SHINE Medical Technologies, a medical isotope company developing technology that originated from University of Wisconsin-Madison research, has signed a $125 million term sheet that represents a massive step in bringing an important medical advance to market.
SHINE Medical is based on the research of Greg Piefer, who earned his UW-Madison nuclear engineering Ph.D. in 2006 and immediately began putting his fusion research concepts to work. SHINE seeks to become a world leader in the manufacture of isotopes used to treat and diagnose millions of patients every year.
Piefer and his team are commercializing new approaches to producing molybdenum-99, an isotope that is used in hospitals around the world for diagnostic imaging of heart disease and cancer. Supply of these isotopes is threatened by the pending closure of reactors in Canada and Europe that currently manufacture the isotopes from highly enriched, weapons-grade uranium.
SHINE represents a safer and greener approach to producing molybdenum-99 that generates far less waste and does not rely on highly enriched uranium. SHINE has plans to build an $85 million facility in Janesville, Wisconsin that will employ more than 150 skilled workers.
For additional information, visit www.shinemed.com.
