Medical isotope maker Shine Medical raises $11.5m

Shine Medical raised $11.5 million in a new round of debt financing, according to an SEC filing posted today.

Monona, Wis.-based Shine Medical produces radioactive isotopes for medical applications such as detecting and treating heart disease and cancer, according to the company’s website.

The company’s main product is Molybdenum -99, which is used in Technetium-99m generators, where the parent isotope is turned into an isotope which can be extracted by radiopharmacy staff for use in patients. The extracted isotope is used in over 80% of nuclear diagnostic procedures worldwide, according to the company’s website.

The company sells itself as a leader in clean medical tracers and cancer treatment elements, and has a collaborative partnership deal with GE Healthcare.

Money from the round came from 93 unnamed investors, according to an SEC filing.

The company has not yet released any information on how it plans to spend the funds.

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