Niagara Falls, NY, July 21, 2023 (GLOBE NEWSWIRE) -- Positron Corporation ("Positron" or the "Company") (OTC: POSC), a leading molecular imaging medical device company, is pleased to announce that the Company has entered an Novation Agreement with Shenyang Intelligent Neuclear Medical Technology Co, LTD (Intelligent Neuclear Medical), a wholly owned subsidiary of Neusoft Medical Systems (Neusoft), that transfers the original Business Cooperation Agreement between Positron and Neusoft Medical Systems ("Neusoft") to now include Neusoft's subsidiary, Intelligent Neuclear Medical.
Positron and Intelligent Neuclear Medical enter this agreement to redefine certain key functions and responsibilities of each party that will improve the long-term production, control, and success of both parties' business relationship. Positron has expanded its role as manufacturer with Intelligent Neuclear Medical designated as the Company's contracted components supplier.
Positron's classification as the device manufacturer is significant as it will register with the FDA as the applicant of its FDA 510k submission for Medical Device Clearance for its Affinity PET-CT imaging device. Going forward Positron will adhere to all FDA requirements, quality systems regulations, and import regulations. Through its role as manufacturer, Positron will be able to observe and comply with FDA requirements and perform future device and procedural reviews more efficiently.
Neusoft formed Intelligent Neuclear Medical as a wholly owned subsidiary to segregate all Neusoft's current nuclear projects and products, which also includes all nuclear R&D technology initiatives. Positron considers the new structure an optimal arrangement enabling greater communication and direct input throughout the division with management, engineering and component production which will fast track deliverables moving forward.
Adel Abdullah, President of Positron, stated, "we are pleased with the new organization within Neusoft; it is a testament to their focus on R&D and advancing nuclear products. The formation of this new Intelligent Neuclear Medicine subsidiary combined with Positron taking the lead on manufacturing duties is by design so that both parties can improve the execution and efficiencies required to deliver the best PET-CT products as well as our ability to scale." Mr. Abdullah continued, "we are excited to bring to market our Affinity PET-CT 4D and to become a key part of an expanding nuclear cardiology imaging market and the vast oncology imaging segment."
About Positron Corporation
Positron Corporation is a molecular imaging device company that offers a state-of-the-art PET imaging system and clinical services to nuclear medicine healthcare providers throughout North America. Positron specializes in the field of cardiac Positron Emission Tomography (PET) imaging - the gold standard in cardiac diagnostics. Positron's innovative PET technology, clinical services and practice solutions enables healthcare providers to accurately diagnose coronary artery disease and improve patient outcomes while practicing cost effective medicine.
Positron believes its dedicated PET system "the Attrius" and unique market position are substantial advantages in facilitating the adoption of cardiac PET and the growth of the nuclear imaging market.
Positron expects it will soon offer a state-of-the-art PET-CT molecular imaging device that will enable nuclear cardiologists to utilize the full capabilities of molecular imaging and nuclear medicine. Positron's PET-CT also allows the Company to fully service and meet the demands of the oncology diagnostics marketplace. Positron will continue to advance and manufacture the technology through its supply, development, and R&D cooperative with Shenyang Intelligent Neuclear Medical Technology Co, LTD a subsidiary of Neusoft Medical Systems.
Forward-Looking Statements
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Positron Corporation, and members of its management as well as the assumptions on which such statements are based. Words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION, please visit the company's website at , or contact: investor@positron.com
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
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New York, NY 10020
Office: (646) 893-5835
Email: lisa@skylineccg.com
