Theragenics Corporation said it has suspended shipments of TheraSeed palladium-103 brachytherapy seeds to Core Oncology as the latter failed to pay its trade receivables as agreed in the contract. Theragenics also has provided a notice of termination of its supply and reseller agreement to Core, as part of which Theragenics is the exclusive palladium-103 seed supplier to Core for the treatment of prostate cancer in the US and Canada, since January 2010.
The notice allows a brief transition period during which further orders from Core will be accepted and met.
Theragenics Corporation chairman and CEO Christine Jacobs said that litigation recently filed against Core by a third party led to the current situation.
"We believe there is an unacceptable level of uncertainty surrounding Core’s ability to satisfy their financial obligations to us," Jacobs said.