Medical isotope firm Shine Medical Technologies and Deerfield Management have closed on a $150 million financing commitment to support diagnostic and therapeutic medical isotope manufacturing.
Shine's molybdenum-99 (Mo-99) will address current chronic shortages of the isotope, which is currently relied on for 80% of all nuclear medicine procedures.
Deerfield's investment will be used for the construction of Shine's main production facility, which will start in the spring of 2019. The investment is based on Shine achieving milestones. At full capacity, the facility will supply over one-third of global demand for Mo-99. The investment will also provide capital to ramp up operations prior to commencing commercial production of Mo-99, expected to begin in 2021, the firms said.
Prior to signing the Deerfield agreement, Shine also closed its series B funding round, raising more than $30 million of investment through private investors.
