SHINE Medical Technologies LLC, a nuclear technology company focused on becoming the world’s leading producer of medical isotopes, announced today that it has closed an $80-million Series C financing. Fidelity Management and Research Company LLC was the largest investor in the round, which also included participation from other new investors and the company’s current investors.
“SHINE is grateful to Fidelity and all of our investors for providing us the capital to move our product commercialization efforts forward,” said Todd Asmuth, president and chief financial officer of SHINE. “SHINE continues to make strong progress in our work to commercialize molybdenum-99, an essential diagnostic isotope, and lutetium-177, a therapeutic isotope that is showing great promise for the treatment of cancer.”
SHINE is building a first-of-a-kind medical isotope production facility in Janesville, Wisconsin. The facility will initially produce molybdenum-99, or Mo-99, which is used in more than 40 million patient procedures annually. There has been little or no domestic production of the isotope for decades, causing chronic shortages of Mo-99. These shortages routinely and significantly affect the diagnosis and treatment of patients around the world.
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