SHINE Lands $20.9M Agreement

by Taylor Kennedy

SHINE MedicalSHINE Medical Technologies has been awarded $10 million from the U.S. Department of Energy’s National Nuclear Security Administration (DOE/NNSA) as part of a $20.9 million cooperative agreement, the company announced today.

“We are grateful to the DOE/NNSA for its financial and technical support through the construction permit approval process, and for its continued commitment to SHINE as we take the next steps toward securing access to isotopes critical to the accurate diagnosis of disease,” SHINE CEO Greg Piefer said in a statement.

According to a release, the Phase II funding will be used to advance the design and construction of its radioisotope production facility in Janesville, Wis.

The cooperative agreement involves a 50-50 cost-sharing arrangement between SHINE and the DOE/NNSA, bringing the total value of the cooperative agreement to $50 million.