BWXT Announces Breakthrough Medical Isotope Manufacturing Technology
New process will provide North American supply of molybdenum-99
BWX Technologies, Inc. (NYSE:BWXT) (“BWXT” or the “Company”) announced today that it has developed an innovative and unique
process to manufacture molybdenum-99 (Mo-99) that will enable a stable, North American supply of this critical diagnostic imaging
radionuclide. The Mo-99 produced will be used in newly designed technetium-99m (Tc-99m) generators that are in commercial
development at BWXT.
“Today’s announcement demonstrates our Company’s ability to leverage a traditional competency – radiochemical manufacturing in
this case – to pivot into an exciting and growing adjacent market with an immediate competitive advantage,” said Rex D. Geveden,
BWXT’s President and Chief Executive Officer. “This new capability will greatly increase the accessibility of vital medical
diagnostic tools and satisfy important national security non-proliferation objectives.”
The heart of the new proprietary technology features a patent-pending neutron capture process developed by BWXT scientists and
engineers. The process will use molybdenum rather than uranium targets, which will mitigate radioactive waste streams, eliminate
nuclear proliferation concerns and lead to a significant reduction in production and waste costs.
Mo-99 is the parent radioisotope of Tc-99m, which is used globally in more than 30 million medical procedures every year. BWXT
anticipates entering the roughly $400 million global Tc-99m segment through generator sales to radiopharmacies, with an initial
focus on North America. The Company expects to submit its new line of Tc-99m generators for regulatory approval in 2019.
Additionally, BWXT plans to introduce the Mo-99 product line by the end of 2019, subject to regulatory approvals, and intends to
apply its expertise to a variety of other medical and industrial isotopes.
This new medical isotope technology is expected to provide a reliable domestic supply of Mo-99 and Tc-99m for North America,
which supports the U.S. Department of Energy / National Nuclear Security Administration’s initiative to derive Tc-99m from sources
not requiring highly enriched uranium. The new BWXT generators will integrate naturally into the current radiopharmacy supply chain
and provide the same concentration of Tc-99m that is currently available from generators that use fission-based Mo-99 made from
uranium targets.
Webcast Discussion
BWXT will webcast a discussion of today’s announcement along with its first quarter earnings at 9:00 a.m. today, May 7, 2018.
President and Chief Executive Officer Rex Geveden and Chief Financial Officer David Black will be participating in the call. The
listen-only audio of the conference call will be broadcast live via the internet at www.bwxt.com under the Investor Relations tab. The call-in portion of the call is reserved for investors; media
are welcome to listen to the call and follow up with questions to the media contacts listed below.
Forward Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to
management’s plans and expectations for the new medical isotope production technology, including its impact on accessibility and
the Mo-99 market; expected integration of the Company’s Tc-99m generators into current radiopharmacy processes; our ability to
realize the anticipated benefits of the new medical isotope business; future revenues from the new medical isotope technology; and
market demand for Mo-99 and Tc-99m generators. These forward-looking statements are based on management’s current
expectations and involve a number of risks and uncertainties, including, among other things, our ability to obtain the necessary
regulatory approvals, licenses and permits in a timely manner or at all; the ability to consummate these proposed transactions;
competition in an environment of rapid technological change; and the enforcement and protection of our intellectual property
rights. If one or more of these risks or other risks materialize, actual results may vary materially from those
expressed. For a more complete discussion of other risk factors that impact our business, financial condition and results of
operations, see BWXT’s filings with Securities and Exchange Commission, including our annual report on Form 10-K for the year ended
December 31, 2017 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any
forward-looking statement, except to the extent required by applicable law.
About BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to
the U.S. government; provides technical and management services to support the U.S. government in the operation of complex
facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the
commercial nuclear power industry. With approximately 6,100 employees, BWXT has nine major operating sites in the U.S. and Canada.
In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA
facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com .
BWX Technologies, Inc.
Media Contacts
United States
Jud Simmons, 434-522-6462
Director, Media & Public Relations
hjsimmons@bwxt.com
or
Canada
Natalie Cutler, 519-620-5288
Communications Manager
nacutler@bwxt.com
or
Investor Contact
Alan Nethery, 980-365-4300
Vice President and Chief Investor Relations Officer
investors@bwxt.com
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