Producer of medical diagnostic element raises $5.4M

Shine Medical Technologies, a Wisconsin company that produces medical isotopes and cancer treatment elements, has […]

Shine Medical Technologies, a Wisconsin company that produces medical isotopes and cancer treatment elements, has raised $5.4 million in its quest to raise a total of $11.4 million, according to a recent regulatory filing.

Shine manufactures a light-emitting element that is routinely administered to millions of Americans to diagnose many diseases, including cancer and coronary artery disease. The goal of the company is to produce this medical necessity at an affordable price — the price of the isotope from which the light-emitting element is extracted has jumped manifold because of an unpredictable supply, according to Shine Medical’s website.

Shine’s technology was developed by its founder and CEO Gregory Piefer while he was the chief executive of the company.  Shine is currently building a medical isotope production facility in Janesville, Wisconsin, an $80 million project that will enable it to become the first large-scale domestic supplier of molybdenum-99, according to a news release.

“The medically important isotope, moly-99, is crucial to the successful diagnosis of cancer and heart disease throughout the world,” said Dr. Richard Steeves, professor emeritus of human oncology at the University of Wisconsin-Madison, in a Shine news release in January. “With moly-99, physicians can determine the extent to which heart disease or cancer has spread, information which is critical to successful treatment.”

Piefer was not available by phone and did not respond to an email immediately.

 

 

 

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