Houston, TX (PRWEB) March 06, 2012
RadioMedix, Inc. announced today that it successfully met its milestone obligations and has received its second $1.4 million traunche funding from the State of Texas Emerging Technology Fund (ETF). RadioMedix is developing new radiopharmaceutical platforms and automated synthesizers to aid the manufacture of radiopharmaceuticals for positron emission tomography (PET) and will use this continued State of Texas funding to commercialize two innovative products that will permit users to generate and 68Ga-label PET radiotracers on-site at a significantly reduced cost.
Over the past year RadioMedix has used the first traunche of ETF funding to complete development of the SyntheMedixTM system and to continue pre-clinical development of the GlucoMedixTM PET imaging agent. In June, the company filed a patent on a new series of radiopharmaceutical agents which utilize a proprietary chelation technology that actively targets tumor cell metabolic pathways. The company plans on introducing the SyntheMedix Synthesizer system for research markets later this year.
RadioMedix’s automated SyntheMedix unit, coupled with a small generator producing a positron emitter- Gallium-68, will permit users to generate and label PET radiotracers at the point-of-use at a significantly reduced cost. The GlucoMedix radiopharmaceutical agent shows advantages over the currently used 18F-FDG with no accumulation in normal brain and heart tissue providing superior imaging of certain areas of the body. GlucoMedix will be distributed as a “cold kit” that can be labeled using the SyntheMedix synthesizer unit at the time of the imaging procedure, allowing on-site and on-demand access to PET imaging agents.
“Over the last year RadioMedix has worked diligently to meet the stringent milestone requirements from the State of Texas. This second traunche funding is validation from the State of our accomplishment. This continued investment is critical as the company enters the commercialization phase of the SyntheMedix System and we move the GlucoMedix radiopharmaceutical toward first-in-human clinical studies” said Ebrahim Delpassand MD, the Founder and CEO of RadioMedix. “We believe the combination of the SyntheMedix and GlucoMedix products will be a market breakthrough,” continues Dr. Delpassand, “these products will make tumor profiling feasible, accessible and cost effective.”
RadioMedix, Inc. was founded to commercialize innovative generator-based radiopharmaceutical isotopes such as Gallium-68. Currently, PET imaging using Fluorine-18 labeled glucose is the state-of-the-art technology used in diagnosis, staging and monitoring response to therapy in the majority of cancer patients. These clinical PET radiotracers require production in cyclotron facilities, which due to their complexity, high cost and short half-life of the isotope Fluorine-18, are only located in large cities. RadioMedix’ alternative, a small and relatively inexpensive generator based 68-Gallium isotope can be located on-site at medical imaging facilities or in research labs anywhere in the world.
RadioMedix, Inc. is a biotechnology company focused on innovative new targeted radiopharmaceuticals for diagnosis and therapy of cancer and automated processing modules designed to expand access to, and improve the quality of positron emission tomography.
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