Indium oxine in development at Positron's Crown Point facility

Mar 14 2011

Positron Corporation (OTCBB: POSC) a molecular imaging company announced today that it is developing indium oxine, a radiopharmaceutical widely used for the radiolabeling of blood elements. This project signifies Positron's entrance into direct radiopharmaceutical manufacturing and sales; indium oxine is the first new product in development at Positron's research, development and manufacturing facility in Crown Point, Indiana.

Positron initially intends to produce a radiochemical grade indium oxine product that will be available to market in the second quarter of 2011, with radiopharmaceutical grade availability upon FDA approval. The Company currently estimates the market for indium oxine to be approximately $20 million dollars annually.

The Company also announced it has retained Dr. Mathew Thakur of Thomas Jefferson University as a consultant for the development of its indium oxine product. Dr. Thakur is a known expert in the field and, over the course of 35 years, has worked extensively with the product along side other luminaries in developing the use and applications of indium as well as other pharmaceuticals used in diagnostic imaging.

Scott Stiffler, vice president of Positron pharmaceuticals, added, "The market for indium oxine has been underserved for some time now and presents an ideal opportunity for Positron to expand both the use of the product and to achieve our initial radiopharmaceutical objectives. Dr. Thakur's knowledge and guidance as a thought leader in the industry, combined with the expertise of our development staff, will allow Positron to develop a fully cGMP compliant manufacturing process and file for a generic drug approval with the FDA."

The Company cited advancements made in the development of indium oxine as critical in establishing the procedures, protocols and expertise necessary to manufacture other new radiopharmaceutical products and related dispensing devices for diagnostic imaging.