WROCŁAW, POLAND --(Marketwired - December 06, 2016) - Perma-Fix Medical S.A. (WAR: PFM), a subsidiary of Perma-Fix Environmental Services, Inc. (NASDAQ: PESI), today announced that it entered into an initial term sheet, subject to completion of a final collaboration agreement, with Acsion Industries to support the development of several products, including a Technetium-99 (Tc-99m) generator optimized for the Company's patented resin, which is at the core of its new process to produce Tc-99m, the most widely used medical isotope in the world. Acsion, headquartered in Pinawa, Manitoba, is a leading developer and provider of products and services for the North American healthcare and isotope markets.
John Climaco, Executive Vice President of Perma-Fix Medical S.A., stated, "This new collaboration agreement will allow us to advance development of our own proprietary generator, optimized for our resin, along with other related products and services. Acsion is an ideal partner given their strong technical capabilities and industry experience."
Chris Saunders, Chief Executive Officer of Acsion Industries, commented, "We look forward to working closely with Perma-Fix Medical to advance their new process for the production of Tc-99m, which has the potential to solve the major supply chain issues facing the industry."
Stephen Belcher, Chief Executive Officer of Perma-Fix Medical S.A., stated, "With the support of Acsion, we are more confident than ever we can achieve our commercial goals with far lower investment and less impact to the environment than alternative approaches, with a vertically integrated supply chain from the initial purchase of molybdenum-98 through to finished product."
Mr. Belcher continued, "Having validated our technology at two leading nuclear institutions, we are in similar partnering discussions with other companies around the world involved in the Tc-99m supply chain. We believe our innovative process of Tc-99m production addresses the global need for a safer, more reliable, more cost-effective and uranium-free solution to Tc-99m production."
About Perma-Fix Medical S.A.
Perma-Fix Medical S.A. 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 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, completion of a final collaboration agreement; development of proprietary generator; ;and successfully commercialize production of Tc-99m.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; competitive pressures; and our ability to apply and market our new technologies; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of, our 2015 Form 10-K and Forms 10-Q for quarters ended March 31, 2016, June 30, 2016, and September 30, 2016. 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.