ASP Isotopes Inc. Enters into 25-Year Supply Agreement Valued at Up to $27 Million per Annum for Highly Enriched Molybdenum-100

BOCA RATON, FL / ACCESSWIRE / November 29, 2022 / ASP Isotopes Inc. (NASDAQ:ASPI) ("ASPI", the "Company", "us", "we" or "our"), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes used in multiple industries, today announced that the Company has entered into 25-year supply agreement for highly enriched Molybdenum-100 (Mo-100) with BRICEM (Beijing Research Institute of Chemical Engineering Metallurgy). Mo-100 is used in the preparation of radiopharmaceuticals used in nuclear medicine procedures to diagnose heart disease and cancer, to study organ structure and function, and to perform other important medical applications. The contract has a value of up to $27 million per annum for 25 years and deliveries are scheduled to commence in July 2023. The Company now expects to begin delivering commercial quantities of Mo-100 from Q3 2023 versus previous guidance of "before 2024". The Company continues to have discussions with BRICEM regarding the production of other isotopes.

It is anticipated that the highly enriched Mo-100 will be used in the production of either technetium-99m (Tc-99m) or Mo-99 in a cyclotron or in a linear accelerator. One hundred seventeen medical institutions in China are equipped with 120 medical cyclotrons, many of which are already capable of using Mo-100 in the preparation of radiopharmaceuticals. During 2019, there were 2.51 million SPECT (Single Photon Emission Computed Tomography) examinations in China, an increase of 19.9% compared to 2017 (1). In 2019 the Chinese Mo-99 market size was estimated to be $94 million and it is estimated to grow to $212 million by 2030 (2).

The Mo-99 supply chain has historically been fragile and remains so today. On November 17, 2022, the U.S. Food and Drug Administration (FDA) placed Tc-99m Sodium Pertechnetate generators on the Drug Shortages List. The Company also understands that several ex-US consumers of Mo-99 are currently without supply, due to supply issues. More information regarding the availability of Tc-99m generators is available on the FDA Drug Shortages List (https://www.accessdata.fda.gov/scripts/drugshortages/default.cfm). ASPI believes its Mo-100 is a viable competitor to Mo-99, a $3.5 billion global market.