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Energy Fuels Acquires RadTran as A Further Step Toward Addressing the Global Industry Need For Medical Radioisotopes in Emerging Cancer Treatments
Acquisition intended to enhance Energy Fuels' current capabilities and support announced plans for medical isotope development. LAKEWOOD, Colo., Aug. 19, 2024 /
About this update from Energy Fuels Inc.
[{"type":"text","content":" Acquisition intended to enhance Energy Fuels' current capabilities and support announced plans for medical isotope development. LAKEWOOD, Colo., Aug. 19, 2024 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\"), an industry leader in uranium and rare earth elements (\"REE\") production for the energy transition, today announces the August 16, 2024 acquisition (the \"Acquisition\") of RadTran LLC (\"RadTran\"), a private company specializing in the separation of critical radioisotopes, to further Energy Fuels' plans for development and production of medical isotopes used in cancer treatments. RadTran's expertise includes separation of radium-226 (\"Ra-226\") and radium-228 (\"Ra-228\") from uranium and thorium process streams. This strategic acquisition is expected to significantly enhance Energy Fuels' planned capabilities to address the global shortage of these essential isotopes used in emerging targeted alpha therapies (\"TAT\") for cancer treatment. Mark Chalmers, President and CEO of Energy Fuels said, \"With this Acquisition, we will be combining our unique processing capabilities at the White Mesa Mill, the only permitted and operating uranium mill in the United States, with over 40 years of chemical and metal separations experience, with RadTran's intellectual property and medical isotope experience in radionuclide separation and concentration, which we believe will position Energy Fuels to be a leader in this developing industry. \"Additionally, what I find exciting about this initiative is that Energy Fuels has the potential to recover valuable isotopes from its existing process streams, thereby recycling back into the market material that would otherwise be lost to disposal and repurposing it for use in producing life-saving cancer treatments. \"And our current R&D activities are being conducted using existing Mill facilities without the need for capital improvements of any significance. Capital development for future commercial production capabilities, upon successful production at the R&D level, would be expected to be supported by future offtake agreements for radium production.\" Since July 2021, Energy Fuels and RadTran have been working under a Strategic Alliance Agreement to evaluate the feasibility of recovering Ra-226 and Ra-228 from existing ur...