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(Beloit, WI) NorthStar Medical Technologies has signed an agreement with Hendricks Commercial Properties to develop a state-of-the-art medical isotope production facility in the Gateway Business Park of Beloit.

The facility will be built to suit for lease. Once complete, the facility will allow for the safe, non-uranium-based production of Molybdenum-99, a medical isotope used daily in diagnostic medical procedures and currently supplied entirely via importation from foreign nuclear reactors.

The projected 100,000 square-foot facility planned for Beloit is expected to break ground in 2013. It is expected to be complete in mid-2014.

NorthStar seeks to become the first domestic Molybdenum-99 supplier, helping to address supply shortages, as well as security and logistical complexities associated with the importation of this critical radioisotope. NorthStar has been producing Molybdenum-99 and Tc99m since 2007.

“We are very pleased to sign this agreement with HCP, whose parent company Hendricks Holding Company, Inc. is our lead investor in NorthStar and an invaluable partner to us,” said George Messina, NorthStar’s CEO. “We look forward to jointly developing this important facility, and to contributing to a bright and prosperous future for the local economy.”

“HCP is committed to the success of Beloit and surrounding Rock County communities. Partnering with an innovative, game-changing business such as NorthStar will bring more jobs to our community, and will raise Beloit’s national profile as a hub for high technology businesses,” said Diane Hendricks, CEO of Hendricks Commercial Properties.

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