Phoenix labs expanding

Monona-based Phoenix Nuclear Labs, now called Phoenix, is making the most of a $12 million financing round led by Deerfield Management Co., a New York health care investment firm and a new investor.

According to the Wisconsin State Journal, most of that money is in the form of a loan that will likely be converted to stock if the company reaches specified milestones.

Phoenix is looking to add 30 more positions by the end of the 2018. It currently employs 56, more than twice the number of employees it had in 2016 (23), and hopes to consolidate its operations into a new, 50,000 to 75,000-square-foot building by early 2019, though a site has yet to be announced.

Phoenix makes neutron and proton generators used in the health, defense, and energy fields.