“Paul’s strong combination of leadership and financial experience in growing successful organizations should serve NorthStar well as we continue building a fully sustainable company,” said Merrick. “With the RadioGenix System on the market, NorthStar has commercialized the first innovative technology for production of domestic Mo-99 in more than 30 years, and we look forward to benefitting from Paul’s experience. We anticipate that his skills will be a valuable resource in financial management as we advance our plans for additional RadioGenix enhancements and expanded production capacity of non-uranium based Mo-99.”
Prior to joining NorthStar, Estrem served as CFO at Melinta Therapeutics Inc., a company focused on the discovery, development, and commercialization of novel antibiotics. During his five-year tenure there, Estrem guided the company in converting from a private to public enterprise, raised more than $500 million in support of the company, assisted in the acquisition of products from other companies, facilitated a merger and supported the commercial launch of multiple products. Previously, he was with Baxter International Inc. for more than 20 years, where he held both financial and non-financial positions of increasing responsibility. During his tenure at Baxter, his experiences included divisional CFO for various divisions of Baxter, CFO of Baxter’s operations in Japan, and serving as the vice president of Integration for a large acquisition. Prior to Baxter, Estrem was a public accountant with Arthur Andersen & Co.
“I’m excited to be part of NorthStar, which is clearly driven in its mission to deliver novel technologies to produce medical radioisotopes critical for U.S. healthcare,” said Estrem. “NorthStar faces a pivotal stage of growth and development as it continues its maturation process, and I’m eager that I can contribute my financial experience in working with this dedicated team at an important inflection point in the company’s growth.”
The RadioGenix System is a high-tech system that is approved for processing non-uranium/non-highly enriched uranium molybdenum-99 (Mo-99) for the production of the important medical radioisotope, technetium-99m (Tc-99m). Prior to availability of RadioGenix technology, the U.S. supply chain for Mo-99 has been subject to frequent and sometimes severe interruptions which negatively impact patient healthcare. Approved by the U.S. Food and Drug Administration in February 2018, the RadioGenix System is the first and only on-site, automated isotope separation system of its kind for use with non-uranium/non-highly enriched uranium based Mo-99.
Tc-99m is a radioisotope used in a variety of diagnostic testing procedures. It is currently the most widely used medical radioisotope in the United States, used in more than 10 million diagnostic procedures annually. Tc-99m-based radiopharmaceuticals are used to diagnose and stage heart disease, cancer, infection, inflammation and other conditions.
Tc-99m is derived from the radioisotope Mo-99. The United States uses about 50 percent of the world’s Mo-99/Tc-99m for medical purposes, but U.S. supply of Mo-99 has been completely reliant on foreign sources and subject to frequent and sometimes protracted interruptions which negatively impact patient healthcare. Other Mo-99 producers continue to use enriched uranium in their processing which poses significant environmental concerns. NorthStar’s technology uses stable isotopes of molybdenum to produce Mo-99 domestically without incurring the concerns related to the management of toxic waste associated with Mo-99 production from enriched uranium.
NorthStar Medical Radioisotopes is a global innovator in the production and distribution of radioisotopes used for medical imaging. Founded in 2006 and based in Beloit, Wis., NorthStar Medical Technologies is the parent organization of several wholly-owned subsidiaries, including NorthStar Medical Radioisotopes LLC.
NorthStar Medical Radioisotopes is a nuclear medicine technology company committed to providing the United States with reliable and environmentally friendly radioisotope supply solutions to meet the needs of patients and to advance clinical research. The company’s first product is the RadioGenix System, a flexible platform technology for the processing of non-uranium/non-highly enriched uranium based molybdenum-99 (Mo-99), the parent isotope of technetium-99m (Tc-99m), which is currently the most widely used diagnostic radioisotope for medical purposes. NorthStar’s proprietary and patented technologies include non-uranium based molybdenum-99 domestic production methods, patented separation chemistry systems, patented sterilization systems and a technology platform that potentially allows expanded product offerings to provide solutions in both the diagnostic and therapeutic markets.