North American Scientific (MM) (NASDAQ:NASM)
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From Jul 2019 to Jul 2024
North American Scientific, Inc. (Nasdaq: NASM) announced today that it
has entered into a definitive agreement to sell its Non-Therapeutic
Product Line to Eckert & Ziegler Isotope Products, Inc. The product line
includes radiation sources and standards used in a variety of areas for
calibration, measurement, analysis and control. The transaction is
valued at approximately $6 million and is subject to customary
conditions with an expected close by September 5, 2008.
"This divestiture allows us the opportunity to focus solely on growing
the therapeutic areas of our business with our Prospera®
and ClearPathTM product lines for local
radiation treatment for the prostate and breast cancer patient, while
also providing the Company with important non-dilutive capital to invest
in ongoing operations," said John Rush, President and CEO of North
American Scientific. "Eckert & Ziegler is a market leader in the
non-therapeutic radioisotope business. They will serve our customers as
well or better than we would be capable of moving forward. This
transaction is a win-win for all involved."
“Eckert & Ziegler Isotope Products is very
excited to be adding NASM Sealed Source portfolio to our own. NASM has
many outstanding technologies that perfectly complement EZIPs. With the
addition of the Featherlite™ to Perflexion™,
we believe that we have the two leading product technologies for Co57
Flood Sources,” said Frank Yeager, President &
CEO of Eckert & Ziegler Isotope Products.
About North American Scientific
North American Scientific, operating under the name NAS Medical, is a
leader in applying radiation therapy in the fight against cancer. Its
innovative products provide physicians with tools for the treatment of
various types of cancers. They include Prospera(r) brachytherapy seeds
and SurTRAK(tm) needles and strands used primarily in the treatment of
prostate cancer. In addition, the Company has been gaining clinical
experience with its first generation ClearPath(tm) multi-channel
catheter breast brachytherapy devices since 2007, and intends to launch
the second generation devices in 2008. They are the only such devices
approved for both high dose and continuous release, or low dose,
radiation treatments. The devices are designed to provide flexible,
precise dose conformance and an innovative delivery system that is
intended to improve the delivery of brachytherapy for the treatment of
breast cancer. Please visit www.nasmedical.com
for more information.
Statements included in this release that are not historical facts may be
considered forward-looking statements that are subject to a variety of
risks and uncertainties. There are a number of important factors that
could cause actual results to differ materially from those expressed in
any forward-looking statements made by the Company including, but not
limited to, the impact of competitive products and pricing,
technological changes, changes in relationships with strategic partners
and dependence upon strategic partners for the performance of critical
activities under collaborative agreements, the ability of the Company to
successfully directly market and sell its products, uncertainties
relating to patent protection and regulatory approval, the stable supply
of appropriate isotopes, research and development estimates, market
opportunities, risks associated with strategic opportunities or
acquisitions the Company may pursue and the risk factors included in the
Company's filings with the Securities and Exchange Commission. Any
forward-looking statements contained in this news release speak only as
of the date of this release, and the Company undertakes no obligation to
revise or update any forward-looking statements, whether as a result of
new information, future results or otherwise.