SHINE raises capital for medical isotope production facility from Oaktree
SHINE Medical Technologies has secured $50 million financing with funds managed by Oaktree Capital Management to support its upcoming medical isotope production facility and the commercialization of molybdenum-99 (Mo-99), lutetium-177 (Lu-177), and other diagnostic and therapeutic isotopes.
Greg Piefer – founder and CEO of SHINE Medical Technologies said: “Oaktree has broad expertise in complex infrastructure projects like our medical isotope facility. It joins Deerfield Management, a leading health care investment firm, as one of our key partners.
“Oaktree and Deerfield will help us deliver on SHINE’s value proposition, including the completion of our isotope production facility and the development of our therapeutics business. Their participation validates the strength of our business case, team and vision for bringing our lifesaving products to market.”
The US radioisotopes manufacturer started construction on its first medical isotope production facility in Janesville, Wisconsin in May 2019.
Construction of the medical isotope production plant is likely to be wrapped up in 2021 with commercial-scale isotope production to commence in 2022. The medical isotope production facility will become the first of its kind, using the company’s patented technology to manufacture Mo-99, which is used in 40 million-plus procedures annually.
According to SHINE Medical Technologies, chronic shortages of medical isotopes across the world often and significantly impact the diagnosis and treatment of patients worldwide. The new medical isotope production plant will be capable of meeting more than a third of the global demand for Mo-99, claimed the US radioisotopes manufacturer.
Ground breaking ceremony for SHINE medical isotope production facility in Janesville. Photo courtesy of SHINE Medical Technologies.
Milwood Hobbs Jr. – managing director of Oaktree said: “SHINE is an outstanding company with a strong management team, exceptional technology and compelling story.
“The need for SHINE’s medical isotope production facility is profound, as millions of patients are affected each year by the ongoing shortage of Mo-99. Oaktree is confident SHINE will play a major role in ending that shortage and we are pleased to support SHINE’s production facility construction.”
SHINE Medical Technologies will also commercialize Lu-177, a therapeutic isotope that is presently used for the treatment of neuroendocrine cancers and is showing potential in the treatment of metastatic prostate and other cancers.
In May 2019, the US radioisotopes manufacturer signed an agreement with the Institute of Organic Chemistry and Biochemistry of the CAS (IOCB Prague) under which the former gets a global, exclusive license to a novel separation technology that it will be employed to produce Lu-177. The technology is expected to enable SHINE Medical Technologies to manufacture non-carrier-added Lu-177.