Imaging Agent Maker Shine Medical Raises $11 Million
Published: Oct 22, 2012
Shine Medical raises $11 million for its alternative, non-nuclear method of creating imaging agents. Shine Medical closed an $11.4 million funding round for its method of generating a low-energy neutron source for medical imaging that uses a particle accelerator instead of a nuclear reactor. The Monona, Wis.-based company is aiming to provide an alternative to molybdenum-99, which has become an uncertain commodity as the reactors used to produce have aged. Shine aims to have a plant in Janesville, Wis., online by 2015 capable of meeting about half of U.S. demand for the element, or about 10 million procedures annually, according to a press release. Fifteen unnamed investors participated in the debt and equity round, according to a regulatory filing.