Interview With The CEO And Chairman: Positron Corporation (POSC) - Patrick G. Rooney
March 20, 2012 - The Wall Street Transcript has just published Medical Devices Report offering a timely review of the sector. This Special Report contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. Please find an excerpt below.
Recent Wall Street Transcript Special Reports.
Patrick G. Rooney was elected Chairman of Positron Corporation in 2004 and has served as Chief Executive Officer since 2009. He brings an extensive financial and management background, focusing on early-stage growth companies. Mr. Rooney has led Positron through refocusing its core competencies, objectives and the development and execution of sales and growth strategy. He serves on the board of directors of Positron's development and manufacturing joint venture, Neusoft Positron Medical Systems Co., Ltd. Since March 2003, Mr. Rooney has been the Managing Director of Solaris Opportunity Fund L.P., Positron's largest investor. From 1985 to 2000, he was a Member of the Chicago Board of Options Exchange, and the Chicago Board of Trade and the Chicago Mercantile Exchange. From September 1998 to March 2003, Mr. Rooney was the Managing Director of Digital Age Ventures, Ltd., a venture capital investment company that focused its investments in medical and technology companies.
TWST: Would you provide us with a short overview and profile of the Positron Corporation?
Mr. Rooney: Positron Corporation (POSC) is a leading molecular imaging health care company providing innovative nuclear medicine technologies and solutions that are reshaping the field of nuclear cardiology. We are vertically integrating all key components of the industry. We have a PET scanner, the Attrius, that is optimized for cardiac imaging. We are the only company in the world that offers a dedicated cardiac PET scanner. There are other companies in the systems space, such as GE, Phillips, Siemens, that have PET/CT cameras that are primarily focused on oncology. Positron is the only company with a standalone PET company in the world and also the only company vertically integrating imaging system, radiopharmaceuticals and radioisotopes. We feel that the best way to grow the market for our products and solutions is to stabilize and solidify the industry is to secure the supply of radioisotopes. The demand for PET is evident; however, there has been and will be supply issues on the consumables. We believe by stabilizing these consumables, we facilitate and most likely accelerate the growth of PET. The first order in this chain is the stabilization and security of the isotope market. With that approach, we have made a number of strategic moves and certain acquisitions in the last 12 to 18 months that have enabled Positron to enter into these other segments of systems, radiopharmaceuticals and radioisotopes. Now, Positron is the only company outside of the Department of Energy that processes strontium and select other isotopes. Strontium being the key isotope used in cardiac PET imaging. We are also moving into radiopharmaceuticals through relationships with radiopharmaceutical companies so that we can provide that full solution.
TWST: What is the marketplace for nuclear cardiology, specifically for the therapeutics market and the overall market?
Mr. Rooney: Nuclear cardiology is a market that is primarily dominated by SPECT and has been for 30 years, however, PET has truly expanded over the last 36 months, and we believe will continue on an aggressive growth pattern for years to come. PET is a better imaging modality than SPECT and the cardiology industry is at the early stage in this shift to better medicine through PET. Other important factors further validating our beliefs are an increase in reimbursement for PET coupled with a decrease for SPECT imaging, an worldwide demand for low radiation exposure and the desire for better quantitative imaging - that PET offers through efficient, precise diagnostic value. So in short, PET has come on strong and is in full demand, whereas SPECT imaging has reached a point of maturity. The future of heart imaging, cardiac imaging, is PET. I think the market is very strong. We believe the scope of the PET market somewhere 10 to 20 times higher than current levels that exist right now.
TWST: What are the underlying signs for these products' performance and what is the competitive landscape they should encounter?
Mr. Rooney: If you mean the hindrance, we believe it's a supply-driven market. At this point, the demand is evident, the demand is relatively universal throughout the industry that the future of nuclear cardiology is PET. The barriers to entry if you will, or the hindrances, would be the question: Is there enough supply of radioisotopes to produce enough radiopharmaceuticals to meet market demand? We believe Positron has made the right decisions in focusing on the core radioisotope so that we can stabilize and secure supply for this future growth. More supply will support more growth.
The remainder of this 51 page Medical Devices Report can be immediately viewed by purchasing online.
The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
For Information on subscribing to The Wall Street Transcript, please call 800/246-7673