SHINE Medical Technologies, a US radioisotopes manufacturer, began construction on its first medical isotope production facility in Janesville in Wisconsin.
The groundbreaking ceremony on the medical isotope production facility follows the allocation of 91 acres of land by the City of Janesville to SHINE Medical Technologies to develop the project, which is located across from the Southern Wisconsin Regional Airport.
SHINE medical isotope production facility in Janesville
The new medical isotope production plant, of 43,000sft, upon completion, will be capable of meeting more than one-third of global demand for molybdenum-99 (Mo-99), a life-saving isotope. Molybdenum-99, which is a radioisotope, decays into technetium 99m (Tc-99m), a diagnostic imaging agent, considered to play a key role in nuclear medicine. Tc-99m is used in over 40 million medical imaging procedures annually, mainly in stress tests to diagnose heart disease as well as bone scans to stage cancer.
In 2016, SHINE Medical Technologies secured regulatory approval from the Nuclear Regulatory Commission to construct the medical isotope production plant and signed a moly-99 supply agreement with Chinese radiopharmaceuticals distributor HTA.
SHINE Medical Technologies will provide employment to 60 more people to work at the new molybdenum production facility in Janesville joining its present workforce of 90 people.
Mark Freitag – Janesville City Manager, commenting on the new medical isotope production facility in Janesville, said: “SHINE believed in Janesville at the height of the Great Recession. When futures were uncertain, they chose Janesville, planted their roots here, and have continued to grow.
“The City of Janesville is proud to embrace this partnership and celebrate with the SHINE team today as they take their next steps moving forward. Congratulations!”
In November 2018, the radioisotopes manufacturer secured $150 million financing commitment from healthcare investment firm Deerfield Management Company to help in its diagnostic and therapeutic medical isotope manufacturing.
Commenting on the new medical isotope production facility in Janesville, Greg Piefer – SHINE Medical Technologies founder and CEO, said: “Construction of the Janesville production facility is a critical step toward establishing a reliable global supply of life-saving diagnostic and therapeutic isotopes for patients around the world.
“My sincere gratitude and respect to all the SHINE employees, investors, partners, and advisors who have worked so hard and for so long to reach this milestone. The strength of our team continues to build, and we are excited and confident as we move into the execution phase of our plans to become the global leader in the production of medical isotopes.”