Leader in the development of permanent seed brachytherapy in the treatment of cancer.
Press Releases
IsoRay Medical, Inc. and the Applied Process Engineering Laboratory sign lease for new Cesium-131 production facility in Richland
RICHLAND, Washington—IsoRay Medical, Inc. the sole manufacturer and distributor of Cesium-131 seeds used in brachytherapy for the treatment of prostate cancer, announced the signing of an agreement with Energy Northwest’s Applied Process Engineering Laboratory (APEL) of Richland to lease an additional 15,340 square feet of space at the APEL facility to house its Cesium-131 brachytherapy seed production. IsoRay currently leases approximately 4,000 square feet of space at the facility for laboratory and office space.
Construction of tenant improvements will begin immediately with equipment installation scheduled to occur beginning in July, 2007. IsoRay expects to transfer brachytherapy seed production operations from their current location to the APEL facility by November of 2007.
“We are very pleased to continue our relationship with IsoRay as a tenant of the APEL. Our mission is to foster the growth of technology-based businesses in the local area. This is a significant step in IsoRay’s growth that is consistent with our mission and we’re excited to be able to contribute to that growth,” said Suzanne Mitchell, Director of APEL. APEL is an economic development organization founded in 1998 through a strategic collaboration between Energy Northwest, the City of Richland, the US Department of Energy, the Port of Benton, the Tri-Cities Development Council, and Washington State University.
“This new facility will allow IsoRay to double its production capacity to approximately 100,000 seeds per month. The facility will also house an expanded clean-room for packaging seeds in various pre-loaded and pre-sterilized configurations for shipment directly to our customers’ hospitals and clinics,” said David Swanberg, Executive Vice President of Operations for IsoRay.
As the company seeks to expand the use of its Cesium-131 seeds to treat prostate and other cancers, it anticipates significant growth in demand and hence the need for expanded production capacity, according to IsoRay Chairman and CEO Roger Girard.
“After considering a wide range of options, the long term lease at APEL was clearly the front runner in terms of cost and schedule for IsoRay,” said Girard. “This lease is just one element in our strategy to develop capabilities to produce Cesium-131 and other isotopes for brachytherapy and other applications of medical isotopes to treat cancer and other diseases.”
About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, ™ Inc., is the sole producer of the Cesium-131 brachytherapy seed, used to treat prostate and other cancers. The Cesium-131 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, future production capabilities, development of protocols for the use of our Cesium-131 seed to treat cancers other than prostate cancer, the level of market share our seed may attain, 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 the timing of installation of new equipment in and transfer of production operations to our new facility, 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, and our ability to enforce our intellectual property rights, and other risks detailed from time to time in IsoRay's reports filed with the SEC.
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Media Contacts:
David Swanberg, Executive VP of Operations
IsoRay Inc. 509.375.1202
dswanberg@isoray.com
Suzanne Mitchell, Director
Applied Process Engineering Laboratory
sfmitchell@energy-northwest.com
509-372-5146
www.apel.org
Brad Peck, Corporate Communications Officer
Energy Northwest
lbpeck@energy-northwest.com
509-377-8247
Jonathan Hunt, Chief Financial Officer
IsoRay, Inc. 509.375.1202
jhunt@isoray.com
The Bartlett Group Public Relations
Barry Bartlett
206.285.0673; Cell: 206.335.4694
barry@bartlettgrouppr.com
IsoRay Medical, Inc. 877.4.ISORAY
350 Hills Street, Suite 106 509.375.1202 TEL
Richland, WA 99352 509.375.3473 FAX
www.isoray.com
www.cesium131.com