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October 25, 2015 – Monona, WI – SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based medical isotope company, announced today that it has been awarded $1 million from the U.S. Department of Energy’s National Nuclear Security Administration (DOE/NNSA) as part of a $2 million cooperative agreement. The new funding will continue acceleration of SHINE’s efforts to establish a reliable, domestic supply of molybdenum-99 (moly-99) without weapons-usable highly enriched uranium.
Each cooperative agreement is implemented under a 50%-50% cost-sharing arrangement with DOE/NNSA, currently up to a total NNSA contribution of $25 million. This award brings the total value of the cooperative agreement to $30 million, with DOE/NNSA contributing $15 million.
The award will be used to advance work being done by SHINE as it enters the final stages of the construction permitting process with the Nuclear Regulatory Commission (NRC). The construction permit is a major milestone SHINE must reach before it can begin construction of its manufacturing facility in Janesville, Wisconsin. Once operational, the facility will supply greater than two-thirds of U.S. demand for moly-99 and employ 150 people.
“We greatly appreciate the continued support from the NNSA as we work to bring a domestic supply of medical isotopes to the U.S.,” said Greg Piefer, CEO of SHINE. “In addition to financial assistance, the partnership provides valuable technical expertise through the National Labs. This award brings us another step closer to providing patients with life-saving medical isotopes.”
About Moly-99
Molybdenum-99 (moly-99) is a radioisotope that decays into the diagnostic imaging agent technetium-99m (tech-99m). Tech-99m’s extraordinary attributes make it the most commonly-used medical isotope on the planet. It is used in more than 80,000 medical imaging procedures every day to diagnose a wide variety of conditions, including heart disease and cancer. In 2012, Congress passed the American Medical Isotopes Production Act to improve the reliability of U.S. medical isotope supply by supporting domestic projects that can produce moly-99 without the use of highly-enriched uranium. SHINE was founded to deploy a safe, cost-effective and environmentally friendly technology to produce medical isotopes, including moly‑99.
Based in Janesville, Wisconsin, SHINE deploys its safe, cost-effective and environmentally friendly fusion technology in a stepwise approach. Its systems are used to inspect industrial components in aerospace, defense, energy and other sectors. SHINE’s proprietary medical isotope production processes create non-carrier-added lutetium-177 and are expected to create molybdenum-99. In the future, SHINE plans to scale its fusion technology to help solve one of energy’s toughest hurdles by recycling nuclear waste. Through a purpose-driven and phased approach, SHINE aims to generate fusion power to deliver clean, abundant energy that could transform life on Earth. Want to learn more about SHINE? Follow us on social media @shinefusion and sign up for our email newsletter to follow us on our journey!
Media Contact: info@shinefusion.com
