MONONA, WI – June 10, 2014 SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based company dedicated to being the world leader in safe, clean, affordable production of medical isotopes, announced today that it has signed a three-way memorandum of understanding (MOU) with PT Industri Nuklir Indonesia (INUKI) and IPTN North America, Inc. (INA). In the MOU, the three parties agree to enter into detailed discussions regarding an INUKI and INA investment in SHINE’s planned molybdenum-99 (moly-99) production facility, to be sited in Janesville, Wisconsin. Moly-99 decays into the diagnostic imaging agent technetium-99m (Tc- 99m). Tc-99m’s extraordinary attributes make it the most commonly-used medical isotope— used in over 40 million medical imaging procedures each year around the world. The parties are also examining the possibility of building a second facility in Indonesia to serve the Eastern Hemisphere.
A signing ceremony was held on June 16th at the Embassy of the Republic of Indonesia in Washington, DC. The parties were honored by the attendance of the Indonesian Minister of State-owned Enterprises, Dahlan Iskan and the Indonesian Ambassador to the US, Budi Bowoleksono.
INUKI’s President Director, Yudi Imardjoko, praised the potential cooperation. “The pairing of SHINE’s breakthrough moly production technology with INUKI’s long experience and expertise in the radioisotope business would represent a formidable partnership. We look forward to exploring this possibility in depth.”
“This is a tremendous opportunity for international cooperation. Indonesia and SHINE share a common vision: a stable and reliable source of medical isotopes for the millions of patients that count on them around the world,” said Greg Piefer, Ph.D., founder and chief executive officer of SHINE. “The vision includes a facility in Janesville, WI to replace the failing Canadian supply, and the subsequent need for additional production to serve the rapidly growing Asia-Pacific marketplace. I am hopeful these discussions will lead to a partnership that will help us make our vision a reality.”
About PT Industri Nuklir Indonesia (INUKI)
INUKI is a state-owned enterprise of Indonesia providing nuclear technology products and services. INUKI produces Mo-99 for Indonesia and the Asia-Pacific region using its 30 MW multipurpose research reactor. Their facilities are capable of producing more than 20 kinds of radioisotopes, including Mo-99, I-125, I-131, P-32 and Ir-192.
About IPTN North America, Inc. (INA)
INA is a U.S. subsidiary of Indonesian Aerospace that has been in the aviation business since 1992.