SHINE closes $50-million financing with Oaktree to support execution of construction and commercialization plans


2019-10-09 11:31:46 BioSpace


JANESVILLE, Wis.---- SHINE Medical Technologies LLC today announced the closing of a $50-million financing with funds managed by Oaktree Capital Management L.P. , a leading global investment firm with more than $120 billion under management as of June 30, 2019. The financing supports the ongoing construction of SHINE’s medical isotope production facility and its commercialization of diagnostic and therapeutic isotopes, including molybdenum-99 and lutetium-177 . “We are excited to welcome Oaktree to SHINE’s growing list of top-tier institutional investors,” said Greg Piefer, founder and CEO of SHINE. “Oaktree has broad expertise in complex infrastructure projects like our medical isotope facility. It joins Deerfield Management, a leading health care investment firm, as one of our key partners. “Oaktree and Deerfield will help us deliver on SHINE’s value proposition, including the completion of our isotope production facility and the development of our therapeutics business. Their participation validates the strength of our business case, team and vision for bringing our lifesaving products to market.” Construction of SHINE’s production facility is expected to be completed in 2021 and commercial-scale isotope production should begin in 2022. The facility will be the first of its kind, utilizing the company’s patented technology to produce Mo-99, which is used in more than 40 million procedures every year. Chronic global shortages of medical isotopes routinely and significantly affect the diagnosis and treatment of patients around the world. SHINE’s production facility will be capable of supplying more than one-third of the global demand for Mo-99. “SHINE is an outstanding company with a strong management team, exceptional technology and compelling story,” said Milwood Hobbs Jr., managing director of Oaktree. “The need for SHINE’s medical isotope production facility is profound, as millions of patients are affected each year by the ongoing shortage of Mo-99. Oaktree is confident SHINE will play a major role in ending that shortage and we are pleased to support SHINE’s production facility construction.” SHINE also will commercialize Lu-177, a therapeutic isotope currently used to treat neuroendocrine cancers and showing promise for the treatment of metastatic prostate and other cancers. In May, the company entered into an agreement with the Institute of Organic Chemistry and Biochemistry of the CAS (IOCB Prague) that provides SHINE with a global, exclusive license to a novel separation technology that it will use to produce Lu-177. The technology enables SHINE to produce non-carrier-added Lu-177, which should provide the highest therapeutic efficacy. “Oaktree is pleased to be a partner with SHINE as it executes a growth strategy that includes commercializing therapeutic isotopes and constructing a production facility in Europe,” said Aman Kumar, senior vice president of Oaktree. “The global market for therapeutic isotopes, including Lu-177, continues to grow rapidly and SHINE is well positioned to capture significant value in that market. We are equally as excited by SHINE’s commitment to Europe, where the current isotope producers are expected to stop production during the next several years.” About Medical Isotopes Medical isotopes are radioisotopes that are used in the diagnosis and treatment of disease. Molybdenum-99 (Mo-99) is a radioisotope that decays into the diagnostic imaging agent technetium 99m (Tc-99m). The