Advanced Medical Isotope Repays all Outstanding Matured Convertible Debt
Closes Bridge Financing to Advance the Y-90 RadioGel™ device towards FDA Submission
Kennewick, WA / Accesswire / November 10, 2016 / Advanced Medical Isotope Corporation (“AMI”) (OTC: ADMD), a late stage radiation oncology focused medical device company, announced today that it has successfully repaid all matured convertible notes (the “Convertible Debt”). The repayment of this Convertible Debt is a very positive and significant event which resolved all disputes and lawsuits related to these notes and effectively eliminated the risk of related shareholder dilution, as these notes were all eligible for immediate conversion into common shares.
Over the last 18 months, AMI has reduced its overall liabilities on the balance sheet by over 75%. The Company is on track to ramp up product development and testing activities with their commercialization partner IsoTherapeutics Group for the company’s flagship product in support of a future FDA submission required for the marketing clearance of the Y-90 RadioGel™ device.
AMI Founder, Chairman and CEO, James C. Katzaroff commented:
“2016 is proving to be a transformative year, with our financial restructuring well underway to position the Company with a normalized balance sheet as we head into 2017. We are very pleased to have completed this phase of our restructuring, eliminating all matured debt and removing these liabilities and accrued penalties from the balance sheet. The Company is now much better positioned to implement important components of its business plan, which includes pursuing an uplisting of our common stock to a national exchange. We look forward to continuing to build value for our shareholders and are committed to bringing our Y-90 RadioGel(TM) device to market, a product we believe will offer better treatment options and quality of life to cancer patients.”
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (ADMD) is a late stage radiation oncology focused medical device company engaged in the development of yttrium-90 based brachytherapy devices for the treatment of non resectable tumors. The IsoPet Solutions division is focused on establishing the infrastructure necessary to provide product to veterinary clinics including regulatory clearances and compliance as well as providing product awareness and education to veterinary oncologists. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our websites: www.isopetsolutions.com and www.isotopeworld.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
Advanced Medical Isotope Corporation
James C. Katzaroff, CEO
1021 N Kellogg Kennewick WA 99336
Circadian Group IR
Tyler Troup, B. Comm