In November 2018, Deerfield closed a $150 million financing commitment to SHINE Medical Technologies, Inc. SHINE is a development-stage company working towards becoming a manufacturer of select radioisotopes for diagnostic and therapeutic applications. The SHINE system uses a patented proprietary manufacturing process that offers potential 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 (Mo-99).The company obtained its construction permit from the Nuclear Regulatory Commission in February 2016. Deerfield’s commitment will finance the construction of the plant. The first product is targeted to be Mo-99, which is used in medical imaging, but the company will manufacture additional isotopes over time.
SHINE Medical Technologies
ARS Pharmaceuticals, Inc.
In September 2018, Deerfield committed $20 million to ARS Pharmaceuticals, Inc. ARS is developing an intranasal epinephrine product. Currently, patients at risk of anaphylaxis due to food allergies, insect bites or other allergens carry epinephrine auto-injectors, commonly referred to as “EpiPens” based on the brand name of the leading product in the market. ARS is developing an alternative to the epinephrine auto-injector that uses proprietary formulation technology to deliver epinephrine via a nasal spray rather than injection.
In initial pharmacokinetic studies in healthy volunteers, ARS has shown that its nasal spray provides epinephrine blood levels that are similar to that achieved with epinephrine injection. The financing will be used to fund product development, and manufacturing scale-up as well as clinical development designed to support a filing for marketing authorization in the United States.