|MIT Receives License Amendment Approval; FTC Sues to Block Omnicare's Bid|
|By Staff and Wire Reports|
|Friday, 27 January 2012 18:39|
Positron Corporation (OTCBB:POSC.OB), a leading molecular imaging healthcare company, specializing in the field of nuclear cardiology, announced its wholly owned subsidiary, Manhattan Isotope Technology (MIT), received approval of its radioactive materials license amendment. The Texas Department of State Health Services- Radiation Control Program granted the amendment approval.
This specific amendment will now permit for the receipt and processing of solutions, which contain Sr-82 and multiple other radioisotopes. Over the next six months MIT will obtain Sr-82 target solutions, from foreign irradiators, for final purification into Active Pharmaceutical Ingredient (API) grade Sr-82 at the MIT facility in Lubbock, TX.
During proton irradiation to produce Sr-82, many other radioisotopes are co-produced. These additional isotopes are removed from Sr-82 during radiochemical processing. The previous MIT radioactive materials license was limited to two radioisotopes: Sr-82 and Sr-85. The new amended license broadens the scope of isotopes permitted on site and allows MIT greater flexibility in this validation phase.
Commenting on the significance of the license approval, MIT President and Positron Pharmaceutical, Chief Technical Officer, Jason Kitten stated, "Positron and MIT are rapidly implementing a new foundation for cardiac PET by increasing the supply and reliability of Sr-82. Positron has designed a superior integrated business model for the reliability and expansion of cardiac PET in the US. With this latest license approval, MIT has significantly accelerated Positron's Sr-82 mission and will begin supporting Sr-82 supply in 2012, further strengthening Positrons goal of solidifying cardiac PET's progression in the US."
The Federal Trade Commission issued a complaint to block Omnicare, Inc.'s (NYSE:OCR) hostile acquisition of rival long-term care pharmacy provider PharMerica Corporation, (NYSE:PMC) alleging that the combination of the two largest U.S. long-term care pharmacies would harm competition and enable Omnicare to raise the price of drugs for Medicare Part D consumers and others. Deal Would Lead to Higher Costs for Medicare Patients and Taxpayers, Agency Alleges.
In its complaint, the FTC charges that a deal combining Omnicare and PharMerica would significantly increase Omnicare's already substantial bargaining leverage by dramatically increasing the number of skilled nursing facilities, known as SNFs, that receive long-term care pharmacy services from the company. Due to its substantial market share, the FTC alleges that the combined firm likely would be a "must have" for Medicare Part D prescription drug plans, which are responsible for providing subsidized prescription drug benefit coverage for most SNF residents and other Medicare beneficiaries.
According to the Centers for Medicare & Medicaid Services (CMS) of the Department of Health and Human Services, the proposed acquisition "appears likely to result in higher reimbursement rates . . . and thereby to increase the cost to CMS (and therefore the U.S. government and U.S. taxpayers) as well as any individuals who pay out-of-pocket costs in connection with such services."
"If Omnicare is allowed to purchase its biggest and only national competitor, it will diminish competition and raise health care costs – leaving taxpayers and patients to foot the bill," said Richard Feinstein, Director of the FTC's Bureau of Competition. "The Bureau will continue to be vigilant in our efforts to prevent these sorts of anticompetitive deals."
The FTC's administrative complaint is part of the agency's ongoing efforts to maintain competition in the U.S. health care sector, which benefits consumers by keeping prices low and quality and choice of products and services high. This year, more than 1.6 million Part D Medicare beneficiaries are expected to require long-term care while living in an SNF, and about 1.1 billion prescriptions per year are processed under Part D on behalf of approximately 29 million beneficiaries.
BIOLASE Technology, Inc. (NASDAQ: BLTI), the World's leading dental laser manufacturer and distributor, today announced that it has signed a strategic sales and marketing partnership with Kirkland, WA-based Seattle Study Club (SSC), a worldwide organization of dentists that are committed to the highest standard of patient care and maintaining the highest level of knowledge in the field of dentistry.
Sam Gibbs, president of eHealth Government Systems, a subsidiary of eHealth, Inc. (NASDAQ: EHTH), joined a distinguished list of state leaders and industry executives at the 2012 Health Insurance Exchange Summit in Las Vegas today.
EnteroMedics Inc. (NASDAQ: ETRM), the developer of medical devices using neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders, today announced financial results for the three months and full year ended December 31, 2011.
Lpath, Inc. (OTCBB: LPTN), the industry leader in lipidomics-based antibody therapeutics, has temporarily suspended dosing patients in its PEDigree and Nexus trials.
PPJ Enterprise (PINKSHEETS:PPJE) a proprietary automated health care software company, is pleased to share its Corporate Overview / Forward Guidance with its followers.
PROTEONOMIX, INC. (OTCBB: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, announced today that it will be presenting at the Investor Summit 2012 on February 1, 2012, sponsored by Merriman Capital at the Intercontinental Time Square Hotel in New York City.
Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, today announced it has sold an aggregate of $1.75 million in senior secured debentures in a private placement transaction with an accredited investor, and Rosetta has also agreed to negotiate in good faith a definitive license agreement with a designee of the holders of the debentures for an additional $1.25 million.
Stellar Pharmaceuticals Inc. (OTCQB:SLXCF) (OTCBB:SLXCF) (PINKSHEETS:SLXCF) ("Stellar" or "the Company"), today announced that it has received another patent from the U.S. Patent and Trademark Office (USPTO) for intellectual property central to one of the Company's lead products, Uracyst® (a sterile sodium chondroitin sulfate solution, 2%), which is used in the treatment of interstitial cystitis/painful bladder syndrome ("IC/PBS").