SOURCE: Perma-Fix Environmental Services, Inc.

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January 21, 2015 08:30 ET

Perma-Fix Medical Project Awarded $2.7 Million Grant to Advance Development of Technetium Generator for Cancer and Cardiac Imaging

ATLANTA, GA--(Marketwired - January 21, 2015) - Perma-Fix Environmental Services, Inc. (NASDAQ: PESI), today announced that a consortium led by Perma-Fix Medical, a subsidiary of the company, received an official notification from the National Centre for Research and Development in Poland for grant funding under the STRATEGMED Program to further develop and commercialize a novel prototype generator for the production of Technetium-99m (Tc-99m) for use in cancer and cardiac imaging ("Generator Project").

The total Generator Project budget is approximately 13.3 million PLN (USD $3.5M) of which Generator Project grant subsidies allocated to the project team will be 10 million PLN (USD $2.7M). Of the $10 million PLN grant allocation, Perma-Fix Medical will directly 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 3.3M PLN Generator Project funding not covered by the grants is expected to be contributed by the Generator Project team on a yet to be determined basis.

The Generator Project team will be under the leadership and supervision of Perma-Fix Medical 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 Łódź; 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: "This funding marks a significant achievement and validation for Perma-Fix Medical, as the project was ranked third on the list of 97 projects that submitted applications, and was among only 12 projects that were recommended for funding. We believe the grant subsidies will accelerate the rollout of our technology in Europe and in the USA. The technology has the potential to reshape the global supply of Tc-99m as it meets global market needs for Tc-99m without the use of uranium. Moreover, the technology is less expensive as it encompasses the full production cycle, from reactor to final medical supply. We are gratified by this award and look forward to supporting the European Union's priorities for early detection and treatment of cardiac and cancer diseases."

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

Perma-Fix Medical 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: we have crossed an important threshold with the issuance of this patent that not only protects our intellectual property, but enables us to move forward unencumbered with our mission of solving the global supply chain issues related to Tc-99m; and our process enables production of this essential medical isotope for diagnostic imaging procedures in a way that is cost-effective and does not require the use of uranium. 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; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2013 Form 10-K and Form 10-Q for quarter ended March 31, 2014, June 30, 2014, and September 30, 2014. 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.

Contact Information

  • 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