New York firm pledges $150M for SHINE factory
New York-based Deerfield Management Co. agreed to invest $150 million in Janesville-based SHINE, which will allow the company to move forward on building a production facility for molybdenum-99, a radioisotope used in medical imaging.
SHINE also closed its Series B commitments of $30 million from other private investors, with its total investment thus far reaching $250 million.
According to a release, “Mo-99” decays into technetium-99m, which is used in more than 56,000 medical imaging procedures across America each year, and over 40 million worldwide. The isotope must continue to be produced because it decays at a rate of about 1 percent per hour. The U.S. uses almost half of the world supply of Mo-99, but only four manufacturers produce it — none in the U.S.
At full capacity, SHINE will be able to supply over one third of the global demand for Mo-99. Commercial production is expected to begin in 2021.