SHINE Medical Technologies has secured $150m in a Series C-5 funding round to support the marketing of its medical isotope technologies developed for diagnostic and therapeutic applications.
The funds will also be used to develop new applications by leveraging fusion-based technologies.
Koch Disruptive Technologies led the financing, which was joined by Fidelity Management & Research Company and Baillie Gifford, as well as additional new and existing investors.
Koch Disruptive Technologies president Chase Koch said: “SHINE’s innovative medical isotope technologies, which play a crucial role in identifying and treating patients with debilitating diseases, are astounding.
“We believe SHINE has the potential to change not only the production and supply of medical isotopes, but to transform industrial segments globally by leveraging the company’s nuclear-fusion based technology for industrial inspection and imaging, nuclear waste recycling and energy production.”
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At its current facility, SHINE manufactures the therapeutic medical isotope lutetium-177 (Lu-177).
Radiotherapeutics have the potential to treat various cancers owing to their direct irradiation of cancer, even at the late stages, the company noted.
Using its manufacturing process, the company can generate Lu-177 with high-specific activity, the isotope’s form that is currently most in demand by clinical trial sponsors.
Last December, SHINE began constructing a large-scale therapeutic isotope plant. This site is scheduled to begin operations next year and will manufacture Lu-177.
The company is additionally setting up a fusion-based medical isotope manufacturing plant in Janesville, Wisconsin, US, to make molybdenum-99 (Mo-99), which is used to diagnose heart disease, cancer and various other conditions.
Mo-99 is required for more than 40 million patient procedures annually.
Due to low Mo-99 production, the US has a chronic scarcity of the isotope. SHINE’s facility is expected to have the capacity to supply more than 33% of the worldwide demand for the isotope.
In May, SHINE announced plans for a new medical isotope production facility in Europe. Together the US and European plants will allow the company to produce 70% of the global Mo-99 demand.