SHINE Medical Technologies announced Tuesday it has received a major $150 million boost as it moves toward completion and commercialization of its Janesville medical nuclear radioisotope production facility.
In an announcement this week, SHINE officials said a company under the Koch Industries umbrella, Koch Disruptive Technologies, led the pack in a $150 million private financing bundle. Several other investors were involved, including an early backer of Elon Musk’s auto company Tesla.
SHINE Chairman and CEO Greg Piefer said the investment will help SHINE ramp up to commercialization of medical radioisotopes that SHINE plans to begin producing in Janesville in 2022.
“It really will help make sure that we can ramp the (production) of the molybdenum-99 diagnostic (medicines) in the (Janesville) facility to full capacity quickly. And it’ll help make sure we can ramp our (cancer) lutetium-177 therapeutics to capacity very quickly. And gives us the opportunity to look at adding some additional isotopes to our product portfolio,” Piefer said.