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ASP Isotopes Inc. Enters into Multi-Year Supply Agreement for Highly Enriched Carbon-14
Contract has minimum annual revenue of $2.5 Million with production expected in 2H 2023BOCA RATON, FL / ACCESSWIRE / May 8, 2023 / ASP Isotopes Inc.
About this update from Asp Isotopes Inc.
[{"type":"text","content":"Contract has minimum annual revenue of $2.5 Million with production expected in 2H 2023BOCA RATON, FL / ACCESSWIRE / May 8, 2023 / ASP Isotopes Inc. (NASDAQ:ASPI) (\"ASPI\", the \"Company\", \"us\", \"we\" or \"our\"), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes used in multiple industries, today announced that the Company has entered into a supply agreement for highly enriched Carbon-14 (C-14) with RC-14, a Canadian company focused on the production and supply of Carbon-14.The Tolling Contract will involve the enrichment of Carbon-14 from feedstock supplied by RC-14 (www.rc14.com) and CCNuclear (www.ccnuclear.ca) and is subject to minimum volume commitments, which will be backed by a Bank Letter of Guarantee. The initial term of the contract is for 2 years, which can be extended to 10 years by mutual agreement. The Carbon-14 will be enriched in ASP Isotopes' Light Isotope Enrichment Facility in Pretoria, South Africa, which recently completed commissioning.The contract has specified a minimum annual revenue of approximately $2.5 Million and targeted annual revenue of approximately $3.8 Million. Production will commence when feedstock becomes available, which RC-14 expects during 2H 2023.Carbon-14 is the most frequently used radiolabel for drug discovery, drug metabolism, and pharmacokinetics. Carbon naturally exists in many drug molecules, and thus it provides better radiolabeling sites. Radiolabeling is a scientific technique used to track the passage of a molecule. The technique incorporates a radioisotope through a reaction, cell, organism, biological system, or metabolic pathway. Russia has historically been responsible for the entire global supply of Carbon-14 and prior shortages have been exacerbated since persistent global disruptions during the COVID period.\"The World is in urgent need of an alternative supplier of Carbon-14. We have had considerable interest from customers and we are in the process of securing a strong order book\", said Stephane Leduc, Chief Executive Officer of RC-14 and General Manager of CCNuclear.\"The ASP Process is ideally suited to enriching a wide range of isotopes, particularly light isotopes, such as Carbon-14. We look forward to helping solve the supply chain issues that have plagued the world for the last 12 months,\"...