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EXHIBIT 99.1
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[LOGO] FOR IMMEDIATE RELEASE
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At the Company At Coffin Communications Group
Contact: Alan Edrick, CFO Contact: Sean Collins, Vice President
Phone: (818) 734-8600 Phone: (818) 789-0100
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NORTH AMERICAN SCIENTIFIC COMPLETES ACQUISITION OF
THESEUS IMAGING CORPORATION
CHATSWORTH, CA - OCTOBER 16, 2000 - North American Scientific, Inc. (Nasdaq:
NASI) today announced that it has completed the previously announced
acquisition of Theseus Imaging Corporation. Under the closing terms, Theseus
shareholders will receive approximately 346,000 shares of NASI's common stock
and options in exchange for 100% of Theseus' common stock.
As announced on September 25, 2000, NASI agreed to purchase Theseus pursuant
to a merger agreement. In addition to payment in the form of shares of NASI
common stock, NASI will assume all of Theseus' obligations including
approximately $8 million previously advanced to Theseus by NASI and $2.5
million in other debt. Theseus will operate as a wholly owned subsidiary of
NASI.
Currently in clinical trials in the United States and Europe, Apomate-TM-,
Theseus' lead product candidate, is a kit for the preparation of Technetium
Tc-99m recombinant human annexin V. Annexin V is a naturally occurring human
protein which has been shown to bind to cells undergoing apoptosis, a
fundamental process of programmed cell death which is central to many
biological events. Theseus' proprietary biomedical technology may provide a
non-invasive approach for assessing patient response to cancer treatment,
tissue damage from acute myocardial infarction (heart attacks) and host
rejection of heart transplants. As a result of the information provided by
Apomate-TM- imaging, we believe that Apomate will better allow clinicians to
make optimal therapeutic decisions in these areas.
"We are pleased that the transaction has been completed," stated L. Michael
Cutrer, President & Chief Executive Officer of North American Scientific.
"The Theseus acquisition represents an important milestone in the Company's
strategic plans to position itself as a leading developer of proprietary
products and technologies focusing on radiopharmaceuticals and medical
devices."
North American Scientific manufactures products for medical therapeutic and
diagnostic, environmental, and research applications. For more information,
please visit our website at WWW.NASI.NET.
STATEMENTS INCLUDED IN THIS RELEASE THAT ARE NOT HISTORICAL FACTS MAY BE
CONSIDERED FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO A VARIETY OF RISKS
AND UNCERTAINTIES. THERE ARE A NUMBER OF IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY
FORWARD-LOOKING STATEMENTS MADE BY THE COMPANY INCLUDING, BUT NOT LIMITED TO,
EXPECTED BENEFITS FROM THE THESEUS ACQUISITION, UNCERTAINTIES RELATING TO
DRUG DISCOVERY AND CLINICAL DEVELOPMENT PROCESSES, THE IMPACT OF COMPETITIVE
PRODUCTS AND TECHNOLOGICAL CHANGES, CHANGES IN RELATIONSHIPS WITH STRATEGIC
PARTNERS AND DEPENDENCE UPON STRATEGIC PARTNERS FOR THE PERFORMANCE OF
CRITICAL ACTIVITIES UNDER COLLABORATIVE AGREEMENTS, UNCERTAINTIES RELATING TO
PATENT PROTECTION AND REGULATORY APPROVAL, THE STABLE SUPPLY OF APPROPRIATE
ISOTOPES, WHETHER PRODUCED BY THE COMPANY OR
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PURCHASED FROM THIRD-PARTY VENDORS, THE IMPACT OF COMPETITIVE PRODUCTS AND
PRICING, EARNINGS IMPACT FROM THE THESEUS ACQUISITION, RESEARCH AND
DEVELOPMENT ESTIMATES, MARKET OPPORTUNITIES, RISKS ASSOCIATED WITH STRATEGIC
OPPORTUNITIES OR ACQUISITIONS THE COMPANY MAY PURSUE AND THE RISK FACTORS
INCLUDED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION. ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE
SPEAK ONLY AS OF THE DATE OF THIS RELEASE, AND THE COMPANY UNDERTAKES NO
OBLIGATION TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE RESULTS OR OTHERWISE.
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