Perma-Fix Medical S.A. Formally Accepts $2.8 Million Grant From the European Union Awarded Earlier This Year to Advance Development of Technetium Generator for Cancer and Cardiac Imaging
ATLANTA, GA -- (Marketwired) -- 05/08/15 -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI), today announced that Perma-Fix Medical S.A., a subsidiary of the company, has formally accepted the grant awarded earlier this year to a consortium it led for further development and commercialization of a novel prototype generator for the production of Technetium-99m ("Tc-99m") for use in cancer and cardiac imaging ("Generator Project"). The grant was awarded under the STRATEGMED Program in Poland.
The total Generator Project budget is approximately 13.3 million PLN (USD $3.7M) of which Generator Project grant subsidies allocated to the project team total 10 million PLN (USD $2.8M). Of the 10 million PLN grant allocation, Perma-Fix Medical S.A. will receive 2.9 million PLN (USD $0.8M) and the remaining amount will be allocated to other members of the Generator Project team to support technology development and testing.
The Generator Project team will be under the leadership and supervision of Perma-Fix Medical S.A. and consists of four additional entities from Poland, including: the National Centre for Nuclear Research -- Radioisotope Centre POLATOM in Otwock; the Institute for Biopolymers and Chemical Fibers -- Department of Biopolymers in Lódz; Warsaw Medical University -- Department of Nuclear Administration; and the Institute of Industrial Organic Chemistry Branch in Pszczyna.
The goal of the Generator Project is to develop a novel prototype generator utilizing Perma-Fix's microporous resin to produce molybdenum-derived Tc-99m, test the chemical and radionuclide purities of Tc-99m eluent and verify the performance of the final product, which will be the cancer and cardiac pharmaceutical kits used during animal and human imaging to fulfill both Polish and European Pharmacopoeia standards.
Dr. Louis F. Centofanti, CEO of Perma-Fix Environmental Services, commented: "Having independently validated our patented microporous resin technology at two of the pre-eminent nuclear research institutes in the world, we are pleased to now have the additional financial resources and scientific support to enable Perma-Fix Medical S.A. to develop its own commercial generator, which will be used to contain the resin at a higher scale as its separates Tc-99m from natural molybdenum. We believe our process is a breakthrough in the industry because it does not require the use of uranium and is less expensive than the industry standard now in use."
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the DOE, the Department of Defense ("DOD"), and the commercial nuclear industry. The Company's nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.
Please visit us on the World Wide Web at http://www.perma-fix.com.
About Perma-Fix Medical S.A.
Perma-Fix Medical S.A. is a subsidiary of Perma-Fix Environmental Services Inc., a NASDAQ listed company. It was formed to develop, obtain FDA and other regulatory approval and commercialize a new process to produce Technetium-99 (Tc-99m), the most widely used medical isotope in the world. The new process is expected to solve worldwide shortages of Tc-99m as it is less expensive, does not require the use of government-subsidized, weapons-grade materials and can be easily deployed around the world using standard research and commercial reactors, thereby eliminating the need for special purpose reactors. Please visit us on the World Wide Web at http://www.medical-isotope.com.
This press release contains "forward-looking statements" which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements generally are identifiable by use of the words such as "believe", "expects", "intends", "anticipate", "plans to", "estimates", "projects", and similar expressions. Forward-looking statements include, but are not limited to: our process is a breakthrough in the industry because it does not require the use of uranium and is less expensive than the industry standard now in use. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; U.S. and state governmental laws and regulations adopted from time to time; funding of the grant; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2014 Form 10-K and Form 10-Q for quarter ended March 31, 2015. The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.
Contacts:
David K. Waldman
US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss
European Investor Relations
herbert@eu-ir.com
+43 316 296 316
Source: Perma-Fix Environmental Services, Inc.
Released May 8, 2015