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North American Scientific Inc. announces FDA approval for prostate cancer therapeutic device
Wednesday, February 19, 1997 11:05 AM
NORTH HOLLYWOOD, Calif.--(BUSINESS WIRE)--Feb. 19, 1997--North American Scientific Inc. (OTC:NASI) Wednesday announced it has received FDA approval to market its newly developed line of miniature brachytherapy radiation sources for therapeutic treatment of prostate cancer.
Surgical implantation of such Iodine-125 sources has become a widely used technique, according to North American Scientific's President and Chief Executive Officer L. Michael Cutrer. The market for these sources is estimated to be $25.0 million per year, and growing strongly, Cutrer said.
North American Scientific has completed its manufacturing facility and expects to market its prostate cancer brachytherapy sources within three months. Distribution arrangements are being negotiated with strong potential partners. "This approval," Cutrer said, "was granted very rapidly by the FDA, which should allow us to more easily accomplish our stated goal of expanding growth and profitability in 1997 and for the years ahead."
The company's Chairman, Irwin Gruverman, said: "This product launch will demonstrate the ability of a highly focused, soundly financed organization to quickly carry out its expansion plans. Other product development activities are ongoing and we anticipate adding additional product lines in the medical diagnostic and therapeutic areas."
North American Scientific manufactures and markets low-level radioactive sources and standards for nuclear medicine, industrial and other commercial applications.
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