Advanced Medical Isotope Corporation Awarded LSDF Grant As
Commercialization Partner
Kennewick, WA - December 19, 2014 - InvestorsHub NewsWire
- Advanced Medical Isotope Corporation ("AMIC") (OTCQB:
ADMD), a late stage development company engaged primarily in
the development of brachytherapy devices and medical isotopes for
diagnostic and therapeutic applications, today announced that a
Life Sciences Discovery Fund (LSDF) Proof of Concept Grant has been
awarded for which AMIC is the commercialization partner. The
award was made to Washington State University (WSU) for the
proposal titled "Optimized Injectable Radiogels for High-dose
Therapy of Non-resectable Solid Tumors," submitted by Principal
Investigator Dr. Darrell Fisher, in the amount of $250,000.
AMIC will receive a portion of the award by supplying product to
WSU for the study as well as providing scientific and technical
support. AMIC plans to use the data generated during the
study to support the commercialization of the Company's
brachytherapy products. Dr. Darrell Fisher serves on the AMIC
Medical Advisory Board.
Brachytherapy is the use of radiation to destroy cancerous
tumors by placing a radiation source inside or next to the
treatment area. According to Global Industry Analysts, by
2016 the U.S. brachytherapy market will reach $2 billion.
AMIC CEO and Chairman James C. Katzaroff stated: "We are
delighted to be working with one of the nation's top Veterinary
schools, Washington State University College of Veterinary
Medicine. We are appreciative to the LSDF for their
recognition of the importance of the commercialization of our
patented brachytherapy technologies that aim to improve lives by
offering better treatment alternatives for certain
cancers."
The LSDF recently announced $1.2 million in Proof of Concept
grants to Washington-based organizations to foster the advancement
of promising health-related technologies to commercial products.
The LSDF Board of Trustees selected the awardees following review
of proposals for scientific and technical merit, commercial
potential, and health and economic benefits to Washington. Awards
are contingent pending final Grant Agreement execution and
availability of funds.
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (OTCBB: ADMD) is a late stage
development company engaged primarily in the development of
brachytherapy devices and medical isotopes for diagnostic and
therapeutic applications. AMIC's focus is on transitioning to
full operations upon receipt of FDA clearance for its patented
brachytherapy cancer products. Brachytherapy uses radiation
to destroy cancerous tumors by placing a radioactive isotope inside
or next to the treatment area. Annual sales of brachytherapy
products exceed $1 billion, about half of which are in the United
States. The Company intends to outsource material aspects of
manufacturing, distribution, sales and marketing for its products
in the United States and to enter into licensing arrangements
outside of the United States, though the Company will evaluate its
alternatives before finalizing its plans. For more
information, please visit our website, www.isotopeworld.com.
About LSDF
The Life Sciences Discovery Fund, a Washington state agency
established in May 2005, makes grant investments in innovative life
sciences research and development to benefit Washington and its
citizens. For more information, visit www.lsdfa.org.
About WSU
Washington State University conducts transformational research and
provides world-class education to more than 26,000 undergraduate,
graduate, and professional students. Founded in 1890 in Pullman, it
is Washington's original land-grant university, with a mission of
improving quality of life. The WSU College of Veterinary
Medicine is one of the nation's top veterinary schools with
scientists studying animal and human disease. WSU also has one of
the best-equipped veterinary teaching hospitals in the
country. For more information, visit www.wsu.edu.
Safe Harbor Statement
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. You
can identify these statements by the use of the words "may,"
"will," "should," "plans," "expects," "anticipates," "continue,"
"estimates," "projects," "intends," and similar expressions.
Forward-looking statements involve risks and uncertainties that
could cause results to differ materially from those projected or
anticipated. These risks and uncertainties include, but are
not limited to, AMIC's ability to successfully execute its expanded
business strategy, including by entering into definitive agreements
with suppliers, commercial partners and customers; general economic
and business conditions, effects of continued geopolitical unrest
and regional conflicts, competition, changes in technology and
methods of marketing, delays in completing various engineering and
manufacturing programs, changes in customer order patterns, changes
in product mix, continued success in technical advances and
delivering technological innovations, shortages in components,
production delays due to performance quality issues with outsourced
components, regulatory requirements and the ability to meet them,
government agency rules and changes, and various other factors
beyond the Company's control.
CONTACT: Advanced Medical Isotope Corporation, James
C. Katzaroff, (509) 736-4000, 1021 N. Kellogg St., Kennewick, WA
99336