Janesville, WI – SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based medical isotope company, announced today that it has been awarded $10 million from the U.S. Department of Energy’s National Nuclear Security Administration (DOE/NNSA) as part of a $20.9 million cooperative agreement. The Phase II funding was awarded through the DOE/NNSA’s molybdenum-99 (moly-99) program, which works to support the establishment of domestic, commercial production of moly-99 produced without the use of highly-enriched uranium.
Each cooperative agreement is implemented under a 50%-50% cost-sharing arrangement between SHINE and the DOE/NNSA. The new award brings the total value of the cooperative agreement to $50 million, with DOE/NNSA contributing $25 million.
The funding will be used to advance the design and construction of SHINE’s radioisotope production facility in Janesville, Wisconsin. SHINE received its construction permit in February from the Nuclear Regulatory Commission after a four-year process of safety and environmental data collection and an extensive review process.
“We are grateful to the DOE/NNSA for its financial and technical support through the construction permit approval process, and for its continued commitment to SHINE as we take the next steps toward securing access to isotopes critical to the accurate diagnosis of disease,” said Greg Piefer, CEO of SHINE. “Their assistance has contributed to our success so far, and the on-going partnership will help ensure the timely startup of our production facility—a national asset that will provide life-saving materials for a billion people over its lifetime,” he added.
Molybdenum-99 (moly-99) is a radioisotope that decays into the diagnostic imaging agent technetium-99m (Tc-99m). Tc-99m is used in more than 40 million medical imaging procedures each year, primarily in stress tests to diagnose heart disease and bone scans to stage cancer. SHINE was founded to deploy a safe, cost-effective and environmentally friendly technology to produce medical isotopes, including moly‑99.
About SHINE Medical Technologies, Inc.
Founded in 2010, SHINE is a development-stage company working toward becoming a manufacturer of radioisotopes for nuclear medicine. The SHINE system uses a patented, proprietary manufacturing process that offers major advantages over existing and proposed production technologies as it does not require a nuclear reactor, uses less electricity, generates less waste and is compatible with the nation’s existing supply chain for molybdenum-99. In 2014, SHINE announced the execution of molybdenum-99 supply agreements with GE Healthcare and Lantheus Medical Imaging. In 2015, with the help of Argonne National Laboratory, GE Healthcare demonstrated SHINE molybdenum-99 can act as a drop-in replacement for reactor-based moly-99. In June of 2016, SHINE signed a moly-99 supply agreement with HTA Co., Ltd. (HTA), the largest Chinese producer and distributor of radio-pharmaceuticals. Learn more at http://shinemed.com.