JANESVILLE, Wis.–(BUSINESS WIRE)–September 2, 2020–
SHINE Medical Technologies LLC, a nuclear experience agency focused on turning into the world’s principal producer of medical isotopes, launched at current that it has closed an $80-million Series C financing. Fidelity Management and Research Company LLC was crucial investor throughout the spherical, which moreover included participation from totally different new patrons and the company’s current patrons.
“SHINE is grateful to Fidelity and all of our investors for providing us the capital to move our product commercialization efforts forward,” talked about Todd Asmuth, president and chief financial officer of SHINE. “SHINE continues to make strong progress in our work to commercialize molybdenum-99, an essential diagnostic isotope, and lutetium-177, a therapeutic isotope that is showing great promise for the treatment of cancer.”
SHINE is establishing a first-of-a-kind medical isotope manufacturing facility in Janesville, Wis. The facility will initially produce molybdenum-99, or Mo-99, which is utilized in larger than 40 million affected individual procedures yearly. There has been little or no house manufacturing of the isotope for a few years, inflicting persistent shortages of Mo-99. These shortages routinely and significantly impact the evaluation and remedy of victims world huge.
SHINE has off-take agreements with three of the world’s largest Mo-99 distributors for the long term present of Mo-99. The agency’s manufacturing facility can be capable to supplying larger than one-third of the worldwide demand for Mo-99.
Last October, the company created SHINE Therapeutics to focus on vital purchaser desires throughout the shortly rising therapeutic isotope market. The division is working to commercialize lutetium-177, or Lu-177, a therapeutic isotope used to take care of prostate, neuroendocrine and totally different cancers. SHINE’s distinctive experience permits it to offer non-carrier-added, extreme specific-activity Lu-177, the kind of the isotope most in demand by at current’s scientific trial sponsors.
“This funding round will help SHINE’s continuing efforts to commercialize vital diagnostic and therapeutic isotopes that will be created by our revolutionary, responsible production technologies,” talked about Greg Piefer, founder and CEO of SHINE. “The opportunity for SHINE to fill an urgent market need by creating a more robust supply of these isotopes was evident once again as patient supplies were being disrupted by the COVID-19 pandemic. This equity round is an affirmation by high-quality investors of our long-term business strategy and the ongoing success of our efforts to build a U.S. production platform that will produce a reliable isotope supply, fill an urgent market need and meet the needs of tens of millions of patients each year.”
About SHINE Medical Technologies LLC
Founded in 2010, SHINE is a nuclear experience agency working to show into the world’s principal provider of radioisotopes for nuclear remedy. The SHINE system makes use of a patented, proprietary manufacturing course of that offers principal advantages over present and proposed manufacturing utilized sciences. It would not require a nuclear reactor, is finest for the setting, generates a lot much less waste and is suitable with the nation’s present present chain for Mo-99. In 2014, SHINE launched the execution of Mo-99 present agreements with GE Healthcare and Lantheus Medical Imaging. In 2015, with the help of Argonne National Laboratory, GE Healthcare demonstrated that SHINE Mo-99 can act as a drop-in different for reactor-based Mo-99. In 2016, SHINE obtained regulatory approval from the Nuclear Regulatory Commission to assemble its manufacturing facility. The agency began constructing of the flexibility throughout the spring of 2019 and highly effective progress on it continues. SHINE created SHINE Therapeutics in 2019 to bolster the company’s means to fill vital desires throughout the shortly rising therapeutic isotope market. The division is targeting the commercialization of Lu-177, a therapeutic isotope that is combined with a disease-specific objective molecule to take care of most cancers.
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