Shine Raises $80M in Series C Financing

Shine Medical Technologies LLC, a nuclear technology company committed to becoming the world's leading producer of medical isotopes, announced today that it has completed $80 million in series C financing. Fidelity Management and Research Company LLC is the largest investor in this investment, including the participation of other new investors and existing investors of the company.

"shine thanks fidelity and all of our investors for funding us and driving our product commercialization efforts, said Todd asmuth, President and chief financial officer of shine. "Shine continues to make significant progress in our work, commercializing molybdenum-99 (an important diagnostic isotope) and lutetium-177 (a therapeutic isotope), which shows great prospects for cancer treatment."

shine is building a state-of-the-art medical isotope production facility in Janesville, Wisconsin. The plant will initially produce molybdenum-99, or MO-99, for more than 40 million patients a year. For decades, little or no such isotope has been produced in China, resulting in a long-term shortage of molybdenum-99. These shortages often seriously affect the diagnosis and treatment of patients around the world.

shine has signed off take agreements with the three largest MO-99 distributors in the world to ensure the future supply of MO-99. The company's production facilities will be able to meet more than a third of global molybdenum-99 demand.

in October last year, the company created shine therapeutics to focus on key customer needs in the fast-growing therapeutic isotope market. The Department is working to commercialize lu-177, or lu-177, a therapeutic isotope used to treat prostate, neuroendocrine and other cancers. Shine's unique technology enables it to produce non carrier, high specific activity lu-177, which is the most needed isotope form for clinical trial sponsors today.

"this round of financing will help shine continue its efforts to commercialize the important diagnostic and therapeutic isotopes of our revolutionary invention," said Greg piefer, founder and CEO of shine. "The opportunity for shine to meet the urgent needs of the market by creating a stronger supply of isotopes is once again evident, as the supply of patients is disrupted by the covid-19 pandemic. This round of equity financing is the affirmation of our long-term business strategy by high-quality investors, and also the continuous success of our efforts to build an American production platform capable of producing reliable isotope supply, meeting the urgent needs of the market and meeting the needs of tens of millions of patients every year.

shine Medical Technologies LLC, established in 2010, is a nuclear technology company committed to becoming the world's leading supplier of radioisotopes for nuclear medicine. The shine system uses proprietary manufacturing processes and has significant advantages over existing and proposed production technologies. It does not require nuclear reactors, is more environmentally friendly, produces less waste, and is compatible with the existing U.S. MO-99 supply chain. In 2014, shine announced the signing of MO-99 supply agreement with GE Healthcare and lantheus medical imaging. In 2015, with the help of Argonne National Laboratory, GE Healthcare demonstrated that shine MO-99 can be used as a substitute for reactor MO-99. In 2016, shine received regulatory approval from the Nuclear Regulatory Commission to build its production facilities. The company started construction of the facility in the spring of 2019 and continues to make strong progress. Shine created shine therapeutics in 2019 to improve the company's ability to meet the critical needs of the rapidly growing therapeutic isotope market. The division focuses on the commercialization of lu-177, a therapeutic isotope that combines with disease-specific targets to treat cancer.