Positron Corp (OTC:POSC), a molecular imaging company specializing in nuclear cardiology, reported on Wednesday that the Indiana Finance Authority (IFA) approved its $38 million disaster area bond volume cap application.
The CEO of the Indiana Economic Development Corp, Mitchell Roob, recommended to public finance director, Kendra York, for the IFA to award the Midwestern disaster bonds to Positron for its 70 mega electron volt cyclotron facility in Noblesville, Indiana.
Positron said that the bonds will be part of an overall long-term strategic investment the company is making in its proposed high energy 70 mega electron volt cyclotron project and radiopharmaceutical manufacturing facility in Noblesville, Indiana.
The facility, once completed, will be the highest energy commercial cyclotron, used to accelerate charged particles, for isotope production within the United States, and is expected to advance Positron’s goals for the production of medical isotopes and radiopharmaceuticals used in cardiac PET imaging, diagnostic and therapeutic applications.
On June 10, Positron announced it proposed to make a capital investment of about $55 million for the project in combination with significant economic development incentives from the city of Noblesville coupled with other project financing opportunities.
Positron provides molecular technologies and services that are reshaping the field of nuclear cardiology through its proprietary positron emission tomography imaging and radiopharmaceutical solutions with a strong commitment to advancing the practice and technology of nuclear medicine.
The Houston, Texas-based company’s stock nudged up 10.50% to 20 cents Wednesday late afternoon on the OTC markets.
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