WASHINGTON, Oct. 29, 2023 (GLOBE NEWSWIRE) — ASP Isotopes Inc. (NASDAQ:ASPI), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes for use in multiple industries, today announced that it has entered into a strategic relationship with PET Labs for the production and distribution of medical isotopes.
PET Labs is a South African radiopharmaceutical operations company dedicated to nuclear medicine and the science of radiopharmaceutical production. PET Labs focuses on the production of fluorinated radioisotopes and active pharmaceutical ingredients. PET Labs currently operates a single cyclotron in Pretoria, South Africa.
As part of the relationship, the companies anticipate adding two new cyclotrons in South Africa – one in Pretoria and one in Cape Town. The two cyclotrons, which GE Healthcare will supply, are expected to be capable of addressing the medical radioisotope needs of South Africa, as well as certain neighboring countries. The cyclotrons are expected to be financed by third-party debt financing arrangements. The primary objective of the relationship is to expand into frontier markets where there is an undersupply of radioisotopes used in medical imaging.
Paul Mann, Chairman and CEO of ASP Isotopes Inc. stated, “This strategic relationship with PET Labs will help both companies grow over the next several years, ensuring a stable supply of PET and SPECT radioisotopes to the Southern African and developing world markets.”
Dr. Kemp, CEO of PET Labs, added, “The technical advancements of PET imaging in various diagnostics applications and the rising demand for the production of new PET radiopharmaceuticals are expected to drive market growth. The increasing shift towards image-guided interventions is further propelling the growth of the PET scanning market globally.”
Sophie Le Cordeur, Field Marketing Manager, EMEA-Emerging Markets of GE Healthcare, stated, “There is a clear need for additional radioisotope production capability in Sub-Saharan Africa and we look forward to working with ASP Isotopes and PET Labs to bring new treatments to patients in frontier markets.”
DLA Piper in South Africa advised ASP Isotopes on all legal aspects of the transaction, including corporate, exchange control, and regulatory advice required.
About ASP Isotopes Inc.
ASP Isotopes Inc. is an advanced materials company dedicated to developing technology and processes to produce isotopes in multiple industries. The Company employs proprietary technology, the Aerodynamic Separation Process (“ASP technology”), for the production of all isotopes. The Company’s initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The Company also plans to enrich isotopes for the nuclear energy sector. The Company has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with a low atomic mass (light isotopes).
There is a growing demand for isotopes such as Silicon-28, which will enable quantum computing, and Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 for new, emerging healthcare applications, as well as Chlorine-37, Lithium-6, and Uranium-235 for green energy applications. The ASP Technology (Aerodynamic Separation Process) is ideal for enriching low and heavy atomic mass molecules. For more information, please visit www.aspisotopes.com.
About PET Labs (Pty) Ltd.
PET Labs is a South African radiopharmaceutical operations company, dedicated to nuclear medicine and the science of radiopharmaceutical production. We are committed to offer a unique suite of solutions addressing the challenges facing nuclear medicine. We have a customer-centric approach to the specific operational needs of our customers. Our commitment extends to the communities we serve. We strive to be the partner of choice in providing radiopharmaceutical solutions to the nuclear medicine market. For more information, please visit www.petlabs.co.za.