Northstar wins financing from Oberland

26 April 2019

US-based NorthStar Medical Technologies of the USA has closed a $100 million financing with Oberland Capital Management. NorthStar received $75 million at closing with the ability to draw an additional $25 million before 31 December 2020 at the Company’s option.

NorthStar said it would primarily use the proceeds to increase domestic production capacity for molybdenum-99 (Mo-99), complete programmes to improve Mo-99 production efficiency, implement additional enhancements for the RadioGenix System (technetium-99m generator) and continue advancing its R&D activities. The RadioGenix System, which was approved by the US Food and Drug Administration and commercialised in 2018, uses domestic, non-uranium based Mo-99 to supply customers.

Stephen Merrick, NorthStar President and CEO said: “This funding provides NorthStar with the means to continue investment in additional RadioGenix System enhancements and to expand production capacity for non-uranium based Mo-99, including the almost complete 20,000 square foot expansion of our facility in Beloit, Wisconsin. We anticipate that the building expansion will more than double processing capacity for Mo-99 Source Vessels upon completion and FDA approval. We are also working toward final validation of two state-of-the-art fill lines at our Columbia, Missouri facility that, pending expected FDA approval this year, will substantially increase the number of Mo-99 Source Vessels we are able to ship to customers weekly.”

In February, Northstar was one of four companies selected by the US Department of Energy’s National Nuclear Security Administration to begin negotiations for potential new cooperative agreement awards as part of a funding opportunity for the production of molybdenum-99 (Mo-99) without the use of highly enriched uranium (HEU).



Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.