ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”),
an advanced materials company dedicated to the development of
technology and processes for the production of isotopes for use in
multiple industries, today provided a corporate update regarding
the Company’s operations in Pretoria, South Africa.
During December 2023, the Company and its North
American commercial partner, RC14 Inc., started processing the raw
materials for the production of highly enriched carbon-14 (14C), at
the Company’s light isotope enrichment facility in Pretoria, South
Africa. During June 2023, the Company entered into a multi-year
carbon-14 take-or-pay contract with a minimum revenue commitment of
$2.5 million per annum. Processing the materials for the first
batch of carbon-14 is expected to take approximately six months,
with the Company still expecting to receive the first revenues from
this contract during 1H 2024. Subsequent production runs are
expected to take less than three months, allowing the Company to
make quarterly deliveries of carbon-14 in the future. The contract
required RC14 to provide an irrevocable standby letter of credit,
in lieu of a deposit. The Company can confirm that this standby
letter of credit has been received from the customer.
The Company has also started the construction of
its third isotope enrichment facility in Pretoria, South Africa.
This third enrichment facility is expected to produce kilogram
quantities of highly enriched Ytterbium-176 (176Yb), an important
stable isotope used in the production of Lutetium-177 (177Lu).
Lutetium-177 is an emerging beta emitting radiopharmaceutical used
in oncology drugs such as Novartis’ Pluvicto. There are currently
two FDA approved drugs and over 66 ongoing clinical trials for
drugs that require Lutetium-177. The supply chain for this
radioisotope has been particularly challenged with recent industry
reports highlighting over two months treatment delay due to lack of
drug availability (1). The Company aims to start commercial
production of Ytterbium-176 during 2025.
This new Ytterbium-176 enrichment facility will
be the Company’s first commercial plant to utilize Quantum
Enrichment, an advanced isotope enrichment technique that is
currently under development by ASP Isotopes and its energy
subsidiary, Quantum Leap Energy LLC (QLE). Quantum Enrichment
utilizes lasers and is intended to revolutionize isotope production
of certain isotopes such as Ytterbium-176, Nickel-64, HALEU and
Lithium-6. The Company recently entered into MOUs with two US-based
Small Modular Reactor companies for the use of Quantum Enrichment
for the production of HALEU.
(1) Ravi et al, Clinical Implementation of
177Lu-PSMA-617 in the United States: Lessons Learned and Ongoing
Challenges; J Nuc Med March 2023, 64 (3) 349-350
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage
advanced materials company dedicated to the development of
technology and processes to produce isotopes for use in multiple
industries. The Company employs proprietary technology, the
Aerodynamic Separation Process (“ASP technology”). The Company’s
initial focus is on producing and commercializing highly enriched
isotopes for the healthcare and technology industries. The Company
also plans to enrich isotopes for the nuclear energy sector using
Quantum Enrichment technology that the Company is developing. The
Company has isotope enrichment facilities in Pretoria, South
Africa, dedicated to the enrichment of isotopes of elements with a
low atomic mass (light isotopes).
There is a growing demand for isotopes such as
Silicon-28, which will enable quantum computing, and
Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and
Nickel-64 for new, emerging healthcare applications, as well as
Chlorine-37, Lithium-6, and Uranium-235 for green energy
applications. The ASP Technology (Aerodynamic Separation Process)
is ideal for enriching low and heavy atomic mass molecules. For
more information, please visit www.aspisotopes.com.
About RC14 Inc.
RC14 is an isotope producer that concentrates
Carbon-14 (14C) from low specific 14C harvested from a nuclear
waste produced by a CANDU nuclear reactor. Stable
supply of 14C has been a challenge over the last decades. The
abundance of 14C in one of the residues produced from CANDU nuclear
stations combined with the technology developed by CCNuclear and
RC14 will provide the Isotope Community worldwide with a reliable
and long-term supply of 14C isotopes. For more information, please
visit www.rc14.com.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including,
without limitation, statements relating to the development of new
technology and facilities for the enrichment of isotopes, the
funding of operations, and the commencement of supply of isotopes
to customers. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on our current beliefs, expectations, and assumptions
regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, and other
future conditions. Forward-looking statements can be identified by
words such as “believes,” “plans,” “anticipates,” “expects,”
“estimates,” “projects,” “will,” “may,” “might,” and words of a
similar nature. Examples of forward-looking statements include,
among others but are not limited to, statements we make regarding
expected operating results, such as future revenues and prospects
from the potential commercialization of isotopes, future
performance under contracts, and our strategies for product
development, engaging with potential customers, market position,
and financial results. Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict, many of
which are outside our control. Our actual results, financial
condition, and events may differ materially from those indicated in
the forward-looking statements based upon a number of factors.
Forward-looking statements are not a guarantee of future
performance or developments. You are strongly cautioned that
reliance on any forward-looking statements involves known and
unknown risks and uncertainties. Therefore, you should not rely on
any of these forward-looking statements. There are many important
factors that could cause our actual results and financial condition
to differ materially from those indicated in the forward-looking
statements, including our reliance on the efforts of third parties;
our ability to complete the construction and commissioning of our
enrichment plants or to commercialize isotopes using the ASP
technology or the Quantum Enrichment Process; our ability to obtain
regulatory approvals for the production and distribution of
isotopes; the financial terms of any current and future commercial
arrangements; our ability to complete certain transactions and
realize anticipated benefits from acquisitions; contracts,
dependence on our Intellectual Property (IP) rights, certain IP
rights of third parties; and the competitive nature of our
industry. Any forward-looking statement made by us in this press
release is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise. This press release includes market and industry data and
forecasts that we obtained from internal research, publicly
available information and industry publications and surveys.
Industry publications and surveys generally state that the
information contained therein has been obtained from sources
believed to be reliable. Unless otherwise noted, statements as to
our potential market position relative to other companies are
approximated and based on third-party data and internal analysis
and estimates as of the date of this press release. We have not
independently verified this information, and it could prove
inaccurate. Industry and market data could be wrong because of the
method by which sources obtained their data and because information
cannot always be verified with certainty due to the limits on the
availability and reliability of raw data, the voluntary nature of
the data-gathering process and other limitations and uncertainties.
In addition, we do not know all of the assumptions regarding
general economic conditions or growth that were used in preparing
the information and forecasts from sources cited herein. No
information in this press release should be interpreted as an
indication of future success, revenues, results of operation, or
stock price. All forward-looking statements herein are qualified by
reference to the cautionary statements set forth herein and should
not be relied upon.
Contacts
Jason Assad– Investor
relationsEmail: Jassad@aspisotopes.com Telephone:
561-709-3043
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