At the opening bell on Tuesday, Nordion shares were up to $6.45 on the Toronto Stock Exchange, up 19 cents from opening on Monday. This was the highest price posted since Oct. 12.
However, it quickly gave up those gains on Tuesday morning as the TSX tumbled 200 points at the opening bell.
Lantheus Medical Imaging Inc. has agreed to extend its deal for Molybdenum-99 (also known as Mo-99) with Nordion through 2015.
“This agreement provides Nordion with additional clarity of the multi-year demand for our Mo-99,” stated Nordion CEO Steve West.
“Both Nordion and Lantheus continue to be important participants in the global supply chain for Mo-99, which is so critical to physicians and patients worldwide.”
According to Nordion, Mo-99 and a derivative isotope are used in 80 per cent of nuclear medical procedures around the world.
On Sept. 10, shares of Nordion fell about 36 per cent after the Ottawa firm announced an arbitration ruling had not come out in its favour. Nordion lost a battle concerning a design problem in Maple nuclear reactors that it argued was repairable, but AECL said was not.