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PROFILES
Welcome to our comprehensive profile on Positron Corp.
(OTCBB: POSC)
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JOINT VENTURES, PARTETNERSHIPS AND STRAGEGIC RELATIONSHIPS
Neusoft Positron Medical Systems Co., Ltd.
Neusoft Medical Systems Co., Inc. of Shenyang, Lianoning Province, People's Republic of China and Positron Corporation formed a jointly owned company, Neusoft Positron Medical Systems Co., Ltd. to engage in the development and manufacturing of PET and PET/CT medical imaging equipment. The Manufacturing JV received its business license and was organized in September 2005.
Ownership of the joint venture was based on an aggregate capital contribution or capital and/or technology. Neusoft Medical Systems shares 67.5% of the total registered capital of the Company and Positron Corporation shares 32.5% of the total registered capital. Positron has contributed to the JV certain of its PET technology, while Neusoft made available to the JV certain CT technology for the development and production of an integrated PET/CT system. The parties will share the profits, losses and risks of the Manufacturing JV in proportion to and, in the event of losses, to the extent of their respective contributions to the registered capital of the Manufacturing JV.
The joint venture will sell products manufactured by the JV to both joint venture parties for further resale in the marketplace. After the ramp-up period of the JV, each party has rights to and risk obligations for its capacity of products required from the JV. The parties intend that the manufacturing capacity of the JV will be shared on an equivalent basis to each party's contribution to the registered capital of the JV, as measured by the manufacturing work and resources needed by the JV for the resulting products.
Under its Joint Venture Contract with Neusoft, the Company has the exclusive right to sell PET system products developed by the JV in the United States and Mexico under its registered trademarks, and PET/CT products developed by the Manufacturing JV in Canada and under the trademark of "Neusoft Positron Medical Systems." The Company and Neusoft have equal rights to sell PET/CT products developed by the JV in the U.S. and Mexico under the trademark of "Neusoft Positron Corp.." Neusoft has the exclusive right to sell products developed by the JV in China under its registered trademarks. Each of Neusoft and the Company has the right to sell products developed by the JV in the countries and regions worldwide with the exception of China, Canada, the U.S. and Mexico where select exclusive rights apply.
While the parties believe that the joint venture will meet their objectives, there can be no assurance that the joint venture will meet such objectives, including the development, production and timely delivery of PET and PET/CT systems. Part of the proceeds of this Offering will finance the rollout of marketing and sales programs for this new Neusoft / Positron line of PET and PET/CT products scheduled to begin production in the 1st quarter of 2008.
Imaging Pet Technologies
Imaging PET Technologies, Inc. (IPT) is a Canadian holding and is a 100% owned subsidiary of the Company. IPT has 2 separate stand alone business divisions.
IS2 Medical Systems
IS2 Medical Systems Inc. (IS2) is a division of IPT based in Ottawa, Ontario, Canada. IS2 designs, manufactures and distributes a family of scintillation cameras that offer clinical users the highest resolution, most robust features and highest levels of performance and reliability in the industry. IS2’s signature product is its PulseCDC™ compact digital cardiac camera. The key features of the PulseCDC™ include: smallest footprint in the industry, best performance specifications, lower cost single head version is field upgradeable to dual head, remote servicing capabilities are built in, FDA510K cleared for mobile installations and all digital event positioning. It also offers a unique reclining imaging chair/bed that improves patient comfort while allowing for supine and/or prone imaging in 180° or a full 360°. IS2 has more than 175 cameras in operation, primarily in the United States but also in the UK, Germany, the Netherlands, Australia and China.
Quantum Molecular Technologies
Quantum Molecular Technologies (QMT) is a wholly owned subsidiary of IPT and operates as the Company’s research and development center. QMT is developing certain next generation technologies for the whole-body PET/CT, innovative PET devices dedicated to specific clinical diagnostic services and surgical procedures, including organ-specific PET devices. To date the focus of its research and development has been advancements in its proprietary solid-state photo detector technology guided by Professor Valeri Saveliev, a leading scientist in the field of photo detectors.
QMT has three patents pending covering the underlying quantum photo detector technology and configuration of imaging apparatus and systems. QMT holds the intellectual property that the Company believes will drive significant revenue streams to QMT through manufacturing, delivery and/or licensing of state of the art silicon quantum photo detectors (QPDs).
QPD is a novel photo detector based on a modern semiconductor technology. With its high efficiency, resolution up to a single photon at room temperature, non sensitivity to strong magnetic fields, low voltage operation, compactness and cost-effectiveness, QPD is a direct competitor to conventional photo multiplier tubes (PMTs). QPD can potentially replace PMTs in medical tomography imaging devices and provides with a possibility of developing of a new generation of medical imaging systems. QPD will be also the key element in the development of radiation detection devices for homeland security and defense, experimental high-energy physics and many other applications, representing a billion-dollar market. IPT has an agreement with Kotura, Inc. (LA), a worldwide leader in silicon photonics, to provide IPT with technological services for fabrication of QPDs. The goal of the feasibility phase of the agreement is to test new designs of QPD and transfer and improve the technology of fabrication of the solid state photo detectors. The first prototypes of the solid state photo detector delivered by Kotura in autumn 2007 showed very encouraging test results. During the second phase of the agreement in 2008, which is planned to be financed with the proceeds of this Offering, the QPDs will be optimized for PET applications.
Co-Development Agreement with University of Maryland
An agreement with the University of Maryland involves the development of a next generation of QPDs that can be fabricated in standard digital complementary metal oxide semiconductor (CMOS) technologies. It can further reduce the cost of the fabrication in comparison with the current generation of QPDs fabricated in CMOS compatible technologies. Another goal of the agreement is to extend the design to a single-chip implementation of detection and readout. The research project received a grant from the University of Maryland's Maryland Industrial Partnerships Program (MIPS) partnering Maryland companies with university researchers to develop high-tech commercial products.
Sponsored Research Agreement with Georgetown University
An agreement with Georgetown University involves the development and evaluation of novel medical device configurations and imaging agents with a goal of technologically advancing medical diagnostics. Development of innovative PET devices, including organ-specific and surgical devices, has been guided by Dr. Irving Weinberg, the inventor of a breast specific PET – Positron Emission Mammography (PEM) device. PET glove – a new technology for portable medical imaging developed by Dr. Weinberg – received a peer award for visualization and image guided procedures at SPIE Medical Imaging 2007 Symposium.
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