SpectronRx secures $85M to expand isotope production capacity

Indianapolis-headquartered SpectronRx announced it secured $85 million in financing from OrbiMed to expand medical isotope production and contract manufacturing capabilities at its Grissom Aeroplex campus near Bunker Hill, Indiana.

According to the announcement, the investment will support expansion of its integrated radiopharmaceutical platform which combines isotope production, drug development, scale-up, and GMP manufacturing within a single network. SpectronRx said the funding will be used to increase production of medical isotopes used in diagnostic imaging and radioligand therapies, while also expanding contract development and manufacturing organization (CDMO) and contract manufacturing organization (CMO) services.

The Grissom Aeroplex campus spans 34 acres and includes approximately 200,000 square feet of GMP-aligned manufacturing space following the recent acquisition of 14 additional acres and construction of a new 150,000-square-foot production facility. The company said the site currently supports more than 300,000 patient doses annually and has long-term expansion potential exceeding one million square feet.

The financing builds on SpectronRx’s previously announced Grissom Aeroplex expansion in January 2026, which added manufacturing space for therapeutic and diagnostic radiopharmaceutical production, isotope labeling, and commercial fill-finish operations. According to the company, the site also includes distributed manufacturing assets, redundant power systems, and isolated production suites to support business continuity.

SpectronRx said its global manufacturing network includes facilities in Indiana, Connecticut, and Belgium supporting isotope production, development, and commercial manufacturing.