The United Kingdom-born CEO says the targeted therapy, which embeds radiation-emitting beads into the area nearby the turmour, is the fastest-growing division of the firm and will lead to similar products in the future.
TheraSphere posted 40 per cent growth in revenues in 2010 and the company has forecast it will continue to grow at a similar rate in 2011.
"Nordion is going through a new evolvement, a new change," Mr. West said in remarks at the Eggs n' Icons breakfast Wednesday morning at the Sheraton Hotel, an event hosted jointly by OBJ and the Ottawa Chamber of Commerce.
The former MDS Inc. subsidiary posted a US$7.5 million loss in the quarter ending April 30 compared with a US$89.8 million loss in 2010 as its medical isotope business recovered.
But with only three per cent of the company's fiscal 2010 revenues coming from Canada, the company relies on external markets for its customers. The United States made up 57 per cent of revenues, Europe 15 per cent and other parts of the world, 25 per cent.
The company's location in Ottawa allows a "unique capability to leverage the foreign embassies" in the capital, and also permits easy access to joint research at the University of Ottawa Heart Institute and CHEO, Mr. West said. However, he added having few investors in Canada is challenging.
The company's position here traditionally took advantage of the proximity of nuclear reactors in Chalk River, he added. Also, given the employees have knowledge, competency and families in Ottawa, Mr. West said it would be "not so simple to take that aspect and move it overseas."