SHINE Medical raising $30 million Series C round

Janesville company gearing up for medical isotope production

A radioactive isotope in the lab.

Last updated on July 1st, 2019 at 03:47 pm

Janesville-based SHINE Medical Technologies Inc. is raising a new $30 million equity round from investors.

In a recent SEC filing, SHINE listed 99 investors for the Series C round, which is more than halfway raised at $18.1 million.

In November, the company closed a $180 million Series B round with a $150 million commitment from New York investment management firm Deerfield Management Co., said Katrina Pitas, vice president of business development.

SHINE was founded in 2010 to manufacture radioisotopes for nuclear medicine. It has grown to more than 100 employees and is in the process of building a medical isotope production facility at its 91-acre headquarters site, which is to begin production in 2021 and commercial sales in 2022. A number of the investors are taking advantage of qualified opportunity zone legislation to invest in SHINE, Pitas said.

“(The Series C) was originally a $15 million round, but the board recently expanded it to $30 million because of interest,” she said. “It’s a national investor base but has a strong Wisconsin contingent.”

The round, which includes both existing and new investors, will be used to purchase processing equipment for the new production facility once it’s built, and to “go after other growth opportunities,” Pitas said. She declined to elaborate on those opportunities.

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.