Medical imaging isotope producer Shine finalizes merger with fusion technology specialist
Nuclear tech firm Shine Medical Technologies has officially announced the completion of its merger with fusion generator manufacturer Phoenix, the pair confirmed on Tuesday.
Greg Piefer founded both Shine and Fitchburg, Wisconsin-based Phoenix, establishing the former as its own entity in 2010 to focus on producing medical isotopes commonly used during imaging exams.
Under the terms of this new deal, however, Phoenix has become a wholly-owned subsidiary of Janesville, Wisconsin-based Shine, the pair announced April 20. Together, the combined company will achieve the first two phases of Piefer’s 4-part plan to advance fusion technology.
“Shine and Phoenix have shared a common long-term vision and operated in close collaboration during the past 11 years, but it’s always been inefficient to operate as separate companies,” Piefer, Shine’s current CEO, said on Tuesday.
Phoenix has found success in designing and manufacturing what it calls the strongest steady-state fusion neutron generators used for advanced industrial imaging. And the newly established entity will utilize this technology to improve safety and quality across multiple sectors, including medicine and aerospace.
During the second phase, they’ll seek to replace nuclear reactors with nuclear fusion technology used for producing medical isotopes such as molybdenum-99, which is crucial for developing cancer therapies such as lutetium-177.
Shine just launched its phase 2 commercialization when it started producing Lu-177. It hopes to produce up to 20 million doses of Mo-99 per year by 2020, which is expected to be the world’s largest capacity medical isotope production plant, according to the announcement.
“This merger is a natural evolution of our strong existing partnership with Shine, rooted in our common origin and shared mission,” said Evan Sengbusch, general manager of the company’s Phoenix division.
“We are excited to join with Shine and leverage our complementary nuclear capabilities to advance towards clean fusion energy production.”
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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.