Press release

SHINE Moves Closer to Domestic Production of Life-Saving Medical Isotopes

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SHINE Medical Technologies, a Janesville, WI medical isotope production
company, announced the completion of an important milestone validating
the SHINE medical isotope production process and business case.

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https://www.businesswire.com/news/home/20190619005538/en/

From left to right: Matt Kozak; Charlie Shackett; Carol Engebretson; John Kavouras; Dan Martin; Crai ...

From left to right: Matt Kozak; Charlie Shackett; Carol Engebretson; John Kavouras; Dan Martin; Craig Jacobson (Phoenix); Jacob Slowey; Marion Titze; Jonathan Seyfert (Phoenix); Brad Wallom; Andy Gaba (Phoenix); Rich Sisson. Not pictured: Tom Drury; Arne Kobernik (Phoenix). (Photo: Business Wire)

SHINE is dedicated to becoming the world leader in production of
molybdenum-99, the most widely-used radioactive isotope in medical
imaging. Currently, the only major producers of this isotope are
government-owned nuclear research reactors, which create the isotopes by
exposing uranium to neutron radiation. SHINE will displace the use of
reactors and weapons-grade uranium by using a low-enriched
uranium process driven by the Phoenix neutron generator
. The weekly
SHINE production cycle will require these particle accelerator systems
to operate for 132 consecutive hours, or 5.5 days, with better than 95
percent uptime.

SHINE and Phoenix tested the first production-ready accelerator in
SHINE’s Janesville facility over the course of 5.5 days to determine
percentage uptime and total neutron output. The average system neutron
yield was measured to be 110 percent of the required output, with
greater than 99 percent uptime. A third-party expert witness confirmed
the results.

“These results represent over a decade of joint development effort
between SHINE and Phoenix, moving from proof of concept, to proof of
scale, and now to a unit that can produce millions of doses of medicine
per year when paired with SHINE’s proprietary isotope production
system,” said SHINE founder and CEO, Greg Piefer. “We proved, with an
independent reviewer onsite, that the system can not only meet but
exceed our business requirements, moving SHINE one step closer to
turning bombs into medicine.”

“These results prove Phoenix’s core technology is more than capable of
reliably driving SHINE’s medical isotope production and serves as a
major technology risk mitigation step for both companies,” said Ross
Radel, CEO of Phoenix. “The increased neutron yield and minimal down
time demonstrate the efficiency and effectiveness of Phoenix’s
capabilities, strengthens our position as producers of the most powerful
non-reactor commercial neutron generators in the world and validates
SHINE’s business model to become the world leader in the production of
molybdenum-99.”

Early last month, SHINE broke ground on their North American production
facility located in Janesville, WI. At full capacity, the SHINE facility
will use a total of eight Phoenix neutron generators producing enough
Mo-99 to help improve the lives of one billion people over the course of
the next 50 years.

About SHINE

Founded in 2010, SHINE is a development-stage company working toward
becoming a manufacturer of radioisotopes for nuclear medicine. The SHINE
system uses a patented, proprietary manufacturing process that offers
major advantages over existing and proposed production technologies, as
it does not require a nuclear reactor, uses less electricity, generates
less waste and is compatible with the nation’s existing supply chain for
molybdenum-99. Learn more at http://shinemed.com