JANESVILLE, Wis., Jan. 13, 2020 – SHINE Medical Technologies LLC today provided a strong 2019 year-end report, including significant progress with the construction of its medical isotope production facility, a robust year of fundraising and commercial advances in key geographic and product markets.
"2019 was SHINE's most productive, successful year yet, driven by an incredibly dedicated team that moved the company forward in important ways," said Greg Piefer, founder and CEO of SHINE. "Our team's progress on the construction of our production facility is the strongest signal to date that SHINE will play a big role in solving the global shortage of molybdenum-99."
Strong construction progress
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SHINE broke ground for its medical isotope production facility in Janesville, Wis., last May. Excavation for the production facility began last September and the first foundational concrete was poured later in the fall. Concrete that forms the structure of the facility continues to be poured.
There are only four major facilities in the world that produce Mo-99, one of the most important isotopes relied on for heart stress tests, cancer staging and other medical applications. Chronic shortages of Mo-99 routinely and significantly affect the diagnosis and treatment of patients around the world.
When SHINE's production facility begins producing Mo-99 at commercial scale in 2022, the facility will play a significant role in alleviating the worldwide shortages and their harmful impacts on patients. It will be capable of supplying more than one-third of the global patient need for Mo-99.
Continued investor support
Both new and long-time investors continued to express confidence in the company's direction and progress last year. SHINE raised $125 million during 2019, including $50 million from leading global investment firm Oaktree Capital Management. The financing in part supports SHINE's ongoing construction project and its work to commercialize diagnostic and therapeutic isotopes, including Mo-99 and lutetium-177 (Lu-177). The SHINE fundraising total includes an award of $15 million from the federal government.
"We are grateful for the strong, ongoing support of both our new high-quality institutional investors and the many early-stage investors who continue to support the company and provide additional capital," said Todd Asmuth, SHINE's president and CFO. "During 2019, we were excited to welcome Oaktree Capital Management to our growing list of top-tier institutional investors. Oaktree has broad expertise in complex infrastructure projects like our production facility. It joined Deerfield Management, a leading health care investment firm, as one of our key partners. We also are appreciative of our partnership with the federal government. Its commitment to SHINE coupled with investments from both new and old investors were essential to our solid year of progress and will help us to boldly advance our plans as we move forward."