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Park Medical Inc. establishes network for production & distribution of high-energy radiopharmaceuticals across USA & Canada.

MONTREAL--(BUSINESS WIRE)--Oct. 23, 1996--Park Meditech Inc. (the "Company") (NASDAQ:PMDTF) (MSE:PKM) announced today that its subsidiary Park Medical Systems Inc. (PMSI) has formed a high-energy coalition with Ion Beam Applications S.A. (IBA), a manufacturer of a full line of cyclotrons for the production of high-energy radiopharmaceuticals. Effective immediately, Park Medical Systems Inc. is the exclusive sales agent of IBA equipment (cyclotrons) in the USA and Canada.

The coalition group has been developed to provide the cost- effective availability of radiopharmaceuticals for imaging with PMSI's high-energy imaging SPECT gamma camera. C. Richard Mullen, President and CEO, stated that "with the coalition, PMSI hopes to accelerate the clinical evaluation and acceptance of its ISOCAM (TM) SPECT imaging system as a replacement for the more costly PET system (approximately $1.5-2M) for current and future oncology procedures such as lung, breast, ovarian, colorectal, melanoma, head and neck cancer."

Fluoro-deoxyglucose (generally known as FDG), with its ability to suffuse cancerous and viable cardiac tissue, has recently emerged as the high-energy radiopharmaceutical of choice for oncology and cardiology acquisitions. Until now, with a half-life of just under two hours, problems concerning supply and the high cost-per-dose have limited FDG to research applications. PMSI has developed a practical solution to these problems. Mullen stated that "the coalition can increase the availability of high-energy radiopharmaceuticals such as FDG for clinical imaging at reasonable rates. And with the technological breakthroughs incorporated into PMSI's SPECT imaging systems, FDG usage need no longer be limited to those areas where PET scanners are installed."

IBA, of Belgium, is the largest private company specializing in the development and installation of accelerator-based systems dedicated to medical and industrial applications. They offer a complete range of high-energy radiopharmaceutical production systems which cover today's market requirements. Pierre Mottet, IBA's CEO, stated that "This agreement will make high-performance cyclotrons (CYCLONE 18/9, CYCLONE 10/5 and CYCLONE 3) more accessible to the imaging market. However, the agreement does not include our Cyclone 30, Proton Therapy Systems or Electron Accelerator Systems." IBA is the only manufacturer whose equipment is used for the commercial production and distribution of FDG in Europe. They will bring to the coalition significant experience in supply state-of-the-art, well-proven high-energy radiopharmaceutical production systems (cyclotrons).

Park Meditech is a medical technology company that specializes in nuclear medicine imaging systems. It has developed and patented a totally digital imaging systems which offers significantly improved diagnostic capabilities over the entire energy range. The Company operates worldwide through its subsidiaries in developing, manufacturing and marketing imaging technologies, equipment and related computer systems.

CONTACT: C. Richard Mullen, (514) 633-9988

or

Sheldon Inwentash, (416) 941-8900

or

Rene Andre, IBA, 3210 475 854
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 
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Publication:Business Wire
Date:Oct 23, 1996
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