NorthStar Medical Closes $100 Million Financing with Oberland Capital to Expand Domestic Mo-99 Radioisotope Production Capacity and Implement RadioGenix® System Enhancements

BELOIT, Wis., April 23, 2019 – NorthStar Medical Technologies, LLC, (“NorthStar” or the “Company”) a global innovator in the production and distribution of radioisotopes used for medical imaging and therapy, today announced the closing of a $100 million secured financing with funds managed by Oberland Capital Management LLC (“Oberland Capital”). NorthStar received $75 million at closing with the ability to draw an additional $25 million prior to December 31, 2020 at the Company’s option. NorthStar will primarily use proceeds from the financing to increase domestic production capacity for the medical radioisotope molybdenum-99 (Mo-99), complete programs to improve the efficiency of the production of Mo-99, implement additional enhancements for the RadioGenix System (technetium Tc 99m generator) and continue to advance its R&D activities. Approved by the FDA and commercialized in 2018, the RadioGenix System uses reliable, domestic, non-uranium based Mo-99 to supply customers with the critical diagnostic imaging radioisotope technetium-99m (Tc-99m).

“This financing agreement with Oberland Capital enables us to execute on our clearly defined strategy to build solid, sustainable momentum for NorthStar as a fully commercial enterprise,” said Stephen Merrick, President and Chief Executive Officer of NorthStar. “Market uptake for RadioGenix Systems continues in line with our strategy, with RadioGenix Systems increasingly providing customers with the important medical radioisotope Tc-99m for patients’ diagnostic tests – on time and when they need them. 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. 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. NorthStar is further investing in the future with additional planned expansions and ongoing R&D activities, all with the aim to meet customer demand and ensure reliable, non-uranium based radioisotope supply for U.S. markets.”

“Oberland Capital is a recognized leader in global healthcare-focused investments, and we are pleased to have their support and confidence,” said Paul Estrem, Senior Vice President and Chief Financial Officer of NorthStar. “Oberland Capital engaged with us to understand our business and capital needs and demonstrated flexibility in creating a cash efficient transaction that will support our continued growth as a company.”

“Our investment in NorthStar aligns with our strategy of investing in commercial-stage healthcare companies with differentiated products serving significant unmet needs. As the first domestic producer of Mo-99 in more than 30 years, NorthStar’s innovative technology has the potential to provide the U.S. healthcare system with reliable supply of the much-needed diagnostic imaging radioisotope Tc-99m, and we are pleased to have the opportunity to partner with NorthStar and contribute to the Company’s growth,” said Andrew Rubinstein, Managing Partner of Oberland Capital.



About the RadioGenix® System

The RadioGenix System is an innovative, high tech separation platform that is approved for processing non-uranium/non-highly enriched uranium based molybdenum-99 (Mo-99) for the production of the important medical radioisotope, technetium-99m (Tc-99m). Prior to availability of RadioGenix technology, the U.S. supply chain for Mo-99 has been subject to frequent and sometimes severe interruptions which negatively impact patient healthcare. Approved by the U.S. Food and Drug Administration in February 2018, the RadioGenix System is the first and only on-site, automated isotope separation system of its kind for use with non-uranium/non-highly enriched uranium based Mo-99.


About Oberland Capital
Oberland Capital, a private investment firm with over $1.2 billion in capital commitments since inception, is focused exclusively on investing in the global healthcare industry and specializes in flexible investment structures customized to meet the specific capital requirements and strategic objectives of transaction partners. Oberland Capital’s broad suite of financing solutions includes monetization of royalty streams, acquisition of future product revenues, creation of project-based financing structures, and investments in traditional debt and equity. With a combination of deep industry knowledge and extensive structured finance experience, the Oberland Capital team has a history of creating value for its transaction partners. The firm was founded in 2013 by Jean-Pierre Naegeli and Andrew Rubinstein.
For more information, please visit or contact Johnna Schifilliti at (212) 257-5850.


About NorthStar Medical Technologies, LLC (NorthStar)
NorthStar Medical Radioisotopes is a global innovator in the production and distribution of radioisotopes used for medical imaging and therapy. Founded in 2006 and based in Beloit, Wisconsin, NorthStar Medical Technologies is the parent organization of several wholly-owned subsidiaries, including NorthStar Medical Radioisotopes, LLC. NorthStar Medical Radioisotopes is a nuclear medicine technology company committed to providing the United States with reliable and environmentally friendly radioisotope supply solutions to meet the needs of patients and to advance clinical research. The Company’s first product is the RadioGenix® System, an innovative and flexible platform technology initially approved by the U.S. Food and Drug Administration in February 2018 for the processing of non-uranium/non-highly enriched uranium based molybdenum-99 (Mo-99), the parent isotope of technetium-99m (Tc-99m), which is currently the most widely used diagnostic radioisotope for medical purposes. NorthStar’s proprietary and patented technologies include non-uranium based molybdenum-99 domestic production methods, patented separation chemistry systems, patented sterilization systems and a technology platform that potentially allows expanded product offerings to provide solutions in both the diagnostic and therapeutic markets. For more information, visit:


Corporate Contact:
For NorthStar Medical Technologies, LLC
Lisa Holst
Vice President Sales and Marketing

Media Contact:
For NorthStar Medical Technologies, LLC
Priscilla Harlan