As SHINE Medical Technologies pushes for funding it needs to get a medical radioisotope production plant up and running in Janesville, it is enlisting an outside consultant to help.
According to a news release, SHINE plans to attend the JP Morgan Healthcare Conference, a major annual health care tech investor conference in San Francisco, next month.
SHINE President Todd Asmuth said SHINE has attended the summit several years running. For the upcoming summit, SHINE has enlisted LifeSci Advisors, an investor relations firm, to help orchestrate pitches to investors.
SHINE has been trying to raise capital for several years to build a 55,000-square-foot facility to produce molybdenum-99 in Janesville.
Asmuth said LifeSci approached SHINE to help secure investment after the 2017 conference in San Francisco.
He said LifeSci works on investor relations with about 100 other clients in the health care field. In the near term, LifeSci will arrange investor meetings for SHINE as the company works toward building the moly-99 plant.
Asmuth said companies such as SHINE often partner with investor relation firms at multiple stages of business development—even once they are profitable companies.
“It’s no different than hiring the right construction firm, or a (third party) public relations firm,” Asmuth said. “What this is doing is it’s folding in with a partner group that runs the (investor relations) process for us. It’s taking it up a notch.”
SHINE is on pace to move into a new prototype facility it is building on the south side of Janesville in January. That facility will allow SHINE to test and demonstrate nuclear particle accelerator technology. The technology is the same as what the company plans to use later in a much larger, full-scale moly-99 production facility the company plans to build on Janesville’s south side by 2020.
The prototype facility is on pace to be operating later in 2018, Asmuth said.
Asmuth said that based on SHINE’s own finances and the schedule for completion of the demonstration facility, SHINE’s project remains “about on the same timeline” that SHINE has laid out in recent weeks.