NorthStar Medical Technologies LLC has signed an agreement with Hendricks Commercial Properties to develop a state-of-the-art medical isotope production facility in the Gateway Business Park of Beloit, Wis. The facility will be built to suit for lease. Once complete, the facility will allow for the safe, non-uranium-based production of Molybdenum-99, a medical isotope used daily in the United States for more than 50,000 diagnostic medical procedures—and currently supplied entirely via importation from foreign nuclear reactors.
NorthStar seeks to become the first domestic Molybdenum-99 supplier, helping to address supply shortages, as well as security and logistical complexities associated with the importation of this critical radioisotope. The company has developed a production methodology that uses linear accelerators and non-uranium based raw materials, and therefore does not result in any high-level radioactive waste. Earlier this month, NorthStar began its approval process with the Food and Drug Administration for its novel approach through the filing of its first required submission.
“NorthStar has been producing Molybdenum-99 and its daughter Tc99m since 2007. Since then we have been working diligently to reduce the cost of our facility and improve the productivity of our proprietary processes. As a result, the projected 200,000 square foot facility and capital equipment to cost $194 million has been reduced in size by nearly 50 percent and will be built at a substantially reduced cost,” said George Messina, NorthStar’s CEO.
Added Diane Hendricks, CEO of Hendricks Commercial Properties: “HCP is committed to the success of Beloit and surrounding Rock County communities. Partnering with an innovative, game-changing business such as NorthStar will bring more jobs to our community, and will raise Beloit’s national profile as a hub for high technology businesses.”
NorthStar and HCP are actively working on the design of the facility and expect break ground in 2013, with completion slated for mid-2014.