International Isotopes adjusts financial outlook

Radioisotope manufacturer International Isotopes of Denton, TX, last month announced that it expects slower 1999 revenue growth than initially anticipated. The company attributed its adjusted financial outlook to modified product specifications and an underestimation of the time, cost, and complexity of obtaining state and federal regulatory approval for its manufacturing facilities. International Isotopes expects its revenues to increase, but will report operating losses this fiscal year.

In its effort to meet its revised timetable for product shipments, the company has created a six-point plan that focuses on products closest to clearance. International Isotopes is seeking a permanent COO to help guide the company through the plan, as well as a professional to supervise the regulatory process. President Carl Seidel will focus on brachytherapy device production, while others on the company’s management team will concentrate on radioisotope and radiopharmaceutical manufacture. The company also plans to tighten its belt by eliminating unnecessary production costs. Finally, International Isotopes will explore creative financing options, including joint ventures, to support its operations and new product development.

In other International Isotopes news, the firm on July 19 gained rights to an exclusive worldwide license to manufacture palladium-103 brachytherapy seeds for the treatment of prostate cancer when it signed an agreement with Endotech for access to Endotech’s patents.