December 12, 2016 – Janesville, WI – SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based medical isotope company, announced today that it Med as part of a $20.9 million cooperative agreement. The Phase II funding was awarded through the DOE/NNSA’s molybdenum‑99 (moly-99) program, which works to support the establishment of domestic, commercial production of moly-99 produced without the use of highly-enriched uranium.
Each cooperative agreement is implemented under a 50%-50% cost-sharing arrangement between SHINE and the DOE/NNSA. The new award brings the total value of the cooperative agreement to $50 million, with DOE/NNSA contributing $25 million.
The funding will be used to advance the design and construction of SHINE’s radioisotope production facility in Janesville, Wisconsin. SHINE received its construction permit in February from the Nuclear Regulatory Commission after a four-year process of safety and environmental data collection and an extensive review process.
“We are grateful to the DOE/NNSA for its financial and technical support through the construction permit approval process, and for its continued commitment to SHINE as we take the next steps toward securing access to isotopes critical to the accurate diagnosis of disease,” said Greg Piefer, CEO of SHINE. “Their assistance has contributed to our success so far, and the on-going partnership will help ensure the timely startup of our production facility—a national asset that will provide life-saving materials for a billion people over its lifetime,” he added.
Molybdenum-99 (moly-99) is a radioisotope that decays into the diagnostic imaging agent technetium‑99m (Tc-99m). Tc-99m is used in more than 40 million medical imaging procedures each year, primarily in stress tests to diagnose heart disease and bone scans to stage cancer. 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!
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