Positron developing diagnostic pharmaceutical for blood cells
Molecular imaging company Positron Corporation (OTCBB:POSC) said Monday that it is developing indium oxine, a diagnostic pharmaceutical widely used for the radiolabeling of white blood cells.
Radiolabeling is the incorporation of a radioactive element into a compound in order to investigate its metabolism. Positron said it plans to produce a radiochemical grade indium oxine product for market in the second quarter, upon FDA approval.
"The market for indium oxine has been undeserved for some time now and presents an ideal opportunity for Positron to expand both the use of the product and to achieve our initial radiopharmaceutical objectives," said vice president Scott Stiffler.
Indium oxine represents the first new product in development at Positron's research, development and manufacturing facility in Crown Point, Indiana. According to the company, the market for the radiopharmaceutical is around $20 million per year.
Separately, Positron also said today it has hired Dr. Mathew Thakur as a consultant to develop the indium oxine product. Dr. Thakur is the director of the Laboratories of Radiopharmaceutical Research and Molecular Imaging at Thomas Jefferson University.
"Dr. Thakur's knowledge and guidance as a thought leader in the industry, combined with the expertise of our development staff, will allow Positron to develop a fully cGMP compliant manufacturing process and file for a generic drug approval with the FDA," added Stiffler.
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