NorthStar Medical Technologies, LLC,, a Beloit, Wis.-based global innovator in the production and distribution of radioisotopes used for medical imaging and therapy, closed a $100m secured financing.
Funds managed by Oberland Capital Management LLC provided the funds.
NorthStar received $75m at closing with the ability to draw an additional $25m prior to December 31, 2020 at the company’s option.
The company will primarily use proceeds to:
– increase domestic production capacity for the medical radioisotope molybdenum-99 (Mo-99),
– complete programs to improve the efficiency of the production of Mo-99,
– implement additional enhancements for the RadioGenix System (technetium Tc 99m generator) and
– continue to advance its R&D activities.
Founded in 2006 and led by Stephen Merrick, President and Chief Executive Officer, NorthStar is advancing the RadioGenix System, which uses domestic, non-uranium based Mo-99 to supply customers with the critical diagnostic imaging radioisotope technetium-99m (Tc-99m).
It was approved by the FDA and commercialized in 2018.