NorthStar Secures Up to $185 Million Growth Financing Led by Hercules Capital to Scale Actinium-225 Production and Radiopharmaceutical Manufacturing for Next-Generation Precision Cancer Therapies

NorthStar has supply and manufacturing agreements with more than 30 pharmaceutical and biotechnology customers.

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• Multi-year growth-capital facility to fuel NorthStar’s commercial production scale-up of no-carrier-added Actinium-225 (n.c.a. Ac-225) to meet growing demand for next-generation targeted alpha therapies.
• Capital will accelerate expansion of NorthStar’s vertically integrated radiopharmaceutical campus, including co-located isotope production and state-of-the-art Contract Development and Manufacturing Organization (CDMO).
• Follows FDA acceptance of NorthStar’s Drug Master File for n.c.a. Ac-225 and the first commercial-scale production of the isotope in January 2026; High-capacity production line to be active later this year.

BELOIT, Wis.--(BUSINESS WIRE)-- 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, today announced 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.

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.

About NorthStar
NorthStar is a commercial-stage radiopharmaceutical company at the forefront of advancing patient care by utilizing novel technologies to produce commercial-scale radioisotopes that, once attached to a molecule, have the ability to detect and treat cancer and other serious diseases. NorthStar’s expanding industry-leading position in the emerging field of radiopharmaceutical therapy is supported by its unique capabilities in the sophisticated production of radioisotopes and its vertically integrated campus in Beloit, Wisconsin, which combines isotope production and cGMP radiopharmaceutical manufacturing on a single site. NorthStar produces copper-67 (Cu-67) and is the first commercial-scale producer of no-carrier added actinium-225 (n.c.a. Ac-225) using electron-accelerator technology. The Company’s Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO) services unit provides customized service offerings and specialized radiopharmaceutical expertise to help biopharmaceutical companies rapidly advance their development and commercial programs. For more information about NorthStar’s comprehensive portfolio and patient-focused services, visit: www.northstarnm.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260929548670/en/

Eric Nelson
Communications Specialist
608-239-6812
enelson@northstarnm.com

Source: NorthStar Medical Technologies, LLC

Key Terms

no-carrier-added technical

No-carrier-added describes a radioactive isotope product made without adding non-radioactive atoms of the same element, so nearly all atoms present are the radioactive form and the sample has very high specific activity (radioactivity per unit mass). For investors this matters because higher specific activity can improve effectiveness and dosing precision of radiopharmaceuticals, affects manufacturing complexity, regulatory handling and cost, and therefore can influence the commercial value and competitive position of isotope suppliers and drug developers.

cdmo technical

A contract development and manufacturing organization (CDMO) is a company that provides specialized services to help develop and produce pharmaceutical products for other businesses. Think of it as a contract factory that takes a company's recipe and makes the product on their behalf. For investors, CDMOs are important because they support the growth of pharmaceutical companies and can be key partners in bringing new medicines to market.

drug master file regulatory

A drug master file (DMF) is a confidential technical dossier submitted to regulators that describes the detailed chemistry, manufacturing and quality controls for an active drug ingredient or key component. Think of it as a supplier’s locked recipe and factory blueprint that regulators can inspect without the buyer revealing trade secrets. For investors, a DMF matters because it supports product approvals, protects supply-chain know‑how, and can speed regulatory review or signal manufacturing readiness.

cgmp regulatory

cGMP (current Good Manufacturing Practice) are government-enforced quality standards that manufacturers must follow to ensure drugs, medical devices, and related products are made consistently, safely, and meet specified quality tests. For investors, cGMP compliance is like a restaurant passing health inspections: it reduces the risk of product recalls, regulatory fines, or production stoppages that can hurt revenue and company value, and it supports market access and long-term trust.