Northstar awarded 22 million to develop medical Isotopes in the U.S.
Looks like Northstar is the competition to ADMD. If ADMD was awarded anything close to that, this stock would be over 1.00 in a hurry.
Northstar Medical Radioisotopes LLC, the Madison company planning to build a plant in Beloit that would make a commonly used medical isotope, has been awarded $22.2 million of matching funds from a federal agency.
The National Nuclear Security Administration, the division of the Department of Energy that is trying to create domestic producers of the isotope, made the award. Northstar will use the money to help set up the Beloit facility.
Production issues at several nuclear power plants outside the U.S. during the last few years and worries about nuclear proliferation prompted the federal government in 2009 to look for ways to make a critical medical isotope more safely and closer to home.
Northstar filed with the Food and Drug Administration in September for approval to use its production methodology for making the isotope, which comes from a material called molybdenum-99. The 100,000-square-foot facility in Beloit would use linear accelerators and non-uranium-based raw materials to make the radioactive isotope with no resulting high-level radioactive waste, the company says.
The $22.2 million award brings to $25 million the amount of matching funding Northstar has received from the federal government.
Northstar has also raised $16 million from outside investors, including Hendricks Holding Co. Inc., which is run by Diane Hendricks of ABC Roofing in Beloit.
Good for you bruinfann.. . Note, the Northstar method, unfortunately, produces Mo99 which cannot be used to make Tc99m for US hospitals. The specific activity(SPA) of the Mo99 produced
is more than a thousand times lower than the 2 AMIC approaches. The AMIC Mo99 SPA is about
50,000Ci/gm at the the hospital in Mo99/Tc99m generators which is the required level for
Great discussion here. This news bodes very well for ADMD in any case. Nothing wrong with competition. But ADMD will surely have its day as this news is indicative of the direction that the field is taking and the increased immediate need for medical isotopes.