NorthStar Medical Technologies, LLC, a commercial-stage radiopharmaceutical company, has secured a multi-year growth capital facility of up to US$185 million with Hercules Capital, Inc. (NYSE: HTGC). The agreement includes US$100 million in upfront funding to accelerate the expansion of no-carrier-added Actinium-225 production and radiopharmaceutical manufacturing. This financing supports NorthStar's mission to enable next-generation precision cancer therapies for patients worldwide.
Financing Structure and Strategic Purpose
The growth capital facility will support continued investment in NorthStar's vertically integrated radiopharmaceutical campus in Beloit, Wisconsin. It will fund the expansion of isotope production, clinical and commercial drug manufacturing capabilities, and the company's state-of-the-art Contract Development and Manufacturing Organization. NorthStar aims to provide pharmaceutical and biotechnology partners with a comprehensive supply chain for targeted alpha therapies.
Production and Regulatory Milestones
In January 2026, NorthStar became the first company to achieve commercial-scale production of no-carrier-added Actinium-225 using electron-accelerator technology. The U.S. Food and Drug Administration subsequently accepted the company's Drug Master File for n.c.a. Ac-225. NorthStar also plans to transition to a high-capacity production line at its integrated campus later this year.
Industry Significance of Actinium-225
Actinium-225 is a highly sought isotope for targeted alpha therapy, an emerging class of precision cancer treatments. The availability of no-carrier-added Ac-225 at commercial scale has been a key constraint for drug developers. NorthStar's electron-accelerator production method offers a reliable and scalable supply pathway for pharmaceutical partners, supporting clinical and commercial radiopharmaceutical programs.
Expanding Commercial Partnerships
NorthStar has supply and manufacturing agreements in place with more than 30 pharmaceutical and biotechnology customers. The company's partners include several of the largest developers of Actinium-225 therapies, reflecting rising demand for targeted alpha treatments. In January 2026, NorthStar also announced an expanded partnership with Convergent to support late-stage clinical studies and commercial demand.
Executive Perspectives
Dr. Frank Scholz, President and CEO of NorthStar, stated that the commitment from Hercules provides necessary capital to expand capacity and accelerate growth. He emphasized that NorthStar is executing on its vision to become the radiopharmaceutical industry's most comprehensive strategic supply chain partner. Lake McGuire, Managing Director of Hercules Capital, added that NorthStar has demonstrated the ability to produce a critical isotope at scale during an important time for the industry.
Company Overview
NorthStar is a commercial-stage radiopharmaceutical company that uses novel technologies to produce commercial-scale radioisotopes for cancer detection and treatment. The company produces copper-67 and is the first commercial-scale producer of no-carrier-added Actinium-225 using electron-accelerator technology. Its Radiopharmaceutical CDMO services unit provides customized service offerings and specialized radiopharmaceutical expertise to help biopharmaceutical companies advance their development and commercial programs.
Future Outlook
NorthStar plans to transition to its high-capacity production line later in 2026, further expanding available supply of n.c.a. Ac-225. The company expects the new financing to accelerate capital projects across its integrated campus in Beloit, Wisconsin. Continued growth in customer agreements and regulatory milestones may support broader adoption of targeted alpha therapies and reinforce supply reliability.
This growth financing positions NorthStar to meet expanding demand for Actinium-225 and related radiopharmaceutical manufacturing services. The investment supports the company's vertically integrated model and its ability to serve a growing base of pharmaceutical partners. By scaling production capacity and maintaining regulatory readiness, NorthStar aims to strengthen its role in the development and delivery of next-generation precision cancer therapies.