US Nuclear Corp. has signed a letter of intent to be the exclusive manufacturer of medical isotope generators for a nuclear medicine company.
US Nuclear, in Canoga Park, would make the devices for MIFTEC, owned by Magneto-Inertial Fusion Technologies Inc. in Tustin. As part of the deal, US Nuclear would take a 10 percent ownership in MIFTEC.
Currently there are no suppliers for this equipment in the United States. In an interview with online publication HealthCareBusiness, US Nuclear Chief Executive Robert Goldstein said the company’s plan was to build the generators to be sold in the range of $6 million to $10 million each.
Radioisotopes have a variety of uses in the medical field, including treatment of cancer and in medical imaging.
US Nuclear has three subsidiaries – Technical Associates in Canoga Park, which makes radiation detection equipment; Overhoff Technologies in Milford, Ohio, which specializes in tritium detection equipment; and Electronic Control Concepts, also in Milford, which makes voltmeters to check industrial and medical x-ray machines.
Shares in US Nuclear (UCLE) closed unchanged at 36 cents on the over-the-counter market.