31 December 2015 The Manager
Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street
Sydney NSW 2000
Cyclopharm Ltd ABN 74 116 931 250
Bldg 75 Business & Technology Park New Illawarra Road
Lucas Heights NSW 2234 Australia POB 350 Menai Central NSW 2234
T 61 2 9541 0411
F 61 2 9543 0960
www.cyclopharm.com.au
cyclomedica technegas ultraluteCyclopharm Ltd ABN 74 116 931 250
Bldg 75 Business & Technology Park New Illawarra Road
Lucas Heights NSW 2234 Australia POB 350 Menai Central NSW 2234
T 61 2 9541 0411
F 61 2 9543 0960
www.cyclopharm.com.au
In June 2014, water damage resulting from a car fire at Macquarie University Hospital damaged our cyclotron facility.
Cyclopharm is pleased to advise shareholders that a settlement has been reached with our insurers that will net Cyclopharm $2.1m.
The settlement funds have been received and will be reflected in our 2015 full year accounts.
We are currently in discussions regarding the long term status of the facility and will provide an update to those discussions early in the new year.
Mr James McBrayer |
Managing Director, CEO and Company Secretary |
Cyclopharm Limited |
T: +61 418 967 073 |
Cyclopharm is a radiopharmaceutical company servicing the global medical community. The Company's mission is to provide nuclear medicine and other clinicians with the ability to improve patient care outcomes.
Cyclopharm achieves this objective through the provision of radiopharmaceutical products, Technegas (for lung imaging) and Molecular Imaging (used in cancer, brain and cardiac imaging). Our customers are nuclear medicine departments located within hospitals and clinics.
Technegas is a structured ultra-fine dispersion of radioactive labeled carbon. Technegas is produced by drying Technetium-99m, (the most commonly used isotope in nuclear medicine imaging), in a carbon crucible then heating the isotope for a few seconds at around 2,700oC in a Technegas Generator. The resultant gas-like substance is inhaled by the patient (referred to as lung ventilation) via our consumable product known as a Patient Administration Set
(PAS).
The inhaled Technegas particles enables multiple views and tomography imaging under a gamma or single photon emission computed tomography (SPECT) camera for the superior functional ventilation imaging primarily used to diagnose pulmonary emboli (blood clots in the lungs).
Cyclopharm's UltraluteTM technology extends the useful life of Molybdenum-99 (Mo-99) generators by up to an additional 50%. This technology potentially gives nuclear medicine departments the ability to dramatically improve their operating efficiencies, cost of materials and health outcomes for patients.
Cyclopharm Limited issued this content on 2015-12-31 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-06 02:25:04 UTC
Original Document: http://investor.cyclopharm.com/IRM/PDF/1430/Cyclopharmreceivesinsurancesettlement