Shine Potentially Gaining Investors for Moly-99 Facility

Shine Medical Technologies entered into a three-way memorandum of understanding (MOU) with PT Industri Nuklir Indonesia (INUKI) and IPTN North America, Inc. (INA) last week that could potentially include an investment into Shine’s planned molybdenum-99 (moly-99) production facility. Shine has already submitted a construction authorization application to the Nuclear Regulatory Commission, and if it receives all the necessary approvals and raises enough funds, the company could be in production by the end of 2016. The MOU calls for “detailed discussions regarding an INUKI and INA investment” in the facility, as well as examining the possibility of building a second facility in Indonesia. “This is a tremendous opportunity for international cooperation,” Shine CEO Greg Piefer said in a statement. “Indonesia and SHINE share a common vision: a stable and reliable source of medical isotopes for the millions of patients that count on them around the world. The vision includes a facility in Janesville, WI to replace the failing Canadian supply, and the subsequent need for additional production to serve the rapidly growing Asia-Pacific marketplace. I am hopeful these discussions will lead to a partnership that will help us make our vision a reality.”