SHINE Medical Technologies’ parent company raised $ 131.7 million


A radioactive isotope in the lab.

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

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

A spokesperson for SHINE Medical Technologies declined to comment.

Fundraiser follows merger between nuclear technology company and Fitchburg-based company Phoenix LLC, which became a 100% 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 to improve safety and reliability. 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 by fusion. Piefer also founded SHINE and split the company from Phoenix to apply this technology to the production of medical isotopes.

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

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 began marketing Phase 2 when it started producing Lu-177. In 2022, SHINE plans to start producing 20 million doses of Mo-99 per year at its fusion-fueled production facility. The facility, which the company previously announced 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 ability to recycle nuclear waste and establishing nuclear fusion as a technically and commercially viable global power source, according to a press release.

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