IsoRay Medical™, Inc. Receives 2006 Federal Laboratory Consortium Award for Excellence in Technology Transfer
RICHLAND, Wash.--(BUSINESS WIRE)--May 3, 2006--IsoRay Medical™, Inc. is receiving the 2006 Excellence in Technology Transfer Award from the Federal Laboratory Consortium (FLC) for the commercialization of the company's patented Cesium-131(TM) brachytherapy seed technology.
Efforts by IsoRay Medical™, a wholly owned subsidiary of IsoRay, Inc. (OTCBB:ISRY), will be showcased today with other breakthrough technology initiatives at the FLC's annual meeting today in Minneapolis.
"We're proud to be recognized for these efforts. This is an outstanding example of how a public-private partnership can reap benefits for the public good. For IsoRay Medical™, we are providing patients and doctors with a new tool for fighting prostate cancer and other malignancies," said IsoRay Medical™ Chairman and CEO Roger Girard.
To date, more than 250 prostate cancer patients have been treated with IsoRay's proprietary Cesium-131 Brachytherapy Seeds, which are now being offered at 44 medical centers across the United States.
Richland, WA-based IsoRay Medical™ collaborated with the Pacific Northwest National Laboratory (PNNL) over the past two years to take the technology from the research phase to commercial-scale production. PNNL provided specialized equipment and expertise not readily available to small businesses in the private sector -- enabling the initial production of IsoRay Medical™'s Cesium-131 technology.
This approach allowed IsoRay to reach initial production without a multi-million dollar investment in highly specialized equipment, said David Swanberg, IsoRay Medical™'s executive vice president of production operations.
"Our collaboration with PNNL allowed us to continue providing seeds to customers while building our own production capability in a private leased facility," said Swanberg.
In December 2005, IsoRay Medical™ launched its own production line -- with custom packaging capabilities -- which has increased seed output and enhanced delivery systems offered by the company. PNNL continues to provide certain services, such as calibrations and assays, to IsoRay Medical™ on a contract basis.
The company has also started production testing through another major public-private sector partnership at the Idaho National Laboratory in Pocatello, Idaho. Successful tests could lead to a development program to further enhance IsoRay's isotope production capabilities of Cesium-131.
The Cesium-131 isotope is currently being used in brachytherapy treatment for prostate cancer, which is the second leading cause of cancer deaths among men in the U.S. The Cesium-131 seed developed by IsoRay Medical™ offers a significantly shorter half-life, which results in faster delivery of therapeutic radiation compared to other types of seeds that are currently available. This is expected to kill the cancerous cells more rapidly and result in shorter duration of side effects compared to other treatments.
Although IsoRay's Cesium-131 seeds have been used exclusively for treatment of prostate cancer to date, the technology received FDA 510(k) clearance in March 2003 for treatment of any malignant disease including cancers of the head and neck, brain, breast, prostate, and other organs. Other forms of delivery devices for the proprietary isotope are planned, including protocols for both the lung and pancreas.
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 Cesium131 seed, future production capabilities, development of protocols for the use of our Cesium131 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. 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 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.
Media Contacts:
IsoRay, Inc.
Roger Girard, 206-849-6507 (Media Contact)
rgirard@isoray.com
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IsoRay Medical™, Inc.
877-4-ISORAY, 509-375-1202
Fax: 509-375-3473
www.isoray.com
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The Bartlett Group Public Relations (Media Contact)
Barry Bartlett, 206-285-0673
Cell: 206-335-4694
barry@bartlettgrouppr.com
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