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Positron Corporation Message Board

  • posctoadollar posctoadollar Jun 7, 2013 10:55 PM Flag

    Positron Retains Investment Banking Firm Covington Associates To Lead Financing Of Cyclotron Project

    CHICAGO, IL – June 7, 2013 (PRNewswire) – Positron Corporation (OTCBB:POSC), a nuclear medicine healthcare company, announces today that it has retained Covington Associates, LLC (“Covington”), as its investment banking advisor in connection with the financing of its 70 MeV cyclotron project. Covington, a specialty investment banking firm dedicated to healthcare and technology companies, will advise the Company on various financing and strategic opportunities related to the $60 million required for this 70 MeV cyclotron.

    Positron intends to build, own and operate a high-energy, high-current, cyclotron facility for the production of medical diagnostic imaging and radiotherapy radioisotopes. The Company expects to finance the project through a combination of debt, equity and economic incentives.

    The proposed 70 MeV cyclotron, a Cyclone 70, manufactured by IBA s.a. of Belgium, is a state of the art multi-particle, high energy, industrial cyclotron capable of producing medical and industrial radioisotopes. Positron’s cyclotron will be unique in its purpose as its focus will be to provide a consistent and reliable supply of critical radioisotopes utilized in diagnostic medical imaging, specifically cardiac PET. The Company expects that once completed, its 70 MeV cyclotron will be the largest commercially owned and operated high-energy, high-current cyclotron in the world.

    “Strontium-82 will be the primary radioisotope produced at our facility, the source radioisotope used to produce rubidium-82 generators. Our approach to significantly increase the supply of strontium-82 directly addresses the industry’s most critical issue of limited availability of radiopharmaceuticals that are utilized in thousands of cardiac PET imaging procedures throughout the country each year, ” stated Patrick G. Rooney, CEO of Positron. “Positron is focused on facilitating the stabilization, security and growth of the cardiac PET industry. We believe through our unique position and ability to integrate the cardiac PET supply chain, Positron will be able to increase the supply of key resources, which have limited the sector’s ability to expand; enabling Positron to meet the demands of the global cardiac PET market. We are pleased to work with Covington on the financing of our cyclotron project, as it is a true milestone and a very significant next step towards integrating the cardiac PET supply chain; enabling Positron to offer an efficient and economical end-to-end solution for nuclear cardiology’s providers and patients.”

    Sentiment: Strong Buy

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