Parent company of SHINE Medical Technologies raised $131.7 million

A radioactive isotope in the lab.

Last updated on May 6th, 2021 at 01:58 pm

Illuminated Holdings, Inc., the parent company of Janesville-based SHINE Medical Technologies, raised more than $131 million, according to a filing with the U.S. Securities and Exchange Commission.

The recent filing listed 110 investors for the funding round, which had a total offering amount of approximately $131.7 million.

A SHINE Medical Technologies spokesperson declined to comment.

The fundraise follows a merger between the nuclear technology company and Fitchburg-based Phoenix LLC, which became a wholly owned subsidiary of SHINE.

SHINE was founded in 2010 to manufacture radioisotopes for nuclear medicine while Phoenix designs and manufactures steady-state neutron generators used for advanced industrial imaging and other applications for improving safety and quality in the aerospace, defense, medical and energy sectors.

Greg Piefer founded Phoenix in 2005 to develop and commercialize a unique technology that generates neutrons through fusion. Piefer also founded SHINE and spun the company out of Phoenix to apply that technology to medical isotope production.

SHINE says the combined company represents the first two phases of a four-phase approach that outlines Piefer’s long-term vision to produce clean energy from fusion.

The second phase of the approach involves applications of nuclear fusion to replace nuclear reactors used in the production of medical isotopes for diagnostic imaging, including molybdenum-99 (Mo-99) and lutetium-177 (Lu-177).

In April, SHINE kicked off Phase 2 commercialization when it began producing Lu-177. In 2022, SHINE expects to begin producing 20 million doses of Mo-99 per year in its fusion-powered production facility. The facility, which the company previously said it would start building in 2021, is expected to be the world’s largest medical isotope production plant, the company said in a statement.

The remaining two phases involve expanding SHINE’s capacity to recycle nuclear waste and also establishing nuclear fusion as technically and commercially viable global source of energy, according to a press release.

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