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PRESS RELEASE
International PET Diagnostics Inc. Announces that its Tracer Drug Application is Accepted for Priority Review by Health Canada, Approval Expected Early 2005
VANCOUVER, BRITISH COLUMBIA—June 14, 2004. International PET Diagnostics Inc. (IPET) announced today that it has successfully entered the final step in the process to receive Health Canada approval for its CanTrace(TM) FDG, the tracer drug used in PET scans for cancer patients. On April 30, 2004, IPET filed a New Drug Submission with Health Canada applying for a Notice of Compliance to license IPET to manufacture and sell its CanTrace(TM) FDG for use in PET scanning in Canada for cancer. IPET's submission has now been accepted by Health Canada into its Priority Review process. A Notice of Compliance authorizing the use of CanTrace(TM) FDG for major indications of cancer may be expected early in 2005. Meanwhile, IPET's Vancouver PETSCAN Centre continues to provide PET scans to cancer patients under its ongoing Clinical Trial to assess the impact of PET scans on patient management.
PET is affiliated with IMAGIN Diagnostics Centres Inc., a Toronto-based PET scan service provider. The CareImaging PETSCAN Centre, which operates in Mississauga, is also part of the group.
"Thanks to the cooperation of Health Canada during the 3 year period that we conducted clinical trials for CanTrace(TM) FDG, we have reached the final stage," said Denis Tusar, President and CEO of IPET. "Upon issuance of the Notice of Compliance, we will be the first company in Canada to have a license to manufacture FDG. This will be a significant milestone in our mission to make PET scans available to cancer patients across the country. After Health Canada approval, IPET will have the right to manufacture and sell its CanTrace(TM) FDG and to use it in the performance of PET scans for cancer patients across Canada."
About IPET
International PET Diagnostics Inc. was established in January 1999 with the goal of bringing clinical PET diagnostics to Canada. The Vancouver-based company owns and operaOctober 2000.
About IMAGIN
IMAGIN Diagnostics Centres Inc. of Toronto has acquired a control equity position in CareImaging and continues to finance the joint effort of IPET and CareImaging in bringing PET technology to Canadians. The Vancouver and the Mississauga centres are the only private, dedicated clinical PET scan facilities in Canada.
About PET
PET images the biology of diseases at the molecular level often before changes are visible by anatomical imaging or in some cases before symptoms appear. PET's whole-body imaging capability helps physicians improve their ability to detect and determine the location, extent and stage of cancer, neurological disorders and cardiac disease. By improving diagnosis, PET scans aid physicians in selecting better courses of treatment, as well as assessing whether treatment is effective or should be changed.
FOR FURTHER INFORMATION PLEASE CONTACT:
International PET Diagnostics Inc.
John G. Smith
Telephone: (604) 689-7776
Email: smith@petscan.ca
