US-based medical isotopes producer Shine Medical Technologies completed a $150m series C-5 round yesterday led by Koch Disruptive Technologies (KDT), an investment subsidiary of chemicals and energy conglomerate Koch Industries.
The round also featured investment and financial services group Fidelity Management and Research, asset management firm Baillie Gifford and undisclosed other investors.
Founded in 2010, Shine has developed fusion-based technology for the production of diagnostic and therapeutic isotopes, including molybdenum-99, which is used to diagnose heart disease and cancer, and lutetium-177, which holds the promise of improving the outcome of some cancer patients.
In addition to advanced industrial imaging and medical isotopes, the company also focuses on nuclear waste recycling and the production of clean fusion energy. The funding will support the commercialisation of its diagnostic and therapeutic medical isotopes and the development of new fusion-based technology applications.
Shine raised $80m in a series C round led by Fidelity Management and Research in September 2020. The round also featured Alumni Ventures, which had previously backed the company in a series B round in 2018 sized at over $30m.
Healthcare-dedicated investment firm Deerfield Management provided Shine with $150m of financing in November 2018 before private equity firm Oaktree Capital Management invested $50m in the company in October 2019.
Todd Asmuth, president and chief strategy officer of Shine, said: “The support of our institutional and individual investors and local, state and federal partners ensures that Shine can fully execute its medical isotope plans by building multiple facilities and improving the lives of people around the world.
“As we bring these production facilities online, we will move into nuclear waste recycling and clean energy production, the next two phases of our plan. By doing so, we will continue to build long-term value for our stakeholders, including our customers, physicians and their patients, our employees and our shareholders.”