Advanced Medical Isotope Corporation (OTC:ADMD)
719 Jadwin Avenue. Richland, Washington 99352 US
T: 509.736.4000 E:


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SeeThruEquity Initiates Coverage of Advanced Medical Isotope Corporation with Target Price of $.02

NEW YORK, NY / ACCESSWIRE / March 22, 2016 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has initiated coverage on Advanced Medical Isotope Corporation (ADMD) with a target price of $0.02.



The report is available here: ADMD Initiation Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack's. The report will be available on these platforms. The firm also contributes its estimates to Thomson Estimates, the leading estimates platform on Wall Street.



Based in Kennewick, WA, AMI is a late stage radiation oncology focused medical device company. AMI is engaged primarily in the development of brachytherapy devices for therapeutic applications for the treatment of cancer. Brachytherapy, which is the process of using radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area, represents a growing portion of the multi-billion-dollar market for medical radioisotopes. Indeed, the global market for brachytherapy is expected to grow from $680mn in 2013 to reach $2.4Bn by 2030, according to MEDraysintell Report. AMI's lead product candidate is the Y-90 RadioGel™ device, which represents a novel approach to the therapeutic use of yttrium-90 to treat tumors. AMI management is currently focused on achieving regulatory clearance to market the Y-90 RadioGel™ device in the United States, and believes that it will represent a significant move forward in brachytherapy devices given that it has been optimized for safety, efficiency and scale.



"We see several potential catalysts ahead for AMI in 2016 on both the corporate and clinical development fronts. In the US, the company is in the process of pursuing FDA clearance for Y-90 brachytherapy products via a class 2 medical device regulatory pathway. After having its petition for the Y-90 RadioGel™ device to be classified as a de novo class 2 medical device declined by the FDA last summer, AMI management has listened to the agency's feedback and has partnered with IsoTherapeutics Group, a third-party radiopharmaceutical R&D company, to provide commercialization support and conduct additional studies as requested by the FDA for the Y-90 RadioGel™ device. AMI announced in November that the company had completed the first stage of the project, comprised of tech transfer, manufacturing and in vitro testing. The next stage, comprised of additional in vitro and in vivo testing, is in process. If AMI is successful in getting the Y-90 RadioGel™ device cleared for sale in the US by the FDA, this would represent a significant milestone for the company and a key accomplishment for AMI management. Following regulatory clearance, we would expect management to move forward aggressively with the signing of manufacturing and distribution agreements. Outside of the US, pending successful new fundraising activities, we expect AMI to pursue a partner-based strategy. We expect the AMI management to seek out experienced strategic partners and pursue licensing agreements, which we have assumed would include license fees and royalties on products sold, with different partners in each major geography in which the company is able to gain regulatory clearance to market its products," commented Ajay Tandon, CEO of SeeThruEquity. "On the corporate development front, AMI has put forth ambitious plans for the next 12-24 months. The company recently engaged a leading investment bank and is currently in the process of raising capital. Management indicated in a presentation at SeeThruEquity Annual Innovations Investor Conference (co-hosted by the Brewer Group) on February 22 2016 in Miami, FL, that it was also pursuing an uplisting to a national exchange. In order to accomplish this, the company is likely to need to raise $5mn -$10mn of capital, which, in conjunction with a conversion of debt to equity, may enable the company to meet the minimum shareholder's equity requirements for such a move. If AMI is successful in uplisting to the NASDAQ or NYSE MKT, the move would likely improve share liquidity, expand the company's potential investor base, and make shares available to institutions unable to invest in OTC companies. Along these lines, we would also expect AMI to pursue reverse split / share consolidation to ensure that the company meets minimum bid requirements. AMI has approximately 2Bn shares of stock outstanding, and an additional potential dilution of 1.8 billion common shares from 1.8Bn shares of convertible preferred stock. In January, AMI also announced that it had engaged Circadian Group, an investor relations group that specializes in working with small capitalization growth companies, primarily in the healthcare and technology sectors. The move should assist AMI as it pursues these corporate aims throughout the year. We are initiating coverage with a 12-month price target of $0.02 per share."



Additional highlights from the report are as follows:



2016 critical for AMI on clinical and corporate development fronts


We see 2016 as a critical time for AMI given that the company is pursuing key strategic initiatives on both the clinical development and corporate development fronts. On the clinical front, AMI is in the process of responding to FDA feedback in order to gain clearance for its Y-90 RadioGel™ device. The company has engaged IsoTherapeutics Group, a third-party radiopharmaceutical R&D company, to provide commercialization support and conduct additional studies as requested by the FDA for the Y-90 RadioGel™ device. We expect the company to provide an update on these activities during the first half of 2016, and believe AMI management is hopeful that it will be able to gain FDA clearance as a class 2 medical device in the next 12-18 months. Concurrently AMI is in the midst of raising capital, with management stating at our Investor Innovations Conference in Miami on February 22, 2016, that it is seeking to uplist shares to a national exchange. To accomplish this goal and advance its clinical program, we estimate that the company would need to raise $5mn -$10mn in new capital over the next two years. We would also expect the company to pursue a reverse split, and potentially a debt conversion, as part of this move, to ensure that it meets the shareholder's equity and minimum bid requirements for a national exchange listing. Clearly a move to a national exchange such as the NYSE MKT or NASDAQ would be a significant accomplishment for the company, and potentially a positive catalyst for shares given the increased liquidity and greater access to institutional investors afforded by a national exchange listing.



Initiate coverage with a price target of $0.02



We are intrigued by the plans put forth by AMI management for the next 12-18 months, with several potential developments on the corporate and clinical fronts. We see AMI as a high risk, high potential reward speculative situation in the Healthcare sector. While we acknowledge the risks that lie ahead of the company include uncertainty as it seeks to move forward with a recapitalization and awaits FDA feedback as to whether it can proceed as a class 2 device, we are encouraged by the expectation that AMI should be able to provide meaningful progress updates on its clinical pathway with the FDA as well as new funding goals within the next twelve months, in addition to a new initiative focused on leveraging its products in the veterinary market – which should have a much faster time to market than the Y-90 RadioGem™ device.


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About Advanced Medical Isotope Corporation


Advanced Medical Isotope Corporation (ADMD) is a late stage radiation oncology focused medical device company engaged in the development of yttrium-90 based brachytherapy devices for the treatment of non resectable tumors. Brachytherapy uses radiation to destroy cancerous tumors by placing a radioactive isotope inside or next to the treatment area. The Company intends to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the United States, though the Company will evaluate its alternatives before finalizing its plans. For more information, please visit our website,



About SeeThruEquity


SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. The company does not conduct any investment banking or commission based business. SeeThruEquity is approved to contribute its research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks, and distribute its research to its database of opt-in investors. The company also contributes its estimates to Thomson Estimates, the leading estimates platform on Wall Street.


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Ajay Tandon


SOURCE: SeeThruEquity