On September 29, 2026 NorthStar Medical Technologies, LLC (NorthStar), the first commercial-scale producer of no-carrier-added actinium-225 (n.c.a. Ac-225) using electron-accelerator technology, reported a multi-year growth capital facility of up to $185 million with Hercules Capital, Inc. (NYSE: HTGC) to support NorthStar’s continued growth and expansion. The financing, including $100 million upfront, will accelerate investment in isotope production and in clinical and commercial drug manufacturing capabilities, enabling NorthStar’s pharmaceutical and biotechnology partners to advance next-generation precision cancer therapies to patients worldwide.
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The agreement supports NorthStar’s continued commercial scale-up investment leveraging its industry-leading scientific talent and vertically integrated radiopharmaceutical campus, where it provides clinical and commercial isotope production and radiopharmaceutical manufacturing, including comprehensive cGMP services through its state-of-the-art CDMO.
"NorthStar is executing on our vision to become the radiopharmaceutical industry’s most comprehensive strategic supply-chain partner," said Dr. Frank Scholz, President & CEO of NorthStar. "This commitment from Hercules provides the necessary capital to expand our capacity, accelerate our growth, and support our partners as they advance innovative therapies to patients across the world."
The financing follows a period of significant expansion for NorthStar and several milestones. In January 2026, the company became the first in the industry to produce commercial-scale no-carrier-added (n.c.a.) Actinium-225 (Ac-225) using electron-accelerator technology and announced an expanded partnership with Convergent to support late-stage clinical studies and commercial demand. More recently, the U.S. Food & Drug Administration accepted NorthStar’s Drug Master File (DMF) for n.c.a. Ac-225, providing pharmaceutical and biotech companies with a validated pathway to incorporate the isotope into clinical and commercial radiopharmaceutical programs. Later this year, NorthStar plans to transition to its high-capacity production line of n.c.a. Ac-225 at its integrated campus.
"NorthStar has demonstrated the ability to produce a critical isotope at scale at an important time for the industry," said Lake McGuire, Managing Director of Hercules Capital. "We are pleased to provide capital to help NorthStar expand its production and meet growing demand, while supporting its role as a partner to companies advancing these therapies."
NorthStar has supply and manufacturing agreements in place with more than 30 pharmaceutical and biotechnology customers, including several of the largest companies developing Ac-225 therapies.
(Press release, NorthStar Medical Radiostopes, SEP 29, 2026, View Source [SID1234671170])