SHINE Medical Technologies closes $ 150 million in Series C-5 funding to advance nuclear fusion-based technologies

JANESVILLE, Wis .– (BUSINESS WIRE) – SHINE Medical Technologies LLC announced today that it has closed a Series C-5 financing of $ 150 million. Koch Disruptive Technologies (KDT) led the round, which also included Fidelity Management & Research Company, Baillie Gifford and other new and current investors. The funding will support SHINE’s commercialization of its diagnostic and therapeutic medical isotope technologies and position the company for future growth as it develops new fusion-based technology applications.

“KDT is an incredible strategic partner for SHINE as we commercialize both diagnostic and therapeutic medical isotopes and work towards fusion-based nuclear waste recycling and clean power generation,” said Greg Piefer, Chairman and CEO of SHINE. “Koch knows how to scale a company with more than 120,000 employees worldwide, and we look forward to using this knowledge for our further growth. SHINE’s mission is to usher in a new era in nuclear fusion technology and Koch, who is one of the largest players in the energy space, is a great long-term strategic addition for us as we pursue our ultimate goal: fusion-based clean energy. We are grateful for your trust and your investment in SHINE. ”

“SHINE’s innovative medical isotopic technologies, which are instrumental in identifying and treating patients with debilitating diseases, are amazing,” said Chase Koch, President of KDT. “We believe SHINE has the potential to transform not only the way medical isotopes are made and shipped, but also transform industry segments around the world by enhancing the company’s fusion-based technology for industrial inspection and imaging, nuclear waste recycling and uses energy generation. Koch’s global knowledge networks and skills are uniquely suited to support the impressive SHINE team in realizing their vision for the advancement of fusion technology. We look forward to a productive partnership. ”

An existing SHINE plant produces the therapeutic-medical isotope Lutetum-177 (Lu-177). Radiotherapeutics are one of the fastest growing areas in oncology and have significant potential in the treatment of various cancers due to their ability to irradiate cancer directly, even in the late stages. SHINE’s manufacturing process can produce Lu-177 with high specific activity, the form of the isotope most sought after by clinical trial sponsors today. Last December, SHINE also broke ground for a large-scale therapeutic isotope facility, which is expected to go into operation in mid-2022 and produce Lu-177.

SHINE is also building a US fusion-based medical isotope manufacturing facility in Janesville, Wisconsin to produce molybdenum-99 (Mo-99), which is used by more than 40 million patient treatments each year. The United States has barely produced Mo-99 for decades – contributing to chronic isotope shortages – and this facility will be able to supply more than a third of the world’s Mo-99 needs. In May, SHINE announced a location for its new European medical isotope manufacturing facility which, when combined with the capacity of SHINE’s US facility, will enable the company to produce 70 percent of the world’s patient needs for Mo-99. The production facility is powered by nuclear fusion technology, which does not require a reactor and is cleaner, safer and more sustainable than a nuclear research reactor.

“SHINE is grateful for the trust of our world-class investor consortium and the continued support of our early-stage investors,” said Todd Asmuth, President and Chief Strategy Officer of SHINE. “The support of our institutional and individual investors as well as local, state and federal partners ensures that SHINE can fully implement its medical isotope plans by building multiple facilities and improving the lives of people around the world. When we bring these manufacturing facilities online, we will move on to nuclear waste recycling and clean power generation, the next two phases of our plan. In doing so, we will continue to create long-term value for our stakeholders, including our customers, doctors and their patients, our employees and our shareholders. ”

About SHINE medical technology

SHINE is a nuclear technology company committed to improving the lives of people and the planet. The company will initially focus its fusion-based technology on advanced industrial imaging and the manufacture of diagnostic and therapeutic isotopes. These isotopes include molybdenum-99, a diagnostic isotope used to diagnose heart disease, cancer, and other diseases, and lutetium-177, a therapeutic isotope that promises to significantly improve the outcome of some cancer patients. SHINE is pursuing a long-term strategy to solve some of mankind’s greatest problems, including recycling nuclear waste and producing clean fusion energy, in addition to advanced industrial imaging and medical isotopes, by advancing our vision for the gradual, widespread and effective use of fusion technology tracked . For more information about SHINE, please visit our website at www.shinemed.com.

About Koch Disruptive Technologies

Koch Disruptive Technologies (KDT) is a unique investment firm focused on empowering founders to create a possible world. KDT offers a flexible, multi-level investment approach that encompasses both traditional venture and growth phases. We partner with principled entrepreneurs who are building transformative businesses, changing the status quo, and creating new platforms. KDT is a subsidiary of Koch Industries, one of the largest privately held companies in the world with sales of $ 115 billion and operates in more than 70 countries. KDT helps its partners reach their full potential by bringing in Koch’s skills and network, structuring unique capital solutions, and pursuing a long-term mindset for mutual benefit. More information is available at www.kochdisrupt.com.

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