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.