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UTEK Completes Technology Transfer to Advanced Medical Isotope Corporation; Transfer includes license to a compact generator to produce medical isotopes.

TAMPA, Fla. & KENNEWICK, Wash. -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Advanced Medical Isotope Corporation (Pink Sheets:ADMD), a company engaged in the development of medical isotope products to be used in the diagnosis and treatment of cancer and other diseases, announced today that Advanced Medical Isotope Corporation has acquired Neu-Hope Technologies, Inc. (NHT), a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

NHT holds a license to two issued patents and two pending patents developed at the Lawrence Berkeley National Laboratory for technology that NHT plans to use in a compact neutron generator to produce radioisotopes. Such neutron generators could be used to produce medical isotopes in hospitals and clinics, diminishing the need for long-range transportation of radioactive products and enabling the production and use of very short-lived medical isotopes.

William J. Stokes, Chief Executive Officer of Advanced Medical Isotope Corporation said, "We are enthusiastic about the possibility of supplying medical isotopes at the patient point of use, which we expect to have the dual advantages of lowering costs and providing previously unavailable radioisotopes to the medical fields."

"UTEK is pleased to consummate this technology transfer with Advanced Medical Isotope Corporation and we look forward to continuing our efforts to provide additional technology acquisition opportunities for their consideration," says Jeff Bleil, Ph.D. Chief Technology Officer of UTEK Corporation.

About Lawrence Berkeley National Laboratory

Lawrence Berkeley National Laboratory is a U.S. Department of Energy National Laboratory located in Berkeley, California. It conducts unclassified scientific research and is managed by the University of California. For more information about Lawrence Berkeley National Laboratory, please visit its website at

About Advanced Medical Isotope Corporation

Advanced Medical Isotope Corporation is engaged in the development of advanced production systems and processes for bringing previously unavailable medical isotopes to the marketplace and advancing systems for local product production. The field of nuclear medicine has routinely utilized radioisotopes in the diagnosis of disease while new processes are being pioneered for the targeted treatment of diseases such as cancer in preference to surgical techniques. Advanced Medical Isotope Corporation products support the accessibility to these invasive therapeutic processes by advancing systems for lower cost production and improving supply availability of medical isotopes to hospitals and clinical treatment centers.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Advanced Medical Isotope Corporation "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Advanced Medical Isotope Corporation's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Advanced Medical Isotope Corporation, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Industrial Biotechnology Corporation believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Advanced Medical Isotope Corporation do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
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Publication:Business Wire
Date:Sep 25, 2006
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