workhorse of nuclear medicine, Tc-99m is used in more than 40 million medical imaging procedures each year, primarily in stress tests to diagnose heart disease and to stage cases of cancer. SHINE was founded to deploy a safe, cost-effective and environmentally friendly technology to produce a variety of medical isotopes, including Mo‑99. Roughly one percent of all Mo-99 in the world decays every hour, meaning it must be produced continuously. Current production is limited to only a handful of government-owned nuclear research reactors, the majority of which are overseas. About SHINE Medical Technologies LLC Founded in 2010, SHINE is a development-stage company working to become a manufacturer of radioisotopes for nuclear medicine. The SHINE system uses a patented, proprietary manufacturing process that offers major advantages over existing and proposed production technologies. It does not require a nuclear reactor, uses less electricity, generates less waste and is compatible with the nation’s existing supply chain for Mo-99. In 2014, SHINE announced the execution of Mo-99 supply agreements with GE Healthcare and Lantheus Medical Imaging. In 2015, with the help of Argonne National Laboratory, GE Healthcare demonstrated that SHINE Mo-99 can act as a drop-in replacement for reactor-based Mo-99. In 2016, SHINE received regulatory approval from the Nuclear Regulatory Commission to construct its production facility. The company began construction of the facility in the spring of 2019. Learn more at View source version on Rod Hise Director, Marketing & Corporate Communications 608-530-5659 Source: SHINE Medical Technologies LLC View this news release online at:
SHINE Medical Technologies LLC 今天宣布,以橡树资本管理公司( Oaktree Capital Management L.P .)管理的基金结束一笔5000万美元的融资。截至2019年6月30日,这家全球领先的投资公司管理着超过1200亿美元的资金。这笔资金支持 SHNE 医疗同位素生产设施的持续建设及其诊断和治疗同位素商业化,包括钼-99和钒-177。 “我们很高兴欢迎橡树资本进入 SHNE 不断增长的顶级机构投资者名单,” SHNE 创始人兼首席执行官格雷格?“橡树资本在复杂的基础设施项目上拥有广泛的专业知识,比如我们的医用同位素设施。作为我们的主要合作伙伴之一,它加入了领先的医疗保健投资公司 Deere Management 。 “ Oaktree 和 Deere field 将帮助我们实现 SHNE 的价值主张,包括完成同位素生产设施和开发我们的治疗业务。他们的参与验证了我们的商业案例、团队和将我们的救生产品推向市场的愿景的实力。” 预计 SHINE 生产设施的建设将于2021年完工,商业规模的同位素生产将于2022年开始。该设施将是第一个此类设施,利用该公司的专利技术生产 Mo-99,该设备每年用于超过4000万个程序。 全球医用同位素的长期短缺对世界各地的病人的诊断和治疗都有很大影响。SHINE 的生产设施将能够满足全球三分之一以上的 Mo-99需求。 橡树资本董事总经理米尔伍德•霍布斯( Milwood Hobbs Jr .)表示:“ SHINE 是一家优秀的公司,拥有强大的管理团队、卓越的技术和极具说服力的故事。”“ SHINE 的医用同位素生产设施的需求是巨大的,因为每年有数百万患者受到 Mo-99持续短缺的影响。Oaktree 相信 SHINE 将在解决短缺方面发挥重要作用,我们很高兴支持 SHINE 的生产设施建设。” SHINE 还将把目前用于治疗神经内分泌癌症的治疗同位素 Lu-177商业化,并显示出治疗转移性前列腺癌和其他癌症的前景。今年5月,该公司与中国科学院有机化学和生物化学研究所( IOCB 布拉格)达成协议,向 SHINE 提供全球独家许可,用于生产 Lu-177。该技术可使 SHINE 生产非载药 Lu-177,应提供最高疗效。 橡树资本高级副总裁阿曼库马尔( Aman Kumar )表示:“橡树资本很高兴成为 SHNE 的合作伙伴,因为它实施了一项增长战略,包括将治疗同位素商业化,并在欧洲建设一个生产设施。”“全球治疗同位素市场,包括 Lu-177,继续快速增长, SHINE 处于有利地位,能够在该市场中获得重要价值。我们同样对 SHNE 对欧洲的承诺感到兴奋,目前的同位素生产商预计将在未来几年停止生产。” 关于医学同位素 医用同位素是用于诊断和治疗疾病的放射性同位素。钼-99( Mo-99)是一种放射性同位素,衰变为诊断显像剂 technetium 99m ( Tc-99m )。核医学的工作马 Tc-99m 每年用于超过4000万次的医学成像程序,主要用于诊断心脏病和分期癌症的压力测试。SHINE 公司的成立是为了部署一种安全、经济有效和环保的技术来生产各种医用同位素,包括 Mo-99。世界上大约1%的 Mo-99每小时都会腐烂,这意味着它必须持续生产。目前的生产仅限于少数政府拥有的核反应堆,其中大部分位于海外。 关于 SHINE Medical Technologies LLC SHINE 成立于2010年,是一家发展阶段的公司,致力于成为核医学放射性同位素制造商。SHINE 系统采用专利的专有制造工艺,比现有的和拟议的生产技术有很大的优势。它不需要核反应堆,使用更少的电力,产生更少的废物,并与中国现有的 Mo-99供应链兼容。2014年, SHINE 宣布与 GE医疗(GE Healthcare)和 Lantheus Medical Imaging 签署 Mo-99供应协议。2015年,在 Argonne 国家实验室的帮助下, GE医疗(GE Healthcare)证明 SHINE Mo-99可以替代基于反应堆的 Mo-99。2016年, SHINE 获得核管理委员会的监管批准,建设其生产设施。公司于2019年春季开始建设该设施。在 https://shineemed 了解更多信息。com 。 查看 businesswire 上的源代码。com : Rod Hise 市场营销及企业传讯总监 pr @ 608-530-5659 资料来源: SHINE Medical Technologies LLC 在线查看本新闻稿,网址为: