Pharmaceutical manufacturers Cyclotek and Cyclopharm have entered an agreement with Macquarie University to advance the Australian molecular imaging sector.
The research will also involve radiopharmaceutical manufacturer, PETTECH Solutions, which will sell its existing FDG business operations to the newly formed entity, Cyclotek NSW, and also grant access to its cyclotron facility at Lucas Heights.
Cyclopharm will also provide operational control of its own cyclotron facility at Macquarie University Hospital, as part of a collaborative strategy to manufacture new PET diagnostics.
“This is a tremendous opportunity for PET healthcare in Australia as the integration of the Cyclopharm Macquarie facility and PETTECH Solutions facility will create significant economies of scale for manufacture of short half-life isotopes that would otherwise not be possible,” said Cycloteck director, Dr Rob Ware.
Cyclotek is the largest commercial PET radiopharmaceutical manufacturer in Australia and New Zealand. The Cyclotek NSW group will operate six radiopharmaceutical facilities with eight medical cyclotron across both nations.
“This is an outstanding example of government and private sector working together to achieve materially better health outcomes for the Australian community,” said PETTECH chairman, Con Lyras.
The arrangement is still subject to final approvals although all parties are excited by the opportunity to “increase patient and clinician access to world-first diagnostics and research”, an ASX statement read.
“Macquarie Univerity is delighted it will be providing research capabilities to this venture and to have this new business, Cyclotek NSW, onsite,” said Professor Patrick McNeil, executive dean of the Faculty of Medicine and Health Science.
“Participation in this project will enable us to build new collaborative research programs in clinical diagnostics and imaging.”