--Positron Proposes to Build High Energy Commercial Cyclotron in U.S.--
NOBLESVILLE, Ind.--(BUSINESS WIRE)-- Positron Corporation (OTCBB:POSC) (“Positron”, or the “Company”), a leading molecular imaging company specializing in the field of nuclear cardiology, is pleased to announce that it has executed a Memorandum of Understanding (“MOU”) with the City of Noblesville, Indiana to relocate its corporate headquarters, research & development and product manufacturing facilities to Noblesville. Included in the MOU are economic incentives for the development of the Company’s high energy 70 MeV cyclotron project and radiopharmaceutical manufacturing facility also to be located in Noblesville.
Positron is proposing to make a capital investment of approximately $55 million dollars for this project in conjunction with significant economic development incentives from the City of Noblesville and the State of Indiana, as well as various other project financing opportunities.
This cyclotron, once completed, will be the highest energy commercial cyclotron for isotope production within the United States and will advance Positron’s objectives for the production of medical isotopes and radiopharmaceuticals used in cardiac PET imaging, diagnostic and therapeutic medical radiopharmaceuticals. This project is the most significant endeavor in the Company’s history and strengthens Positron’s position in the marketplace; which will have far-reaching implications in the nuclear cardiology industry.
Patrick G. Rooney, CEO of Positron states, “The securing of critical components of the supply chain realized from this project will be considerable; we have built a solid foundation in our core cardiac imaging products and continue to vertically expand into medical isotopes and radiopharmaceuticals, allowing us to offer a complete solution for cardiac PET imaging. The execution of our plan to date is a tribute to our team’s diligence and extensive cooperation of Noblesville Mayor, John Ditslear, the City Council and the community of Noblesville.”
Positron’s development plans are expected to create more than 80 jobs in Noblesville over the next three to five years, a majority of which would be highly-skilled, professional positions. In addition, the city is expected to realize further economic benefits through complementary businesses locating in Noblesville in order to be in close proximity to this unique facility. The Company believes Noblesville to be the ideal choice for expansion plans based on its growing economy, strategic location, and the city’s commitment to promoting a thriving healthcare and technology environment.
“We are extremely pleased to have signed this MOU with Positron,” stated Mayor Ditslear. “Attracting a company of this quality and the ripple effects its presence will produce is exactly what the city had in mind when developing our Corporate Campus.”
Positron, the City of Noblesville, and the State of Indiana are working to finalize a definitive agreement regarding the proposed incentive package for this project. The pending economic incentive package is subject to funding approval from the Noblesville Common Council and is scheduled to be presented and voted upon later this month.
About Positron: Positron is a molecular imaging company focused on Nuclear Cardiology. Positron Corporation, a pioneer in molecular imaging for more than 25 years provides unique solutions for the nuclear medicine community through the production and distribution of proprietary molecular imaging systems and radiopharmaceutical products. More information about Positron is available at www.positron.com.
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance and may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Positron assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.
Public Affairs Manager with the City of Noblesville
Cara Culp, 317.776.6367
Patrick Rooney, 866.613.7587
Chief Executive Officer
Scott Stiffler, 866.613.7587
Vice President of Pharmaceuticals
KEYWORDS: United States North America Illinois Indiana
INDUSTRY KEYWORDS: Health Cardiology Hospitals Medical Devices Oncology Pharmaceutical Radiology General Health