Northwest Medical Isotopes announced a first close of $200,000 via a fundraising effort initiated this month. 50% of the $400,000 non-brokered equity offering was placed with a single investor. The company will attempt to raise an additional $200,000 in funding before the end of the offering, a year from now. Up to this point Northwest Medical Isotopes had raised an estimated $2.83 million via one financing round.
Northwest Medical Isotopes (NWMI) is a US-based organization that offers a domestic manufacturing solution to the current molybdenum-99 (mo-99) crisis through low-energy, cost-effective and sustainable processes. According to the company, radioisotopes are in high demand from the medical community for the diagnose and treatment of disease and close to 100% of the supply is imported. The company has assembled a team of US organizations with the expertise and facilities to cost effectively address the demand of the US market.
According to an article on Market Playground, in the US and Europe alone, 28 million medical procedures used radioactive isotopes, and those numbers are expected to increase 10% annually.
The company, headquartered in Corvallis OR, is led by Nicholas Fowler (Chief Executive Officer). Northwest Medical Isotopes elected not to disclose its revenues. The executive team includes Kirk Gerner (Executive Director). The board of directors includes Larry Mullins, Carolyn Haass (Project Manager) and Milton Cheever.
Status: First close
Company: Northwest Medical Isotopes
Amount offered: $400,000
Amount placed: $200,000