Shine completes $150M financing round to advance medical isotope production capabilities

Matt O'Connor | | Health Imaging | Molecular Imaging
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Shine Medical Technologies has closed a new financing round worth $150 million that will support its ongoing medical isotope commercialization efforts, the company announced Monday.

Venture capital firm Koch Disruptive Technologies (KDT) led this series C-5 round with Fidelity Management & Research Company, Scotland-based investment firm Baillie Gifford, and other new and current investors also contributing.

Greg Piefer, chairman and CEO of Janesville, Wisconsin-based Shine said KDT will be an “incredible” partner as the nuclear medicine tech company seeks to become the world’s largest capacity medical isotope plant.

“Shine’s mission is to usher in a new era of nuclear fusion technology and Koch, which is among the biggest players in energy, is a great long-term, strategic match for us as we pursue our ultimate goal: fusion-based clean energy,” Piefer said in a statement. “We are grateful for their confidence and investment in Shine.”

The medical isotope producer has been busy as of late, completing its merger with fusion generator manufacturer Phoenix in April. And in May, Shine announced it would be opening a new molybdenum-99 production facility in Europe.

“We believe Shine has the potential to change not only the production and supply of medical isotopes, but to transform industrial segments globally by leveraging the company’s nuclear-fusion based technology for industrial inspection and imaging, nuclear waste recycling and energy production,” Chase Koch, president of Wichita, Kansas-based KDT, said in a statement.

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Matt O'Connor

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.

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