Battelle acquires nearly 11% of AMIC's outstanding Common Stock
Published on July 7, 2014 at 9:12 AM
Advanced Medical Isotope Corporation ("AMIC") (OTCBB: ADMD), a late stage development company engaged primarily in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications, today announced that Battelle, has acquired approximately 11% of AMIC's outstanding Common Stock. Battelle is a leading international science and technology enterprise that explores emerging areas of science and develops and commercializes technology.
In 2011, AMIC entered into license agreements with Battelle for 10 patents related to AMICs brachytherapy products; and in 2012, AMIC entered into an exclusive license agreement with Battelle for use of Battelle's patented brachytherapy gel technology.
AMIC CEO and Chairman James C. Katzaroff stated: "AMIC and Battelle's joint commercialization effort was nationally recognized in 2013, when AMIC received the Federal Laboratory Consortium Award for Excellence in Technology Transfer, a prestigious honor recognized by the US Secretary of Energy and U.S. Senator Patty Murray. We continue our close collaboration with Battelle and look forward to commercializing this exciting technology."
Battelle acquired its interest in AMIC by converting a note previously issued for partial consideration of studies conducted at PNNL. Details are reported in the Company's Form 8K filed with the Securities and Exchange Commission.
As previously announced, AMIC is in the process of securing FDA approval for its Y-90 RadioGel™ brachytherapy device. As AMIC recently announced, the FDA has determined that the RadioGel™ brachytherapy product is a Class III medical device, unless reclassified as a Class II device. That determination is being reviewed, along with the steps AMIC should take for approval. AMIC is engaged in discussions with the FDA through the Pre-Submission process, including an in person meeting.
Advanced Medical Isotope Corporation