MADISON, Wis. - The head of SHINE Medical Technologies announced the company has landed the largest investment ever for a Wisconsin startup that will help the company open a facility in Janesville.
The biotechnology company will get $150 million from Deerfield Management Company, a New York-based health care investment firm.
SHINE is working to be the first American company to produce and ship molybdenum-99, which is a medical isotope used to illuminate bone and body tissues in medical imaging tests.
The investment will be used for the construction of SHINE’s new production facility and to ramp up operations prior to starting commercial production of Mo-99 in 2021.
“We are excited to sign this deal as we begin construction of our Janesville production facility,” said Greg Piefer, SHINE founder and CEO. “Deerfield is a world-leading healthcare investment firm and is a strong partner that provides important institutional validation of our business."
SHINE’s 45,000-square-foot plant will be built in 2019 just east of the airport in Janesville. The construction project is expected to cost $100 million.
“We are enthusiastic about partnering with SHINE to help create a permanent and dependable solution to the industry’s Mo-99 shortage and to work on developing other medical isotopes for therapeutic use,” Steve Hochberg, partner at Deerfield, said in the release. “We look forward to continuing to work with the talented SHINE team and supporting them as the company scales and executes to address this important need.”
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