North American Medical Technologies has reached a $ 100 million financing agreement with Oberland Capital Management. Polaris has now secured $ 75 million in financing and can refinance $ 25 million based on the company's needs by December 31, 2020.
Beixing Company said that it will mainly use the funds to increase the domestic production capacity of molybdenum-99, complete projects to improve the production efficiency of molybdenum-99, further improve the RadioGenix system (锝 -99m generator), and continue to advance research and development. The RadioGenix system has been approved by the US Food and Drug Administration and commercialized in 2018. The system uses domestic non-uranium-based molybdenum-99 to supply customers.
Polaris is one of four companies selected by the U.S. National Nuclear Weapons Administration. In February 2019, negotiations began on a potential new cooperation agreement.