Shine amasses $2.4M in financing while preparing for isotope facility
Monona, Wis., company Shine Medical Technologies has closed on $2.4 million in financing from a range of sources as the makers of medical isotope production technology wait for a construction permit to move forward on a new U.S. facility, Shine announced Wednesday.
Shine is sitting tight for Nuclear Regulatory Commission approval to go ahead with construction on the Jainsville–based isotope manufacturing facility. The monies will go toward operating costs in the meantime and will provide a financial cushion as Shine develops a more comprehensive financing strategy.
“This round was a wonderful show of support for SHINE,” said Greg Piefer, CEO of Shine, in a press release. “Much of it was filled by Wisconsin individuals, and I’m delighted to have exceeded our financing goal. Shine has made great progress, and is now being recognized by many as the lead candidate to provide the isotopes essential to millions of medical procedures. Still, we couldn’t have gotten here without the visionary investors who have supported us over the years. Together, we will solve this challenging problem.”
Contingent on regulatory approval and further financing, Shine stands to become one of the first suppliers of molybdenum-99 (moly-99) in America. Moly-99 is the parent isotope of technetium-99m, the radiotracer most used in nuclear medicine procedures, in an estimated 80,000 diagnostic scans every day.
Shine and GE Healthcare signed an agreement for the supply of moly-99 earlier this year.