NorthStar Medical Technologies secures $100M in funding to expand Mo-99 production
NorthStar Medical Technologies has closed a $100 million round of financing to help the company expand its production capacity for molybdenum-99 (Mo-99), improve its RadioGenix System separation platform and pursue growth in research and development.
NorthStar received $75 million at closing—the funds are managed by Oberland Capital Management—and another $25 million is available through the end of 2020.
“This funding provides NorthStar with the means to continue investment in additional RadioGenix System enhancements and to expand production capacity for non-uranium based Mo-99, including the almost complete 20,000 square foot expansion of our facility in Beloit, Wisconsin,” Stephen Merrick, president and CEO of NorthStar, said in a prepared statement. “We anticipate that the building expansion will more than double processing capacity for Mo-99 Source Vessels upon completion and FDA approval. We are also working toward final validation of two state-of-the-art fill lines at our Columbia, Missouri facility that, pending expected FDA approval this year, will substantially increase the number of Mo-99 Source Vessels we are able to ship to customers weekly.”
“Our investment in NorthStar aligns with our strategy of investing in commercial-stage healthcare companies with differentiated products serving significant unmet needs,” Andrew Rubinstein, managing partner of Oberland Capital, said in the same statement.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.