Lantheus Selected to Receive $300,000 Massachusetts-Israel Innovation Partnership Grant
No. BILLERICA, Mass. (June 19, 2012) –Lantheus Medical Imaging, Inc., a global leader in developing, manufacturing and distributing innovative diagnostic imaging agents, today announced the company has been selected to receive a $300,000 Massachusetts-Israel Innovation Partnership (MIIP) grant. MIIP is a formal collaboration between the State of Israel and Commonwealth of Massachusetts focused on encouraging and supporting innovation and entrepreneurship between Massachusetts’ and Israel’s life sciences, clean energy and technology sectors. The grant is made possible by Governor Deval Patrick, Israel’s Chief Scientist Avi Hasson, the U.S.-Israel Science and Technology Foundation (USISTF), and the Massachusetts Technology Collaborative.
Lantheus will receive the grant upon signing a collaboration agreement with Check-Cap LTD, an innovative medical device company, to develop and manufacture a novel, non-invasive 3-D imaging capsule to screen for polyps and lesions associated with colorectal cancer. Check-Cap LTD, which is based in Mount Carmel, Israel, is being awarded a grant from the Office of the Chief Scientist in Israel. Colorectal cancer is the second leading cause of cancer death in the U.S. and accounts for eight percent of cancer deaths worldwide1. Early detection of polyps dramatically increases the chance for survival, however it is estimated that only half of people over the age of 50, for whom screening is recommended, currently undergo routine colonoscopies2.
“We are pleased to have been selected to receive this important new grant that enables us to collaborate with Check-Cap on an innovative imaging product that can potentially change the way colon cancer is detected,” said Don Kiepert, President and Chief Executive Officer, Lantheus Medical Imaging. “As a global leader in diagnostic imaging, Lantheus is dedicated to providing physicians with breakthrough tools to enhance patient care. Teaming up with Check-Cap to develop and manufacture a cutting-edge imaging capsule further advances this ongoing commitment.”
“With their rich heritage in pioneering innovative imaging solutions to improve the detection of human disease, Lantheus is an ideal partner for this exciting initiative,” said Guy Neev, Chief Executive Officer, Check-Cap. “Despite being 90 percent curable with early detection, colon cancer remains the second-most deadly cancer in the western world. Our unique imaging capsule may increase colorectal screening compliance without compromising screening accuracy, and has the potential to reduce the high patient mortality associated with this disease.”
About Lantheus Medical Imaging, Inc.
Lantheus Medical Imaging, Inc., a global leader in developing, manufacturing and distributing innovative diagnostic imaging agents, is dedicated to creating and providing pioneering medical imaging solutions to improve the treatment of human disease. The Company’s proven success in the field of diagnostic imaging provides a strong platform from which to bring forward breakthrough new tools for the diagnosis and management of disease. Lantheus imaging products include the echocardiography contrast agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension, an ultrasound contrast agent for use in patients with suboptimal echocardiograms to opacify the left ventricular chamber and to improve the delineation of the left ventricular endocardial border; ABLAVAR® (gadofosveset trisodium), a first-in-class magnetic resonance agent indicated for the evaluation of aortoiliac occlusive disease in adults with known or suspected peripheral vascular disease; TechneLite® (Technetium Tc99m Generator), Cardiolite® (Kit for the Preparation of Technetium Tc99m Sestamibi for Injection), and Thallium 201 (Thallous Chloride Tl 201 Injection). Lantheus has approximately 600 employees worldwide with headquarters in North Billerica, Massachusetts, and offices in Puerto Rico, Canada and Australia. For more information, visit www.lantheus.com.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that may be described from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
1. International Agency for Research on Cancer. Colon Cancer Fact Sheet, Available at: http://globocan.iarc.fr/factsheets/cancers/colorectal.asp. Accessed 6.19.12
2. Screening and Surveillance for the Early Detection of Colorectal Cancer and Adenomatous Polyps, 2008: A Joint Guideline from the American Cancer Society, the US Multi-Society Task Force on Colorectal Cancer, and the American College of Radiology.