Star Metro - Eden Radioisotopes and Cross River Infrastructure Partners Sign MOU to Explore Development of a New Generation Medical Radioisotope Reactor in New Brunswick

Under the terms of the MOU, Eden and CRIP will work together to identify a suitable site in New Brunswick for Eden's proven, proprietary 2 MW, low-enriched uranium (LEU) "all-target" core reactor technology and hot cell processing facility, which is purpose-built for the simultaneous production of diagnostic and therapeutic medical radioisotopes. These isotopes are essential in diagnosing and treating a wide range of diseases including cancer and heart conditions at a time when their global supply chains are fragile, unreliable, inefficient, and highly concentrated, and at a time when global demand, especially for a new class of cancer-targeting radiotherapeutics, is projected to rapidly increase over the next several decades. The radiotherapy market size is expected to grow from about US$2 billion (CA$2.77 billion) today, to more than US$20 billion (CA$27.7 billion) by 2030.

The project would be Eden's second facility, following the development of its lead reactor project in New Mexico where Eden has completed the U.S. Nuclear Regulatory Commission (NRC) pre-licensing readiness review audits for the principal licensing documents needed for the submittal of its Construction Permit Application (CPA) that is being readied for submission later this year (2025). The foundational technology for Eden's nuclear radioisotope reactor includes IP exclusively licensed from Sandia National Laboratories, funded by the United States Department of Energy (DOE), and accompanied by the R&D team that created it.

Both of Eden's facilities will address the expected future shortfalls and supply constraints for several key medical radioisotopes that are projected to be in much greater demand than the current global supply can serve. Eden's initial focus will be the concurrent production of Molybdenm-99 (Mo-99 - and its daughter product Tc-99m) used in 80% of all diagnostic medical imaging procedures, and Lutetium-177 (Lu-177) which is the primary enabling radioisotope used in the rapidly emerging wave of cancer-targeting radiotherapeutics being developed by most large biopharma and many biotech companies, several of which have been recently approved by the FDA or are in the growing queue of active and planned clinical trials.

Today, Lu-177 is primarily made in the same aging global reactor infrastructure as Mo-99. As potential new Lu-177 based radiotherapies are approved, future new capacity and reliability of supply will be critical especially starting in the 2030 timeframe when Eden's first site is projected to start operating in New Mexico, soon to be followed by the New Brunswick site. Both sites will leverage a unique and proprietary Eden reactor technology advantage - the concurrent and continuous production of multiple clinical radioisotopes.

"CRIP has spent nearly four years laying the groundwork for new nuclear deployments in New Brunswick with our ongoing work to develop an SMR industrial park at the Port of Belledune," said Andrew Wilder, CEO of CRIP. "This MOU reflects our belief that Eden's reactor is a strong fit for the nuclear and healthcare ambitions of the province as we launch a new phase of consultation and engagement with Indigenous partners, academic institutions, and regional stakeholders."

Site selection activities are now underway and will include not only logistical and regulatory criteria but also explore opportunities for educational programming in nuclear engineering and biomedical applications - positioning New Brunswick as a leader in both isotope production and workforce development.

"Eden is excited to build upon the momentum for nuclear infrastructure solutions established by CRIP with the Province of New Brunswick, Canada as the location for the development of our second North American medical radioisotope reactor and hot cell processing facility. It will assure patients, physicians, and biotherapeutic companies throughout North America and beyond with reliable, cost-efficient supply while also contributing to the local economy, "said Chris Wagner, CEO of Eden. "Canada has a rich history in being a major contributor and supporter of nuclear medicine and we look forward to being part of their isotope expansion strategy."

The partners believe Eden's reactor technology is highly compatible with international regulatory cooperation frameworks, including the 2023 Memorandum of Cooperation between the U.S. Nuclear Regulatory Commission (NRC) and the Canadian Nuclear Safety Commission (CNSC) to streamline potential licensing pathways across jurisdictions.

Together, CRIP and Eden aim to ensure priority access to medical isotopes for Canadian healthcare while driving long-term regional economic, educational, and industrial growth. A facility in Atlantic Canada would support Maritime healthcare and serve as a foundational asset for future radiopharmaceutical innovation.

About Eden Radioisotopes

Eden Radioisotopes, LLC is a U.S.-based company that designs and develops proprietary nuclear reactor technology for the safe, cost-effective, and reliable production of medical radioisotopes. Eden's purpose-built LEU reactor is designed specifically to address the global shortage of radioisotopes used in cancer diagnostics and therapy. The company is currently advancing its first reactor in New Mexico and plans to file a Construction Permit Application with the U.S. NRC later this year (2025). Focus Investment Bankers is the exclusive placement agent for Eden's $70 million Series B and related capitalizations.

Corporate Contacts:

For Eden Radioisotopes, LLC
Chris Wagner, Chief Executive Officer
[email protected]
www.edenrad.com

About Cross River Infrastructure Partners

Cross River Infrastructure Partners is a private infrastructure development firm focused on decarbonization, energy transition, and industrial project development in North America. With a history of advancing new nuclear and green industrial development in Atlantic Canada, CRIP has been on the frontline of new SMR planning in the Province of New Brunswick, including its flagship project: the Green Energy Hub at the Port of Belledune.

For Cross River Infrastructure Partners, LLC
Rishi Jain
c: (267) 230-8988
e: [email protected]
www.crossriverllc.com

SOURCE: Eden Radioisotopes, LLC

View the original press release on ACCESS Newswire

A.Bergeron--SMC