BWXT to Produce Medical Radioisotope Germanium-68 to Address Rise in Demand
LYNCHBURG, Va.--(BUSINESS WIRE)--Oct 30, 2019--
BWX Technologies, Inc. (NYSE: BWXT) announced today that it plans to produce the medical radioisotope Germanium-68 (Ge-68) with a focus on addressing a growing global demand for the product.
BWXT’s isotope technologies group in Canada has developed proprietary manufacturing technology to produce high purity Ge-68 and is in the process of scaling up its capacity to move into full production in 2020 to address growing global customer demands. Ge-68 will be produced using cyclotrons at BWXT’s Vancouver facility located on the TRIUMF site. TRIUMF, which is Canada’s particle accelerator center, and BWXT’s medical isotopes group have been working together to support medical isotope production for over 40 years.
BWXT’s Ge-68 product will be used in Gallium-68 (Ga-68) generators, a source of the diagnostic radioisotope Ga-68. Using specific disease-targeting molecules, Ga-68 provides diagnoses and enables treatment planning using positron emission tomography (PET).
Diagnostic applications for Ga-68 include prostate cancer and neuroendocrine tumors. In addition, a number of other therapeutic and Ga-68 imaging agents are in various stages of development and clinical trials that are expected to result in a further increase in demand for Ga-68.
“BWXT is in an excellent position to be able to respond to the market’s growing demand for this critical radioisotope,” said Rex D. Geveden, BWXT’s president and chief executive officer. “We acquired the medical isotope business just over a year ago, and we are very pleased with this business and its growing portfolio of products.”
“BWXT’s isotope technologies group has had a very productive year and we are excited to announce the upcoming supply of Ge-68,” said Tom Burnett, BWXT ITG Canada, Inc.’s vice president and general manager. “We will continue our strategy of advancing innovation and bringing new products to market to enable reliable supply.”
“TRIUMF and BWXT collaborate to enable the development and ongoing supply of crucial medical isotopes around the world,” said Kathryn Hayashi, CEO of TRIUMF Innovations, the commercialization arm for TRIUMF. “We look forward to supplying this critical isotope to a growing global market.”
Ge-68 is the third new medical radioisotope development project underway at BWXT. In 2018, the company announced that it had developed an innovative and unique process to manufacture molybdenum-99 (Mo-99), and in late September of this year, BWXT announced the availability of its generic version of Indium In-111 Oxyquinoline Solution. BWXT also markets four other radiochemical solutions (Indium-111, Iodine-123, Palladium-103 and Strontium-82).
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including statements relating to the production, performance, use, timing, impact and value of Germanium-68, as well as future product offerings and strategy. These forward-looking statements involve a number of risks and uncertainties, including, among other things, changes in competition, market demand and production delays for Germanium-68. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE: BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,350 employees, BWXT has 11 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.
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KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: ONCOLOGY MEDICAL DEVICES HEALTH ENERGY RADIOLOGY NUCLEAR
SOURCE: BWX Technologies, Inc.
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PUB: 10/30/2019 06:45 AM/DISC: 10/30/2019 06:45 AM