-Company and its North American commercial partner, RC14, commenced the processing of feedstock for enriched Carbon-14 during December 2023.
-Continues to expect to generate revenues and cash flow from highly enriched Carbon-14 during 1H 2024.
-Commenced the construction of the Company’s third isotope enrichment facility in South Africa, for the production of Ytterbium-176. Expects the facility to have production capacity of kilogram quantities of 99.55% 176Yb, and to commence operations in 2025.
WASHINGTON, Jan. 10, 2024 (GLOBE NEWSWIRE) -- 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.
