Shine Medical Technologies signs term sheet for $125 million financing

By Angela McDaniels

Tacoma, Wash., Oct. 9 – Shine Medical Technologies, Inc. executed a term sheet providing for up to $125 million of debt and equity financing with Deerfield Management Co., LP, according to a company news release.

Under the terms of the financing, Deerfield will provide the debt financing in milestone-driven phases.

In addition, a portion of Deerfield’s commitment will include participation in the concurrent equity financing.

The funds, plus up to $25 million of matching funds from the Department of Energy’s National Nuclear Security Administration, will be used to build a new manufacturing plant in Wisconsin to produce molybdenum-99, an isotope used in nuclear medicine.

The company said the United States currently does not have domestic molybdenum-99 production capability and must import its supply from foreign producers, most of which use weapons-grade uranium in their production processes.

Shine is a development-stage company working toward becoming a manufacturer of radioisotopes for nuclear medicine. It is based in Monona, Wis.

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