MONONA, WI – September 3, 2014 SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based company dedicated to being the world leader in the safe, clean, affordable production of medical isotopes, announced today that it closed a $2.4 million financing.
The financing will be used to cover operating costs as the Company progresses toward obtaining a construction permit from the Nuclear Regulatory Commission, which is necessary to commence construction on SHINE’s planned full-scale manufacturing facility to be built in Janesville, Wisconsin. In addition to seeking the regulatory approvals needed to begin construction, the funding will allow SHINE to pursue comprehensive financing for the project.
“This round was a wonderful show of support for SHINE. Much of it was filled by Wisconsin individuals, and I’m delighted to have exceeded our financing goal,” said Greg Piefer, CEO of SHINE. “SHINE has made great progress, and is now being recognized by many as the lead candidate to provide the isotopes essential to millions of medical procedures. Still, we couldn’t have gotten here without the visionary investors who have supported us over the years. Together, we will solve this challenging problem.”
SHINE is working to become the leading US supplier of molybdenum-99 (moly-99), a radioisotope that decays into the diagnostic imaging agent technetium-99m (tech-99m). Tech-99M’s extraordinary attributes make it the most commonly-used medical isotope on the planet. It is used in more than 80,000 medical imaging procedures every day to diagnose a wide variety of conditions, including heart disease and cancer.
Earlier this year, SHINE signed an agreement to supply moly-99 to GE Healthcare after its facility becomes operational. SHINE plans to become one of the leading suppliers of moly-99 in the United States and North America.