The funding will also allow the company to develop new fusion-based technologies
The funding was led by Koch Disruptive Technologies (KDT). (Credit: SHINE Medical Technologies, LLC)
SHINE Medical Technologies has secured $150m in Series C-5 financing to commercialise its diagnostic and therapeutic medical isotope technologies.
The funding will also help the company to develop new fusion-based technology applications.
Led by Koch Disruptive Technologies (KDT), the funding round saw participation from Fidelity Management & Research Company, Baillie Gifford and other new and current investors.
SHINE chairman and CEO Greg Piefer said: “KDT is an incredible strategic partner for SHINE as we commercialize both diagnostic and therapeutic medical isotopes, and work towards fusion-based nuclear waste recycling and clean energy production.”
SHINE’s existing facility is involved in the production of therapeutic medical isotope lutetitum-177 (Lu-177).
The company’s manufacturing process will help produce high-specific-activity Lu-177, the isotope that is said to be preferred by clinical trial sponsors.
In December 2020, the firm break ground on a large-scale therapeutic isotope plant, which will be engaged in the production of Lu-177. It is expected to be operational in the middle of next year.
SHINE is also involved in the construction of a US fusion-based medical isotope production facility in Janesville, Wisconsin.
The Janesville facility, which will produce molybdenum-99 (Mo-99), is expected to supply over one-third of the global demand for Mo-99.
In May, the firm also announced the development of a new European medical isotope production facility. Both European and US facilities are anticipated to have a capacity to produce 70 % of the global patient need for Mo-99.
SHINE president and chief strategy officer Todd Asmuth said: “The support of our institutional and individual investors and local, state and federal partners ensures that SHINE can fully execute its medical isotope plans by building multiple facilities and improving the lives of people around the world.”