Miami County Economic Development Authority

SpectronRx closes on $85M investment for further growth in Miami County

BUNKER HILL, Ind. - Indianapolis-based radiopharmaceutical company SpectronRx is continuing growth at its campus near Grissom Air Reserve Base in Bunker Hill.

The company on Thursday announced it has secured $85 million in financing from New York-based private investment firm OrbiMed to expand its medical isotope production and manufacturing capacity.

CEO John Zehner said the investment is the result of the growth that the radiopharmaceutical industry has seen in recent years. “We see it in the clinical side and the pharmaceutical side,” Zehner said. “But I think this demonstrates that from the financial standpoint, people who look at this and decide if it’s a good investment or not continue to put their money towards this industry, which continues to make it look like a very good investment going forward.”

SpectronRx said it will use the funding to continue scaling production of critical medical isotopes used in diagnostic imaging and radioligand therapies to treat various conditions — mostly cancer.

The isotopes are created with the use of cyclotrons, which SpectronRx has been increasingly installing at the Bunker Hill facility in recent months. Zehner told Inside INdiana Business a month ago that they will soon have 12 cyclotrons in use, with potentially more to come.

In addition to growing production capacity for critical isotopes, the company said the funds from OrbiMed will support continued investment in infrastructure to enhance its contract development and manufacturing capabilities. The campus currently has the capacity to produce more than 300,000 patient doses of radioligant therapies and diagnostic doses annually.

“Reliable access to high-quality medical isotopes and integrated manufacturing services is essential to advancing the next generation of precision diagnostics and therapies,” OrbiMed Managing Director Lars Enstrom said in written remarks. “SpectronRx’s combined CDMO, CMO and isotope production platform, along with its expanding infrastructure, positions the company to play a critical role in enabling the continued growth of the radiopharmaceutical sector.”

Earlier this year, the company completed an expansion of its 34-acre campus in the Grissom Aeroplex, including a new, 150,000-square-foot production facility.

Zehner said the ever-increasing demand for the company’s products will lead to the continued creation of jobs in Bunker Hill. While he couldn’t give a specific number, he estimated that SpectronRx could add up to 100 jobs over the next two years. “We’re seeing the demand go up and beyond what we even anticipated,” he said. “We have several customers, and our goal is to keep them happy, make sure they are comfortable with the resources that are available, and, of course, to attract new ones.”

In addition to the Bunker Hill campus, SpectronRx also has facilities in Indianapolis and South Bend as well as Danbury, Connecticut, and Belgium.