Nordion Inc., a health science company, provides various products and services used for the prevention, diagnosis, and treatment of diseases worldwide. It involves in the processing, packaging, and delivery of medical isotopes for cardiology, oncology, and neurology. The company also supplies targeted therapies for various cancers. Its products include TheraSphere, a treatment for liver cancer; radiopharmaceutical services; medical imaging services; and manufacturing contract services, such as tailored solutions, expertise, and service capabilities for radiopharmaceutical development, clinical and commercial manufacturing, and radiation-based medical device development. In addition, the company engages in the design, construction, and maintenance of commercial gamma sterilization systems for medical devices, food irradiation, and combination products. Its product line comprises C-188 cobalt-60, double-encapsulated sources for gamma sterilization; irradiator products; and professional services, including control system upgrades, efficiency improvements, safety retrofits, dosimetry, and mathematical modeling. The company offers its products and services to pharmaceutical and biotechnology companies, medical-device manufacturers, hospitals, clinics, and research laboratories. The company was formerly known as MDS Inc. and changed its name to Nordion Inc. in November 2010. Nordion Inc. was founded in 1946 and is headquartered in Ottawa, Canada.
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Nordion Inc. announced that it has been granted special permission by The Open Joint Stock Company 'Isotope', the authorized subsidiary of Russia's State Atomic Energy Corporation 'Rosatom', to enter into a negotiation directly with the Research Institute of Atomic Reactors (RIAR) for supply of Molybdenum-99 (Mo-99). Nordion and Isotope have jointly agreed that the current Mo-99 supply agreement structure was no longer appropriate and have terminated their Mo-99 supply agreement effective Oct. 26, 2012. The 2010 framework agreement with Isotope, to explore and define areas of collaboration for the supply, marketing and sale of isotopes produced in Russia is expected to remain in effect. With confirmation that the MAPLE facilities will not be commissioned, Nordion is now reassessing sources of long-term Mo-99 supply. Nordion intends to enter a negotiation directly with RIAR for the supply of Mo-99 to potentially reach an agreement that better fits the current production capabilities and market dynamics. Similar to the Isotope supply agreement, the negotiations with RIAR are intended to focus on the supply of Mo-99 to Nordion for the processing, distribution and sale of Mo-99 outside of the Russian Federation. This supply of Mo-99 would be produced by RIAR's reactors in Dimtrovgrad, Russia. If an agreement is reached with RIAR, Nordion expects that such an agreement could establish, following required regulatory approvals, a supplemental supply of Mo-99 which could potentially meet a portion of Nordion's long-term supply requirements. The Mo-99 volume associated with supply from RIAR would be anticipated to be significantly lower compared with the original agreement that Nordion had with Isotope.
Nordion Inc. extended its contract with its primary Medical Isotopes customer, Lantheus Medical Imaging Inc. for the supply of Molybdenum-99 (Mo-99). Under the terms of the amended agreement, the contract has been extended for an additional two years through 2015. Nordion expects to supply Mo-99 on a weekly basis to Lantheus Medical Imaging. The multi-year contract reflects specific pricing for each year of the contract. Medical isotopes are used by physicians to diagnose and treat a number of diseases, including cardiac and neurological conditions, and several types of cancer. Mo-99, and more specifically the derivative medical isotope technetium-99m, is utilized in approximately 80% of nuclear medical procedures worldwide.
Nordion Inc. announced the appointment of Jeff Brown, Chief Executive Officer and founding member of Brown Equity Partners, LLC, to its Board of Directors. Scott McIntosh, formerly Senior Vice-President of Operations, becomes the COO of Specialty Isotopes and will also assume the role of General Manager, Sterilization Technologies. Tom Burnett, formerly Vice-President of Global Sales becomes General Manager, Medical Isotopes, and will report into Mr. McIntosh. Chief Operating Officer, Targeted Therapies: Steve West, Chief Executive Officer of Nordion, will act as interim COO of Targeted Therapies as Nordion initiates an external search for a permanent leader. Mr. Brown previously served as a founding partner and primary deal originator and capital gains producer for Forrest Binkley & Brown. Prior to this he was Senior Vice President at Bank America Venture Capital Group and performed the same role at Security Pacific Capital Corporation. Mr. Brown has served on the Board of Directors of numerous companies during his 25 years in the investment industry.
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