JANESVILLE - Janesville medical radioisotope startup SHINE Medical Technologies has closed on a $50 million financing deal with global investment firm Oaktree Capital Management.
In a news release, SHINE CEO and founder Greg Piefer called Oaktree Capital the latest in a growing list of "top-tier" investors who have a stake in SHINE.
The $50 million deal announced Monday will fuel construction of a nuclear medical radioisotope production facility SHINE is building on the Janesville's south side.
By 2022, the company intends to begin production of molybdenum-99, a radioactive bone and tissue-illuminating agent that is used worldwide in about 40 million medical tests every year.
SHINE also plans a European manufacturing plant it says would provide additional capacity.
Eventually, the company also wants to produce other medical radioisotopes in Janesville, including lutetium-177, a radioactive medicine approved last year to treat progressive and advanced-stage cancers.
Oaktree Capital is a global investment manager with a history of investment in emerging markets.
The financing deal is the largest SHINE has announced since November 2018, when the company said it had landed $150 million in financing from health care investment firm Deerfield Management.