New Janesville facility will make elements for cancer treatment
A Monona-based company that creates cancer treatment elements announced in February it received federal regulatory approval to build a facility in Janesville.
The company intends to build a new manufacturing plant to produce molybdenum-99, which has not been commercially produced in the U.S since 1989.
Speaker Paul Ryan joined SHINE Medical Technologies, city leaders and business partners to celebrate the company’s approval. The site will produce medical isotopes to identify heart disease and cancer and will be the only producer of its type in the nation.
“It is a technology that is vital for our health care industry. It’s a technology that is right here in Rock County in Janesville, Wisconsin. I can only imagine the potential that can come from this, and so we’re very excited about the good jobs that are coming to our community,” Ryan said.
“Certainly, we are not going to create as many jobs with this plant as we lost with GM, and that’s an unfortunate reality. Although some of the things I’d like to do down the road, moving the technology forward, will succeed what GM has done,” SHINE CEO Greg Piefer said.
SHINE officials expect to hire around 150 employees. The new plant will enable SHINE to become the first large-scale domestic supplier of molybdenum-99, a medical isotope that is used in more than 30 different diagnostic imaging procedures. Each day in the United States alone, more than 50,000 diagnostic nuclear medicine procedures take place that rely on moly-99, creating a $500 million annual worldwide market, officials said.
“We are going to be a driver of higher wages here. We are going to recruit other companies to come here to Janesville. We think the high-tech success is a good thing for everybody,” Piefer said.
Years prior to the construction approval to back a private loan to SHINE, Janesville approved a tax increment financing incentive package worth $9 million. The only city TIF agreement larger than SHINE’s was an incentive package totaling $11.5 million awarded to Dollar General last year. The company plans to build a 1 million-square-foot distribution center on the south side of Janesville.
The 57,000-square-foot building is estimated to cost $100 million. City officials said the building alone will impact the economy, shining a brighter future in the area.
“SHINE represents opportunity for Janesville to redefine itself. This forward-thinking innovative company will surely create more ripples in Janesville’s pool, bringing new talent and related industry to our resilient community’s economy,” Janesville’s city manager, Mark Freitag, said.
SHINE must submit a separate operating license application for NRC approval before it can operate the facility.