Theragenics' Oak Ridge Operations to Provide Stable Isotopes for Testing as Nuclear Fuel Life Extender.
BUFORD, Ga.--(BUSINESS WIRE)--July 22, 2002
First Sale of New Material Using PSP Technology
Theragenics Corporation(R) (NYSE: TGX), the Atlanta-based manufacturer of the TheraSeed(R) - palladium-103 implant, today announced that it signed an agreement with an international nuclear services company under which Theragenics(TM) will produce test quantities of certain gadolinium isotopes for purchase by the company.
This material will be used to determine its effectiveness as a fuel life extender in nuclear power generation.
M. Christine Jacobs, Chairman, President and CEO of Theragenics(TM), in commenting on this agreement, stated "This sale is a first of its kind for Theragenics(TM). Our three-year and $30 million investment in our Oak Ridge, Tennessee-based Plasma Separation Process ("PSP") was intended to help diversify our product offerings. We are now beginning to see the unique capabilities of the PSP open doors for Theragenics(TM) to produce new products and to expand into other markets. This material, like others capable of being produced by the PSP, is non-radioactive, non-medical, and needs no FDA approval."
Ms. Jacobs went on to comment, "We look forward to receiving additional requests for similar isotopes that can be produced through our unique PSP technology. Understand that this and potential future requests are feasibility runs designed to validate isotope usage in products, industries, and markets. While this sale of materials under the current agreement will not have a material impact on revenue or earnings, the feasibility runs will help us find the applications that make the best use of the PSP's capabilities as well as provide the best return on our investment. Opportunity, economics, and the PSP's performance will dictate our future focus in isotope production."
Theragenics Corporation(R) is the manufacturer of TheraSeed(R); a rice-sized device used in the treatment of localized prostate cancer with a one-time, minimally invasive procedure. Theragenics(TM) is the world's largest producer of palladium-103 and is also involved in research and development utilizing palladium-103 for the treatment of vascular disease, macular degeneration and other diseases, as well research and development centered around other isotopes and their usage. For additional information about the Company, call Theragenics'(TM) Investor Relations Department at 1-800-998-8479 or visit the Company's Web site at www.theragenics.com. The Company's common stock is traded on the New York Stock Exchange under the symbol TGX.
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the development of new markets and technologies; the capabilities of the PSP to produce enriched isotopes; opportunities for isotopes produced by Theragenics(TM); the identification and development of new markets and applications for isotopes; and Theragenics'(TM) plans and strategies for diversification. These forward looking statements are subject to certain risks, uncertainties, and factors which could cause actual results to differ materially from those anticipated, including, among other things: risks associated with market development activities; potential costs and delays associated with commencing commercial operations at the Oak Ridge facility; potential costs and delays in the refinement of technology and related equipment for commercial production; potential equipment failure; adverse changes in governmental program priorities and budgetary funding by the relevant governmental authorities; potential inability of the PSP to produce isotopes suited for a particular application; potential inability to produce selected isotopes at costs competitive to other options; risks associated with new product development cycles; risks associated with governmental regulations as related to export controls and security requirements for PSP products; and management of growth. All forward looking statements and cautionary statements included in this document are made as of the date hereby based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward looking statement or cautionary statement.