IBt s.a. (Brussels:IBT), based in Seneffe, Belgium, and IsoRay Inc., based in Richland, Washington USA, announce that they have signed a letter of intent related to a "Global Strategic Alliance" to be formed between the two groups.
This alliance will encompass both sales and marketing activities in the USA, in Europe and in the rest of the world, as well as joining efforts through a number of collaborative R&D programs to develop the next generation of brachytherapy sources using "polymer technology." This technology will be associated with both Cs-131 and with I-125.
More specifically, it is the intention for the alliance to take the form of a number of separate agreements as follows:
- a joint R&D program will be initiated to develop a new I-125 seed associated with the "polymer seed technology" developed by IBt. This project to be led by IBt.
- the existing "Technology Licensing Agreement" under which IsoRay has access to the "polymer seed technology" for its association with Cs-131 will be amended to expand the terms of the collaboration between the two companies. This project is to be led by IsoRay.
- a Distribution agreement for the existing Cs-131 titanium seed: IsoRay will grant, for an initial term of 5 years, an exclusive license subject to performance criteria, for IBt to distribute the existing Cs-131 seeds in Europe and in other parts of world. When the polymer Cs-131 seed is ready for commercialization, IBt will exclusively distribute it in its territory as well.
- Distribution agreement I-125: IBt will grant, for an initial term of 5 years, an exclusive license subject to performance criteria, for IsoRay to distribute the future polymer I-125 seeds in the North and South American markets.
All these agreements still need to be, and are subject to, the successful negotiation between the parties of a number of important contractual elements and the approval by their respective Board of Directors. It is the intention of the parties to proceed as quickly as possible and to have all the definitive agreements in place by the end of October.
IBt, International Brachytherapy s.a., designs, produces and sells worldwide a complete range of radiotherapy implants used in brachytherapy. Brachytherapy is a medical technology by which implants containing radio isotopes are placed in the heart of cancer tissue. The local radiation from the implants then destroys the cancerous cells. The main application for brachytherapy today is for treating localised prostate cancer.