Ionetix raises $30M to scale radioisotope production

Ionetix has raised more than $30M in a private placement offering to expand medical radioisotope production and increase research and development work for its particle accelerator platform.

The Lansing, MI-based company said the financing was priced at $3.00 per share. Ionetix also completed a go-public reverse merger with JDEV Acquisition, which has been renamed Ionetix Corp.

Ionetix said its patent-protected superconducting cyclotron technology supports particle accelerator applications across medical and industrial markets. The company is currently generating revenue in medical isotopes for PET diagnostics and alpha-emitter therapeutics.

The funding will support scale-up of medical radioisotope production, according to the company. It will also support R&D for the accelerator platform in nuclear energy, materials testing, and related areas.

As a result of the reverse merger, Ionetix is now subject to public reporting requirements under the Securities Exchange Act of 1934. The company said it plans to file a resale registration statement on Form S-1 with the SEC.

Ionetix also intends to apply for quotation of its shares on the OTCQB venture market. Network 1 Financial Securities served as placement agent, with Intuitive Ventures Partners acting as consultant.