SHINE Medical Technologies announced Tuesday, that it has secured $50 million in financing to support construction of its medical isotope production facility.
The funds, managed by Oaktree Capital Management, will support SHINE’s commercialization of molybdenum-99 and lutetium-177 (Lu-177) in addition to construction of the physical production facility.
The Janesville, Wisconsin-based company plans to have its plant completed in 2021, with “commercial-scale” isotope production kicking-off in 2022.
“Oaktree and Deerfield will help us deliver on SHINE’s value proposition, including the completion of our isotope production facility and the development of our therapeutics business,” Greg Piefer, founder and CEO of SHINE, said in a news release. “Their participation validates the strength of our business case, team and vision for bringing our lifesaving products to market.”
Back in August, former House Speaker Paul Ryan joined the SHINE board of directors. And in May, the company gained an exclusive intellectual property license to produce Lu-177.
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.