US-based Shine Medical Technologies announced on 28 June that it had closed a $150-million Series C-5 financing. Koch Disruptive Technologies (KDT) led the round, which also included participation by Fidelity Management & Research Company, Baillie Gifford and other new and current investors. The financing will support Shine's commercialisation of its medical isotope technologies and position the company for future growth as it works toward developing new fusion-based technology applications.
"KDT is an incredible strategic partner for Shine as we commercialise both diagnostic and therapeutic medical isotopes, and work towards fusion-based nuclear waste recycling and clean energy production," said Shine CEO and Chairman Greg Piefer. "Koch knows how to scale a company, with more than 120,000 employees around the world, and we look forward to tapping that knowledge as we continue to grow. Shine's mission is to usher in a new era of nuclear fusion technology and Koch, which is among the biggest players in energy, is a great long-term, strategic match for us as we pursue our ultimate goal: fusion-based clean energy. We are grateful for their confidence and investment."
Chase Koch, President of KDT, said: "We believe Shine has the potential to change not only the production and supply of medical isotopes, but to transform industrial segments globally by leveraging the company's nuclear-fusion based technology for industrial inspection and imaging, nuclear waste recycling and energy production. Koch's global knowledge networks and capabilities are uniquely suited to help."
An existing Shine facility produces the therapeutic medical isotope lutetitum-177 (Lu-177). Shine's manufacturing process can produce high-specific-activity Lu-177, the form of the isotope most in demand by today's clinical trial sponsors. Last December, Shine broke ground for a large-scale therapeutic isotope plant, which is expected to be operational in mid-2022 and will produce Lu-177. The company is also constructing a US fusion-based medical isotope production facility in Janesville, Wisconsin, to produce molybdenum-99 (Mo-99). Shine in May announced the Netherlands as the location for its new European medical isotope production facility, which will give the company the ability to produce 70% percent of world demand for Mo-99. The production facility will be driven by nuclear fusion technology that does not require a reactor and is cleaner, safer and more sustainable. Earlier in June Shine signed a "multiyear" partnership with the University of Missouri Research Reactor (MURR) in Columbia, Missouri, to produce Lu-177.
Todd Asmuth, Shine's President and Chief Strategy Officer noted: "The support of our institutional and individual investors and local, state and federal partners ensures that Shine can fully execute its medical isotope plans by building multiple facilities and improving the lives of people around the world. As we bring these production facilities online, we will move into nuclear waste recycling and clean energy production, the next two phases of our plan. By doing so, we will continue to build long-term value for our stakeholders, including our customers, physicians and their patients, our employees and our shareholders."