Healthcare Industry News: cesium
News Release - August 30, 2007
IsoRay Medical, Inc., Set to Transfer Production of Proxcelan(TM) (Cesium-131) Brachytherapy Seeds to New Expanded Facilities in Richland
Expansion Provides Potential Production Capacity of More Than 100,000 Medical Isotope Seeds Per MonthRICHLAND, Wash.--(HSMN NewsFeed)--IsoRay Medical, Inc., the manufacturer and distributor of Proxcelan(TM) (cesium-131) seeds used in brachytherapy for the treatment of prostate cancer, plans to transfer production in September to expanded production facilities 75 days ahead of schedule. The facility is located at Energy Northwest's Applied Process Engineering Laboratory (APEL) in Richland, WA.
IsoRay Medical, Inc., is a wholly owned subsidiary of a public company, IsoRay, Inc. (AMEX:ISR ).
"This expansion is just one element in our strategy to expand production of Proxcelan (cesium-131) brachytherapy seeds as well as develop other medical isotopes to treat cancer and other diseases," said IsoRay Chairman and CEO Roger Girard.
Under the brand name Proxcelan, IsoRay Medical, Inc., is expanding the marketing of its cesium-131 seeds used in low dose radiation (LDR) permanent brachytherapy for prostate cancer. The fast-acting, high energy medical isotope has demonstrated strong initial clinical results.
The 15,340-square-foot expansion brings the total production space to approximately 20,000 square feet, consolidating IsoRay's current U.S. operations into a single location. It will allow IsoRay to more than double its seed production capacity to approximately 100,000 seeds per month, said IsoRay's Executive Vice President of Operations David Swanberg.
The expansion was constructed as a tenant improvement entirely within an existing high bay structure. It will combine IsoRay's radioactive and non-radioactive production facilities, along with some administrative offices, into one location.
According to Swanberg, the finished seeds will be handled, assayed and packaged in the facility's class 10,000 clean room environment. Proxcelan seeds will be offered in a full range of custom, pre-loaded configurations for IsoRay customers based in ambulatory surgical centers, hospitals and major medical universities across the U.S.
Bruce Berglin was the construction manager for the complex construction project. Craig Maloney of IsoRay is Associate Project Manager, overseeing equipment procurement and installation scheduling.
"The construction team, including outside contractors and the IsoRay staff, have done an outstanding job of delivering a state-of-the art facility, from design to completion, in less than eight months -- under budget and ahead of schedule," said Girard. "It was an aggressive timetable that required the best efforts of all involved."
Suzanne Mitchell, Director of APEL, said IsoRay's expansion exemplifies the organization's mission to foster growth of technology-based business in the region.
"IsoRay first began development of the cesium-131 seeds as a tenant in 1999. IsoRay's success is a terrific example of harnessing the talents and facilities of the area," said Mitchell.
APEL is a community economic development initiative to incubate new companies. It opened in 1998, the result of a strategic collaboration between Energy Northwest, the Pacific Northwest National Laboratory, the City of Richland, the US Department of Energy, the Port of Benton, The Tri-Cities Development Council, and Washington State University.
IsoRay currently employs 70 people in the U.S., with most employees located in Richland.
Although IsoRay Medical's Proxcelan seeds have been used exclusively for the treatment of prostate cancer to date, the technology received Food and Drug Administration 510(k) clearance in March 2003 for the treatment of all malignancies (e.g., lung, ocular, melanoma, head and neck, brain, breast, prostate, etc.).
For more information on the Proxcelan, visit www.cesium131.com or www.isoray.com.
About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, (TM) Inc., is the sole producer of the Proxcelan(TM) (cesium-131) brachytherapy seed, used to treat prostate and other cancers. The Proxcelan(TM) seed offers a significantly shorter half-life than the two other isotopes commonly used for brachytherapy, which results in a substantially faster delivery of therapeutic radiation, lower probability of cancer cell survival and reduction of the longevity of common brachytherapy side effects. IsoRay is based in Richland, Washington. More information is available about IsoRay at www.isoray.com.
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our cesium-131 seed, development of protocols for the use of our Proxcelan cesium131 seed to treat cancers other than prostate cancer, our future production capabilities, timing of the transfer of our operations to the new production facility, and all other statements in this release, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc., of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, whether additional studies support the conclusions of early clinical studies, timing of final licensure and regulatory approvals for the new production facility, our ability to enforce our intellectual property rights, and other risks detailed from time to time in IsoRay's reports filed with the SEC.
Source: IsoRay Medical
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