Shine Medical Technologies LLC, a Janesville, Wis.-based nuclear technology company focused on becoming a producer of medical isotopes, closed an $80m Series C financing.
Fidelity Management and Research Company LLC was the largest investor in the round, which also included participation from other new investors and the company’s current investors.
Founded in 2010 and led by Todd Asmuth, president and chief financial officer, and Greg Piefer, founder and CEO, Shine is building a medical isotope production facility in Janesville, Wis. The facility will initially produce molybdenum-99, or Mo-99, which is used in more than 40 million patient procedures annually.
Last October, the company created Shine Therapeutics to focus on critical customer needs in the rapidly growing therapeutic isotope market. The division is working to commercialize lutetium-177, or Lu-177, a therapeutic isotope used to treat prostate, neuroendocrine and other cancers.