Battelle acquires almost 11% of the outstanding Common Stock AMIC -
Advanced Medical Isotope Corporation ( "AMIC") (OTCBB: ADMD), a development company late stage mainly engaged in the development of brachytherapy devices and medical isotopes for diagnostic and therapeutic applications, announced today that Battelle, acquired approximately 11% of the outstanding Common Stock AMIC. Battelle is a global science and technology leading company that explores emerging areas of science and develops and markets technologies
In 2011, AMIC has entered into licensing agreements with Battelle for 10 patents related to Amics products brachytherapy. and in 2012, AMIC has entered into an exclusive license agreement with Battelle for the use of brachytherapy patented gel technology Battelle
AMIC CEO and Chairman James C. Katzaroff said :. "Joint marketing effort AMIC and Battelle was recognized nationally in 2013 when AMIC received the Federal Laboratory Consortium Award for Excellence in Technology Transfer, a prestigious honor recognized by the US Secretary of energy and US Senator Patty Murray. We continue our close collaboration with Battelle and look forward to the commercialization of this exciting technology. "
Battelle acquired its interest in AMIC converting a previous note for partial review of studies conducted at PNNL. Details are presented in the form of the Company 8K filed with the Securities and Exchange Commission.
As previously announced, AMIC is in the process of obtaining approval from the FDA for its brachytherapy device Y-0 RadioGel ™. AMIC as recently announced, the FDA determined that the brachytherapy RadioGel ™ product is a medical device class III unless reclassified as a Class II device. This determination is being revised and the AMIC steps should be taken for approval. AMIC is engaged in discussions with the FDA in the pre-bid process, including a meeting in person.
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