ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”),
an advanced materials company dedicated to the development of
technology and processes for the production of isotopes for use in
multiple industries, today announced advances in its construction
program and the hiring of key staff.
Ytterbium-176 Enrichment Facility
The Company’s Ytterbium-176 enrichment facility
will be the Company’s third enrichment facility in South Africa and
its first isotope enrichment facility to utilize Quantum
Enrichment, a novel laser method of enrichment. The Company
believes that this novel laser-based enrichment method promises
affordability, lower production costs, and efficient construction,
relative to other older generation methods of isotope enrichment.
Construction of the Ytterbium-176 facility was originally planned
to conclude during mid-2025; however, the team has managed to
accelerate its construction timeline by approximately nine
months.
Following a commissioning phase, this facility
is expected to produce commercial quantities of highly enriched
Ytterbium-176 for sale during 2025. Ytterbium-176
(176Yb) is a key stable isotope used in the production of
Lutetium-177 (177Lu). Lutetium-177 is an emerging beta emitting
radiopharmaceutical used in oncology drugs such as Novartis’
Pluvicto. There are currently two FDA approved drugs and more than
66 ongoing clinical trials for drugs that require Lutetium-177.
Consensus forecasts for Novartis’ Pluvicto
exceed $4 billion and the beta emitting radiopharmaceutical market
is expected to exceed $15 billion per annum in the next decade.(1)
The supply chain for this radioisotope has been particularly
challenged with recent industry reports highlighting over two
months treatment delay due to lack of drug availability.(2) The
Company believes that the only supplier of commercial quantities of
Ytterbium-176 is Rosatom, the Russian state-owned entity. The
Company is in discussions with multiple potential customers and
aims to offer commercial supplies of Ytterbium-176 during 2025.
“Currently, there exist significant supply-side
challenges for many essential radioisotopes used in various
oncology treatments. We have received a considerable amount of
interest from customers in North America, Europe and Asia for
Ytterbium-176 and we look forward to easing supply chains and
improving the quality of life of thousands of patients every year”,
said Paul Mann, ASP Isotopes Inc.’s Chairman and CEO.
Global Leader of ASPI’s U.K. Nuclear
Strategy
The Company has recruited Lt. Col. William
(Bill) Eden, MBE to lead the Company’s U.K. nuclear strategy.
Bill’s 27-year career in the U.K. Army has involved serving two
tours in Afghanistan, as well as serving as the British Army’s
strategic liaison officer at The Pentagon, U.S.A and as a planning
officer at NATO. He is currently serving within Land Command in the
U.K. and expects to retire from the U.K. Army during 4Q 2024. Prior
to joining the U.K. Army, Bill graduated from Cambridge University
with an M.A. (Cantab) in Natural Sciences. Lt. Col Eden is expected
to assume his responsibilities during the fourth quarter 2024.
“Bill’s leadership skills, experience in
managing operations, 'complex projects and programmes, supply
chains, logistics and security, as well as his experience of
interacting with multiple governments and stake holders, makes him
the ideal person to advance our nuclear strategy in the United
Kingdom”, said Paul Mann, Chairman and CEO of QLE.
“Following a highly fulfilling and exciting
career in His Majesty’s Armed Forces, I look forward to moving onto
new challenges. The world is currently suffering from a great many
supply chain issues that might prevent us from meeting 2050 climate
goals. I look forward to helping solve some of these, improving
energy security and assisting the U.K. in expanding its leadership
position in nuclear energy”, said Lt. Col. Bill Eden.
The U.K. is one of many countries that have
pledged to triple the amount of nuclear power by 2050. The U.K. has
committed to deploy up to 24GW of nuclear power by 2050.(3) Basic
nuclear fuels (e.g., low-enriched uranium) are currently supplied
by a limited number of companies, and supply chains have been
challenged for numerous years. Recent geopolitical events have
highlighted the urgent need for additional investment into the
nuclear fuel supply chain. For example, in May 2024, Russia’s
state-owned uranium supplier, Tenex, notified its US customers of a
potential force majeure event following a law recently signed by
President Biden that bars imports of Russian nuclear fuel.
The Company is evaluating the potential
opportunity to construct an advanced nuclear fuel plant in the
United Kingdom, which would likely result in the inward investment
of hundreds of millions of dollars from Quantum Leap Energy LLC and
its partners and customers. The advanced nuclear fuel plant would
likely create hundreds of permanent jobs in the United Kingdom. ASP
Isotopes has previously announced that it has entered into two MOUs
with U.S.-based Small Modular Reactor (SMR) companies that
contemplate the SMR companies making capital investments into the
development of high-assay low-enriched uranium (HALEU) enrichment
facilities. Potential customers, with whom ASP Isotopes has been in
discussions, have indicated their requirements of over $37 billion
of HALEU by 2037.
We believe HALEU will be required for the
nuclear fuel component for the new generation of nuclear reactors,
such as SMRs (small modular reactors), that are now under
development for commercial and government uses. Currently, there
are no Western producers of HALEU in commercial quantities, and
many SMR companies worldwide face substantial delays until this
fuel supply issue is resolved. The Nuclear Energy Institute
estimates that there may be a HALEU supply shortage of
approximately 3,000 metric tons by 2035. (4) However, based on
discussions with and the interest received from potential
customers, the Company believes this figure may be significantly
larger.
