PERMAFIX FORMS MEDICAL ISOTOPE PRODUCTION SUBSIDIARY

Perma-Fix Environmental Services announced yesterday that it would form a wholly-owned subsidiary company, Perma-Fix Medical Corporation, which will focus on the production of the medical isotope Technetium-99 (Tc-99m). With Canada set to stop government spending in 2016 on the National Research Universal (NRU) reactor in Canada, one of the world’s largest suppliers of Tc-99m, the medical isotope industry is expecting a shortage in the market. “As a result of data in support of our technology, we made the strategic decision to separate our medical technology for the production of Tc-99m from our core nuclear services,” Perma-Fix Chairman and CEO Louis Centofanti said in a release. “Our plan is to independently fund this new medical technology at the subsidiary level. In this way, we believe we can efficiently and effectively bring the technology to market, while minimizing dilution to our shareholders.” Perma-Fix has tapped WDM, a microcap investment bank based in Poland, to assist in raising funds for the new company.