ASP Isotopes Inc. (NASDAQ:ASPI), a leader in advanced materials and isotope production technology, has announced a strategic relationship with Pet Labs Pharmaceuticals, a premier radiopharmaceutical company based in South Africa. This collaboration is set to significantly expand the production and distribution of critical medical isotopes, particularly in Southern Africa and developing global markets.
PET Labs Pharmaceuticals specializes in nuclear medicine and the production of radiopharmaceuticals, focusing on fluorinated radioisotopes and active pharmaceutical ingredients. Currently operating a cyclotron in Pretoria, South Africa, PET Labs is poised for substantial growth through this strategic alliance.
The core of this relationship involves the expansion of PET Labs’ infrastructure with the addition of two state-of-the-art cyclotrons, supplied by GE Healthcare. These new cyclotrons, one to be located in Pretoria and the other in Cape Town, are projected to meet the increasing demand for medical radioisotopes within South Africa and neighboring countries. Financing for these crucial additions is expected to be secured through third-party debt arrangements. The primary goal is to penetrate and serve frontier markets that currently face a shortage of radioisotopes essential for medical imaging and diagnostics.
Paul Mann, Chairman and CEO of ASP Isotopes Inc., highlighted the synergistic benefits of this partnership, stating, “This strategic relationship with PET Labs will foster growth for both entities in the coming years, ensuring a consistent supply of PET and SPECT radioisotopes to Southern African markets and other developing regions globally.”
Dr. Kemp, CEO of PET Labs Pharmaceuticals, emphasized the market dynamics driving this expansion: “The technological advancements in PET imaging for diverse diagnostic applications, coupled with the rising need for innovative PET radiopharmaceuticals, are key factors propelling market growth. The increasing adoption of image-guided interventions further fuels the expansion of the PET scanning market on a global scale.”
Sophie Le Cordeur, Field Marketing Manager, EMEA-Emerging Markets at GE Healthcare, also commented on the importance of this collaboration: “There is a clear and pressing need for enhanced radioisotope production capabilities in Sub-Saharan Africa. We are enthusiastic about partnering with ASP Isotopes and PET Labs to introduce advanced treatments to patients in these rapidly developing markets.”
DLA Piper in South Africa provided legal counsel to ASP Isotopes on all aspects of this transaction, ensuring compliance with corporate, exchange control, and regulatory requirements.
About ASP Isotopes Inc.
ASP Isotopes Inc. is at the forefront of advanced materials, dedicated to innovating technologies and processes for isotope production across various industries. Utilizing its proprietary Aerodynamic Separation Process (“ASP technology”), the company is focused on producing and commercializing highly enriched isotopes for the healthcare and technology sectors. ASP Isotopes also aims to support the nuclear energy industry with isotope enrichment solutions. The company’s current facilities in Pretoria, South Africa, are dedicated to enriching light isotopes.
The demand for specific isotopes is rapidly increasing. Silicon-28 is crucial for quantum computing, while Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 are vital for emerging healthcare applications. Additionally, Chlorine-37, Lithium-6, and Uranium-235 are essential for green energy technologies. ASP Technology is uniquely suited for enriching both light and heavy atomic mass molecules, addressing these diverse needs. For further details, please visit www.aspisotopes.com.
About PET Labs Pharmaceuticals (Pty) Ltd.
PET Labs Pharmaceuticals is a leading South African radiopharmaceutical company committed to advancing nuclear medicine through innovative radiopharmaceutical production. With a strong customer-centric approach, PET Labs is dedicated to providing tailored solutions to meet the operational challenges within nuclear medicine. Their commitment extends to the communities they serve, striving to be the preferred partner in delivering radiopharmaceutical solutions to the nuclear medicine market. More information is available at www.petlabs.co.za.
Forward-Looking Statements
This release includes forward-looking statements as defined by the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions regarding future business conditions, plans, and strategies, and may include projections, anticipated events, and trends. Words such as “believes,” “plans,” “anticipates,” “expects,” “estimates,” “projects,” “will,” “may,” and similar expressions identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict and often outside of our control.
Actual results, financial conditions, and events may differ materially from those indicated in forward-looking statements due to various factors, including reliance on third-party efforts, the ability to complete and commission enrichment plants, obtain regulatory approvals, the terms of commercial arrangements, and competitive industry conditions. Forward-looking statements are not guarantees of future performance or developments, and undue reliance should not be placed on them.
Important factors that could cause actual results to differ materially include our dependence on third parties, our ability to commercialize isotopes using ASP technology, secure regulatory approvals, the financial terms of agreements, and the competitive landscape. Any forward-looking statement in this press release is based on information available as of the date of this release and speaks only as of that date. ASP Isotopes Inc. undertakes no obligation to update any forward-looking statement, whether due to new information, future developments, or otherwise.
Market and industry data within this release are derived from internal research, publicly available information, and industry publications believed to be reliable but not independently verified. Statements regarding market position are based on third-party data, internal analysis, and estimates as of the press release date and are approximate. This data may be inaccurate due to methodological limitations and uncertainties in data collection. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements are qualified by the cautionary statements herein and should not be relied upon.
Contacts
Jason Assad– Investor relations
Email: [email protected]
Telephone: 561-709-3043
Source: ASP Isotopes Inc.
Released October 29, 2023
