Contact: Katrina Pitas
VP of Business Development
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.”
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.
About SHINE Medical Technologies, Inc.
Founded in 2010, SHINE is a development-stage company working toward becoming a manufacturer of radioisotopes for nuclear medicine. The SHINE system uses a patented, proprietary manufacturing process that offers major advantages over existing and proposed production technologies as it does not require a nuclear reactor, uses less electricity, generates less waste and is compatible with the nation’s existing supply chain for molybdenum-99. , SHINE announced the execution of molybdenum-99 supply agreements with GE Healthcare and Lantheus Medical Imaging. Learn more at http://shinemed.com.