CHENGDU, China and JANESVILLE, Wis., March 26, 2026 /PRNewswire/ -- C-Ray Therapeutics (Chengdu, China), a global radiopharmaceutical CRDMO, today announced the execution of a Master Radioisotope Supply Agreement with SHINE Technologies, LLC (Janesville, Wisconsin, USA), establishing a long-term, GMP-compliant supply of no-carrier-added lutetium-177 (n.c.a. Lu-177) and granting C-Ray exclusive distribution rights for this critical medical isotope across mainland China — excluding certain pre-existing SHINE partnerships.

Under the agreement, C-Ray will serve as SHINE's exclusive distribution partner in mainland China, supplying n.c.a. Lu-177 to Chinese radiopharmaceutical developers, biotechnology companies, and healthcare institutions. C-Ray will leverage its integrated, 28,000-square-meter Chengdu facility to provide downstream services including isotope conjugation, fill-and-finish, and quality control — delivering an end-to-end, ready-to-use isotope solution that substantially lowers the barrier for domestic companies to access internationally benchmarked radioisotope supply.

A Critical Isotope, a Strategic Supply

Lu-177 is among the most widely used therapeutic radioisotopes in targeted radiopharmaceutical therapy (TRT) globally, with approved and investigational applications across prostate cancer, neuroendocrine tumors (NETs), and a growing range of oncology indications. Its favorable physical half-life, beta emission energy, and co-imaging capability have made it the cornerstone isotope of the RDC field.

Supply security has long been a practical constraint on pipeline development in China. This partnership addresses that gap directly: SHINE's Cassiopeia facility — one of North America's largest n.c.a. Lu-177 production sites — will supply C-Ray under terms meeting both Chinese and U.S. regulatory standards, while C-Ray's on-the-ground infrastructure ensures reliable last-mile delivery to clients across mainland China.

Leadership Perspectives

"This partnership is a significant step in C-Ray's strategic supply diversification. Stable, multi-source isotope access is a core competitive advantage for us and our clients. Building on our leadership in Ac-225 supply, securing a reliable, high-quality source of n.c.a. Lu-177 — along with exclusive distribution rights — directly strengthens our clients' pipeline continuity and reinforces our commitment to building a resilient radiopharmaceutical ecosystem in China. With our integrated platform and deep project management experience, we are confident in our ability to translate premium isotope supply into real patient outcomes and accelerated clinical translation across the industry."
— Haitao Qiao, General Manager, C-Ray Therapeutics

"We are pleased to partner with C-Ray. This partnership reflects SHINE's ability to serve growing demand for n.c.a. Lu-177 in China while maintaining strong supply for customers in the U.S. and other global markets. By combining C-Ray's integrated development and manufacturing platform with our large-scale isotope production, we can help advance pipeline innovation and expand patient access to life-saving targeted radioligand therapies."
— Greg Piefer, Founder and CEO, SHINE Technologies

About SHINE Technologies

Headquartered in Janesville, Wisconsin, SHINE is an industry leader in next-generation fusion, developing innovative fusion-based technology that combines safety, cost-efficiency and environmental responsibility. SHINE has successfully commercialized fusion across multiple applications, including neutron testing markets such as neutron radiography, radiation-effects testing and fusion material research. It has commercialized and is scaling its proprietary medical isotope production processes, supplying high-quality radioisotopes essential for procedures including diagnosing heart disease and cancer as well as cancer therapy.

Beyond these applications, SHINE is pioneering nuclear waste recycling to make nuclear energy more sustainable. Its long-term purpose is to change the way humans make energy by commercializing fusion energy. Unlike other fusion companies, SHINE takes a commercially driven path mirroring successful deep-tech industries. Through this visionary approach, SHINE is advancing technology, healthcare, and sustainable energy, making a lasting impact across multiple sectors. Learn more at www.shinefusion.com.

About C-Ray Therapeutics

C-Ray Therapeutics is a global CRDMO providing end-to-end radiopharmaceutical development services — from target validation and preclinical evaluation to IND-enabling studies, clinical supply, and commercial-scale cGMP manufacturing. Operating from its 28,000-square-meter Chengdu facility under China's Class A Radiation Safety License, C-Ray supports 30+ radioisotopes and has delivered 70+ projects spanning diagnostic and therapeutic programs, including 5 programs at IND or IND-enabling stage, 5 in clinical supply, and 2 in Phase III clinical trials. For more information, visit www.c-raytherapeutics.com