SHINE Medical: Revolutionizing the Production of Radioisotopes

How SHINE Medical is naturally positioned to become a leader in radioisotope production

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2 min

Today’s global market for diagnostic and therapeutic radioisotopes is estimated to be more than $1 billion, growing to $5+ billion by 2030. In particular, molybdenum-99 (Mo-99) is used in over 80% of nuclear medicine procedures and is critical to modern healthcare. However, 90% of global production is supplied by reactors 50+ years old — and none are in North America.

SHINE Medical Technologies uses a patented manufacturing process to catalyze Mo-99 domestically. Their proprietary method has major economic advantages as it does not require a nuclear reactor, uses less energy, and is greener (270X less waste vs. a reactor-based facility). This naturally positions SHINE to become the world leader in the production of radioisotopes to diagnose and treat heart disease and cancer.

Safe, Clean, and Affordable Diagnostic and Therapeutic Materials

SHINE is initially focused on producing Mo-99. Over 55K patients per day in the U.S. require Mo-99 for procedures — and incredibly, all supply is currently shipped to the U.S. from Europe, Australia, or South Africa. But Mo-99 decays at 1% per hour. Therefore, SHINE’s onshore manufacturing facility will provide it with an unrivaled cost advantage, substantially higher margins to share with distribution partners, and a multi-year head start on any U.S. competition.

At their plant in Janesville, WI — one of the most advanced private nuclear technology facilities in the world — SHINE can supply about 1/3 of global demand for Mo-99, offering U.S. customers a more secure source of a key medical isotope at a lower cost. They will also produce other isotopes, such as Lutetium 177 (Lu-177), that can be used for innovative oncology therapeutics. After a recent tour of the facility, Deputy Secretary of Energy Mark W. Menezes remarked: “DOE applauds the work being done by [SHINE], as well as the other commercial companies working with DOE, to provide U.S. patients with medical isotopes without the use of highly enriched uranium. The domestic production of Mo-99 is yet another way we will secure American leadership in the nuclear arena.”

How We’re Involved

Alumni Ventures has remained impressed by SHINE’s tremendous progress. Bascom Ventures (for the University of Wisconsin community) has sponsored AV’s investments in multiple rounds, starting with a $66.2 million Series B in 2018 and most recently a $150 million Series C in 2021. Co-investors include Jubilant Draximage, Wisconsin Investment Partners, U.S. Department of Energy, National Science Foundation, Koch Disruptive Technologies, and Fidelity Management & Research Company. Castor Ventures (for the MIT community), 116 Street Ventures (for the Columbia community), AV’s Investor Syndicate, and AV’s Total Access Fund are also invested in SHINE.