SHINE Medical Technologies and Phoenix Merger

VERITAS Vision System Is Introduced by Johnson & Johnson

The company will offer live demos of the new system in a wet lab at the Johnson & Johnson booth (#2813) this weekend at the 2021 American Society of Cataract and Refractive Surgery and American Society of Ophthalmic Administrators Annual Meeting.

GenesisCare Orders 27 Elekta Flexitron Treatment Devices

"GenesisCare continues to demonstrate its commitment to improving patient outcomes worldwide and Elekta is delighted to play a vital partnering role to achieve this mission," said Gustaf Salford, Elekta's President and CEO.

FoodMarble AIRE Shown to Exceed the Performance of ‘Gold Standard’ SIBO Testing in Clinical Trial

SIBO is a very common disorder where there are excessive bacteria present in the small intestine. The true prevalence of SIBO in the general population is largely unknown, with some studies estimating its occurrence in up to 15% of healthy individuals. It is also largely associated with many other common clinical conditions, including irritable bowel syndrome, where 40-80% of IBS patients have SIBO.

SHINE Medical Technologies LLC and Phoenix LLC today announced that the companies have completed a merger under which Phoenix has become a wholly owned subsidiary of SHINE.

SHINE is a next-generation nuclear technology company focused on unlocking the power of fusion technologies to benefit the planet and humankind. The company’s goal is to deliver on the long-term promise of clean fusion energy by advancing fusion technology starting with the commercialization of medical isotopes. Phoenix designs and manufactures the world’s strongest steady-state fusion neutron generators used for advanced industrial imaging and other applications for improving safety and quality in the aerospace, defense, medical and energy sectors.

Greg Piefer, CEO of SHINE (left), talks with Evan Sengbusch, general manager of SHINE’s Phoenix division, and Ross Radel, chief technology officer and chief operating officer of the Phoenix division, at the Phoenix headquarters and manufacturing center in Fitchburg, Wis., on April 16, 2021. (Photo: SHINE Medical Technologies)

The combined company represents the first two phases of the long-term vision of Greg Piefer, the founder of both companies, for producing clean energy from fusion (see “SHINE’s Four-Phase Progression to Clean Energy Production” below). The goal of each phase of SHINE’s approach is to build additional capacity and capability, and deepen scientific understanding of fusion technology as it progresses to clean fusion energy production. Each step through the four phases is expected to provide further proof of the technology’s robustness, a foundation for ongoing innovation in the next phase and the creation of value for the company, its customers, and shareholders.

“SHINE and Phoenix have shared a common long-term vision and operated in close collaboration during the past 11 years, but it’s always been inefficient to operate as separate companies,” said Greg Piefer, CEO of SHINE. “Coming together will enable us to advance fusion technology more quickly by aligning interests and combining complementary core competencies. Through the four phases, we are taking a deliberate approach to building a company that can ultimately deliver cost-effective, clean fusion energy to billions, while serving important near-term market needs like advanced industrial imaging and medical isotopes, along the way.” For a video of additional comments from Greg Piefer, click here (:46 broadcast-quality available for the media).

Phoenix has developed a strong track record of commercialization and revenue generation by applying its fusion-based technology to applications such as advanced industrial imaging, which can image modern materials in great detail, addressing quality assurance and safety needs in the aerospace, defense, energy, and other industries. These applications are part of Phase 1 of the four-phase approach.

The second phase of the approach involves applications of nuclear fusion to replace nuclear reactors used in the production of life-saving medical isotopes for diagnostic imaging, like molybdenum-99 (Mo-99), and with potential use as cancer therapeutics like lutetium-177 (Lu-177). This month, SHINE kicked off Phase 2 commercialization when it began producing Lu-177. In 2022, SHINE expects to commence production of up to 20 million doses of Mo-99 per year in its fusion-powered production facility in Janesville, Wis. The facility is expected to be the world’s largest-capacity medical isotope production plant.

“This merger is a natural evolution of our strong existing partnership with SHINE, rooted in our common origin and shared mission,” said Evan Sengbusch, general manager of SHINE’s Phoenix division. “Phoenix’s track record of successfully deploying our core neutron generation technology across multiple demanding market sectors has provided important commercial validation and risk reduction for critical technologies that underpin execution in Phase 2. We are excited to join with SHINE and leverage our complementary nuclear capabilities to advance towards clean fusion energy production.” For a video of additional comments from Evan Sengbusch, click here (1:24 broadcast-quality available for the media).

Phoenix was founded in 2005 by Piefer to develop and commercialize a unique technology that generated neutrons through fusion. He spun SHINE out of Phoenix in 2010 to apply that technology to medical isotope production and other applications through the four-phase approach.

Evercore Group L.L.C. served as exclusive financial advisor to SHINE. Foley & Lardner served as lead legal counsel to SHINE. SVB Leerink served as exclusive financial advisor to Phoenix. Godfrey & Kahn S.C. served as lead legal counsel to Phoenix.

SHINE’s Four-Phase Progression to Clean Energy Production

  • Phase 1: Advanced industrial imaging – uses neutrons for detailed imaging to improve the quality and safety of products in the aerospace, defense, energy, and other industries.
  • Phase 2: Medical isotopes (small-scale transmutation) – uses fusion technology to produce medical isotopes that diagnose and treat heart disease, cancer and a wide range of diseases
  • Phase 3: Nuclear waste recycling (large-scale transmutation) – scale up of phase 2 processing and fusion technology to recycle nuclear waste
  • Phase 4: Fusion Energy – establishes nuclear fusion as a technically and commercially viable global source of energy
spot_img

DON'T MISS

Our Sister Publication: Biotechnology News Magazine

Subscribe to Medical Device News Magazine here.