SHINE Medical Technologies has landed $80 million in financing the company says will help it commercialize radioisotopes it plans to produce for medical testing and cancer therapy.
In a news release, SHINE announced it closed on $80 million in “Series C” financing. The Janesville-based medical radioisotope startup said Fidelity Management and Research Co. placed the largest stake among a group of new and existing financial backers in the investment.
The financing comes as SHINE continues construction of a new medical radioisotope production facility on Janesville’s south side. SHINE has long touted the Janesville development in its aim to capture about a third of the global demand for molybdenum-99, a radioactive isotope used to illuminate bone and body tissues in medical tests.
The company in recent statements said it aims to begin commercial operations in Janesville sometime in 2022, which as of now would focus chiefly on production of moly-99, which would be shipped domestically and globally through distributors.
Series C financing is typically offered by investors to infuse funding into a company that has moved beyond initial startup and toward commercialization of new products or expansion into new areas of a business.
SHINE announced late last year that it had founded SHINE Therapeutics, a division that is working to commercialize production of lutetium-177, a radioisotope that SHINE vice president Todd Asmuth said “shows great promise for the treatment of cancer.”
He said the financing announced Wednesday would help SHINE move toward commercialization of both moly-99 and Lu-177.