NorthStar Medical Technologies has secured a multi-year growth capital facility of up to $185 million from Hercules Capital to expand production of no-carrier-added Actinium-225 and its radiopharmaceutical manufacturing capabilities. The financing includes $100 million available upfront.
NorthStar plans to use the capital to increase isotope production and expand clinical and commercial drug manufacturing at its vertically integrated radiopharmaceutical campus.
The company operates co-located isotope production capabilities and a Contract Development and Manufacturing Organization providing cGMP services.
NorthStar is developing production capacity around no-carrier-added Actinium-225, an isotope used in targeted alpha therapies for cancer.
In January 2026, NorthStar became the first company to produce commercial-scale no-carrier-added Ac-225 using electron-accelerator technology.
The company also expanded a partnership with Convergent to support late-stage clinical studies and anticipated commercial demand.
More recently, the FDA accepted NorthStar’s Drug Master File for no-carrier-added Ac-225, providing pharmaceutical and biotechnology companies with a regulatory pathway for incorporating the isotope into clinical and commercial radiopharmaceutical programs.
NorthStar plans to transition to a higher-capacity Ac-225 production line later in 2026.
The company currently has supply and manufacturing agreements with more than 30 pharmaceutical and biotechnology customers, including several large developers of Ac-225-based therapies.
KEY QUOTES:
“NorthStar is executing on our vision to become the radiopharmaceutical industry’s most comprehensive strategic supply-chain partner. 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.”
Dr. Frank Scholz, President and CEO of NorthStar
“NorthStar has demonstrated the ability to produce a critical isotope at scale at an important time for the industry. 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.”
Lake McGuire, Managing Director of Hercules Capital
