SHINE Medical Technologies Closes $150-million Series C-5 Financing to Advance Nuclear Fusion-Based Technologies
SHINE Medical Technologies LLC today announced that it has 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 commercialization of its diagnostic and therapeutic 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 commercialize both diagnostic and therapeutic medical isotopes, and work towards fusion-based nuclear waste recycling and clean energy production,” said Greg Piefer, Chairman and CEO of SHINE. “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 in SHINE.”
“SHINE’s innovative medical isotope technologies, which play a crucial role in identifying and treating patients with debilitating diseases, are astounding,” said Chase Koch, President of KDT. “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 SHINE’s impressive team implement its vision to advance fusion technology. We look forward to a productive partnership.”
An existing SHINE facility produces the therapeutic medical isotope lutetitum-177 (Lu-177). Radiotherapeutics are one of the fastest growing areas of oncology and has significant potential for the treatment of several cancers because of their ability to directly irradiate cancer including at the late stages. 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 also broke ground for a large-scale therapeutic isotope plant, which is expected to be operational in mid-2022 and will produce Lu-177.
SHINE is also constructing a U.S. fusion-based medical isotope production facility in Janesville, Wisconsin, to produce molybdenum-99 (Mo-99), which more than 40 million patient procedures rely on each year. There has been little production of Mo-99 in the United States for decades – contributing to chronic shortages of the isotope – and this production facility will be capable of supplying more than one-third of the global demand for Mo-99. SHINE announced in May a location for its new European medical isotope production facility, which when combined with the capacity of SHINE’s U.S. plant will give the company the ability to produce 70 percent of the global patient need 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 than a nuclear research reactor.
“SHINE is grateful for the confidence of our world-class investor syndicate and the ongoing support of our early-stage investors,” said Todd Asmuth, SHINE’s President and Chief Strategy Officer. “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.”
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