SHINE Medical Technologies is building a new facility on the southside of Janesville, Wisconsin, where they will produce medical radioisotopes. The U.S. nuclear sector has seen a boost in activity since 2017, under an initiative to “revive and expand” the industry. Deputy Secretary of Energy Mark W. Menezes visited the facility this past Friday to observe the Mo-99 targeting solution vessels in action.
Technetium‑99m (Tc-99m), the most common radioisotope used in medical diagnostic imaging, is derived from Mo-99. It is used in almost 80% of nuclear diagnostic imaging procedures, meaning it plays a role in nearly 40,000 procedures in the U.S. daily, including cardiac stress tests. It is also a valuable tool for diagnosing heart disease, monitoring organ function, and tracking the spread of cancer.
SHINE recently received $80 million in a Series C round of funding. Fidelity Management and Research Company LLC led the round and were accompanied by a group of new and existing backers. The funding will be used for ongoing research and development but will also go towards ensuring the new facility will be prepared to meet its 2022 target date for beginning commercial operations.
CEO and Founder Greg Piefer noted that this round of funding was particularly important for the success of their new facility and that the funding would also help to support the company’s therapeutics business, which was launched at the groundbreaking last year. “It’s not just the path to sustainability for our business, but it’s the path to growth and even greater things,” Piefer said.
Last year the company founded the SHINE Therapeutics division, which works primarily on Lutetium-177 (Lu-177), a radioisotope used in the treatment of certain cancers. The new capital will help SHINE distribute its Mo-99 and Lu-177 domestically and reach an expanded global market. Piefer also stated that he hopes the additional funding can help SHINE explore new and sustainable ways to eliminate nuclear waste and even produce clean energy.