary schools, Washington State University College of Veterinary Medicine. We are appreciative to the LSDF for their recognition of the importance of the commercialization of our patented brachytherapy technologies that aim to improve lives by offering better treatment alternatives for certain cancers."
The LSDF recently announced $1.2 million in Proof of Concept grants to Washington-based organizations to foster the advancement of promising health-related technologies to commercial products. The LSDF Board of Trustees selected the awardees following review of proposals for scientific and technical merit, commercial potential, and health and economic benefits to Washington. Awards are contingent pending final Grant Agreement execution and availability of funds.
About Advanced Medical Isotope CorporationAdvanced Medical Isotope Corporation (OTCBB: ADMD) is a late stage development company engaged primarily in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications. AMIC's focus is on transitioning to full operations upon receipt of FDA clearance for its patented brachytherapy cancer products. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. Annual sales of brachytherapy products exceed $1 billion, about half of which are in the United States. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our website, www.isotopeworld.com.
About LSDF The Life Sciences Discovery Fund, a Washington state agency established in May 2005, makes grant investments in innovative life sciences research and development to benefit Washington and its citizens. For more information, visit www.lsdfa.org.
About WSU Washington State University conducts transformational research and provides world-class education to more than 26,000 undergraduate, graduate, and professional students. Founded in 1890 in Pullman, it is Washington's original land-grant university, with a mission of improving quality of life. The WSU College of Veterinary Medicine is one of the nation's top veterinary schools with scientists studying animal and human disease. WSU also has one of the best-equipped veterinary teaching hospitals in the country. For more information, visit www.wsu.edu.
Safe Harbor StatementThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," 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, AMIC's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; 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 technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/advanced-medical-isotope-corporation-awarded-lsdf-grant-as-commercialization-partner-300012604.html
SOURCE Advanced Medical Isotope Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=CL...d=20141219
www.prnewswire.com
Copyright (C) 2014 PR Newswire. All rights reserved
-0-
KEYWORD: Washington
INDUSTRY KEYWORD: HEA
MTC
PHA
SUBJECT CODE: AWD
