Niowave raised $3 million in equity funding, company CFO Mike Zamiara confirmed after the company filed an SEC Form D this week.
Zamiara told MassDevice.com via email that the funding “allows us to continue to develop our medical isotope program,” while it also will help the company meet its match requirement for a grant from the U.S. Energy Dept.’s National Nuclear Security Administration.
The $30 million deal includes $15 million in grants, which are to be matched by Niowave. The company was one of four chosen by the DOE/NNSA for a three-year cooperative agreement with the aim of expanding production capability for molybdenum-99 (Mo-99) at Niowave plants.
Niowave said it has produced small quantities of Mo-99 since 2016.
“Mo-99 is a critical medical isotope that empowers us to fight back against heart disease and cancer,” DEO under secretary for nuclear security & NNSA administrator Lisa E. Gordon-Hagerty said in prepared remarks. “These agreements will facilitate its domestic production without highly enriched uranium, greatly reducing the potential for proliferation of nuclear materials.”
The Lansing, Mich.-based company filed a new notice with the first sale coming on Aug. 15. Niowave, a domestic supplier of medical and industrial isotopes, secured the $2,999,500 in funding through 16 unnamed investors, all of whom are part of the company’s existing investor group, Zamiara said.
The company declined to disclose the issuer size in the filing. The funding is not part of a larger round, according to Zamiara.