Inducement Grant
In connection with his appointment, effective as
of his employment start date, the Company granted Mr. Eden 200,000
shares of the Company’s common stock. Subject to Mr. Eden being
continuously employed by the Company through each applicable
vesting date, the shares will vest in eight equal instalments over
four years, with 25,000 shares vesting on each of the six-month
anniversaries of Mr. Eden’s employment start date. This restricted
stock award was approved by the Company’s Compensation Committee
and granted under the Company’s 2024 Inducement Equity Incentive
Plan as an inducement material to Mr. Eden entering into employment
with ASP Isotopes, in accordance with Nasdaq Listing Rule
5635(c)(4). The Company is providing this information in accordance
with Nasdaq Listing Rule 5635(c)(4).
(1) |
Lutetium-177 (Lu-177) Market Size, Scope And Forecast Report
(marketresearchintellect.com) |
(2) |
Ravi et al, Clinical Implementation of 177Lu-PSMA-617 in the United
States: Lessons Learned and Ongoing Challenges; J Nuc Med March
2023, 64 (3) 349-350 |
(3) |
UK releases roadmap to quadruple nuclear energy capacity :
Nuclear Policies - World Nuclear News (world-nuclear-news.org) |
(4) |
NEI-Letter-for-Secretary-Granholm_HALEU-2021.pdf |
|
|
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage
advanced materials company dedicated to the development of
technology and processes to produce isotopes for use in multiple
industries. The Company employs proprietary technology, the
Aerodynamic Separation Process (“ASP technology”). The Company’s
initial focus is on producing and commercializing highly enriched
isotopes for the healthcare and technology industries. The Company
also plans to enrich isotopes for the nuclear energy sector using
Quantum Enrichment technology that the Company is developing. The
Company has isotope enrichment facilities in Pretoria, South
Africa, dedicated to the enrichment of isotopes of elements with a
low atomic mass (light isotopes).
There is a growing demand for isotopes such as
Silicon-28, which will enable quantum computing, and
Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and
Nickel-64 for new, emerging healthcare applications, as well as
Chlorine-37, Lithium-6, and Uranium-235 for green energy
applications. The ASP Technology (Aerodynamic Separation Process)
is ideal for enriching low and heavy atomic mass molecules. For
more information, please visit www.aspisotopes.com.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including,
without limitation, statements relating to the development of new
technology for the enrichment of nuclear isotopes, the commencement
of supply of isotopes to customers, and the construction of
additional enrichment facilities. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations,
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy, and other future conditions. Forward-looking statements
can be identified by words such as “believes,” “plans,”
“anticipates,” “expects,” “estimates,” “projects,” “will,” “may,”
“might,” and words of a similar nature. Examples of forward-looking
statements include, among others but are not limited to, statements
we make regarding expected operating results, such as future
revenues and prospects from the potential commercialization of
isotopes, future performance under contracts, and our strategies
for product development, engaging with potential customers, market
position, and financial results. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks, and changes in circumstances that are difficult to predict,
many of which are outside our control. Our actual results,
financial condition, and events may differ materially from those
indicated in the forward-looking statements based upon a number of
factors. Forward-looking statements are not a guarantee of future
performance or developments. You are strongly cautioned that
reliance on any forward-looking statements involves known and
unknown risks and uncertainties. Therefore, you should not rely on
any of these forward-looking statements. There are many important
factors that could cause our actual results and financial condition
to differ materially from those indicated in the forward-looking
statements, including our reliance on the efforts of third parties;
our ability to complete the construction and commissioning of our
enrichment plants or to commercialize isotopes using the ASP
technology or the Quantum Enrichment Process; our ability to obtain
regulatory approvals for the production and distribution of
isotopes; the financial terms of any current and future commercial
arrangements; our ability to complete certain transactions and
realize anticipated benefits from acquisitions; contracts,
dependence on our Intellectual Property (IP) rights, certain IP
rights of third parties; and the competitive nature of our
industry. Any forward-looking statement made by us in this press
release is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise. This press release includes market and industry data and
forecasts that we obtained from internal research, publicly
available information and industry publications and surveys.
Industry publications and surveys generally state that the
information contained therein has been obtained from sources
believed to be reliable. Unless otherwise noted, statements as to
our potential market position relative to other companies are
approximated and based on third-party data and internal analysis
and estimates as of the date of this press release. We have not
independently verified this information, and it could prove
inaccurate. Industry and market data could be wrong because of the
method by which sources obtained their data and because information
cannot always be verified with certainty due to the limits on the
availability and reliability of raw data, the voluntary nature of
the data-gathering process and other limitations and uncertainties.
In addition, we do not know all of the assumptions regarding
general economic conditions or growth that were used in preparing
the information and forecasts from sources cited herein. No
information in this press release should be interpreted as an
indication of future success, revenues, results of operation, or
stock price. All forward-looking statements herein are qualified by
reference to the cautionary statements set forth herein and should
not be relied upon.
Contacts
Jason Assad– Investor
relationsEmail: Jassad@aspisotopes.comTelephone:
561-709-3043
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