Niowave
Niowave is a private Lansing, Michigan-based manufacturer of medical radioisotopes—primarily Actinium-225 and Yttrium-90—produced via proprietary superconducting linear accelerators. It supplies global pharmaceutical and clinical-stage radiopharmaceutical biotech customers under long-term cGMP supply agreements and co-development collaborations.
- Company typePrivate
- Founded2005
- HeadquartersLansing, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Niowave does
Niowave, Inc. is a privately-held medical radioisotope manufacturer founded in 2005 and headquartered in Lansing, Michigan. The company produces Actinium-225 (Ac-225) and Yttrium-90 (Y-90) using proprietary superconducting electron linear accelerators paired with in-house radiochemistry and cGMP-compliant processing, including a Radium-226 acquisition and recycling program achieving greater than 99% material recovery per cycle. Niowave operates what the company describes as the only private-sector platform in the world that both designs and operates superconducting linear accelerators integrated with downstream radiochemical separation, purification, and packaging within hot-cell infrastructure. The company's primary products—Ac-225 for targeted alpha therapy and Y-90 for liver cancer therapy—are manufactured at centralized Lansing facilities that include a recently expanded production site and a new $75 million facility (groundbroken May 21, 2026) designed to house six superconducting linear accelerators and enable production beyond 175 Ci per year when operational in 2028.
Niowave's commercial model centers on long-term bilateral supply agreements with global pharmaceutical companies and clinical-stage radiopharmaceutical biotechs. Anchor customers include AstraZeneca (supply agreement expanded to a 10-year commitment in December 2025) and Novartis (long-term global supply agreement announced February 2026), complemented by supply contracts with Ratio Therapeutics, Fusion Pharmaceuticals, Aktis Oncology, and a 50/50 strategic co-development collaboration with Aptevo Therapeutics covering up to three radiopharmaceutical oncology programs. Pricing is negotiated bilaterally and not publicly disclosed. Revenue mechanics combine multi-year recurring supply contracts with outcome-linked co-development economics; in May 2026, Niowave also made its first equity investment in a therapeutic developer (an initial 7.9% stake in Aptevo, potentially up to 19.99% via warrants), signaling a vertical extension from pure isotope supply into shared therapeutic economics.
The company employs approximately 180 people as of January 2026 and is scaling headcount further via the new facility (approximately 70 additional highly skilled jobs expected). Niowave holds FDA Drug Master File acceptance for cGMP-grade Ac-225 (filed 2023), ISO 13485 certification, and expanded NRC licensing, and is supported by state-level economic development funding including a $500,000 Michigan EDC grant (2023) and a $2.1 million Michigan DOT infrastructure grant (2026). Capital formation to date has been primarily through exempt securities offerings (most recently a $2,000,250 proposed / $1,699,250 sold Form D filing in December 2021, plus a $2,999,500 round in August 2019), supplemented by federal and state grants and the Aptevo equity investment.
Niowave firmographics
Firmographics- Name
- Niowave
- Legal name
- Niowave, Inc.
- Website
- https://niowaveinc.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Niowave is a private Lansing, Michigan-based manufacturer of medical radioisotopes—primarily Actinium-225 and Yttrium-90—produced via proprietary superconducting linear accelerators. It supplies global pharmaceutical and clinical-stage radiopharmaceutical biotech customers under long-term cGMP supply agreements and co-development collaborations.
- Ownership category
- akta.pro rank
Niowave industry classification
Industry- Product category
- Medical Radioisotope Manufacturing
- NAICS
- Pharmaceutical and Medicine Manufacturing (3254)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA)
Keywords
Where Niowave is headquartered
LocationHeadquarters
- HQ city
- Lansing
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Niowave business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Technology or R&D, Operations, Personnel, Supply Chain, Marketing or Sales
Revenue model
- Long-term isotope supply agreements: Niowave generates revenue through multi-year commercial supply agreements with global pharmaceutical and biotechnology customers (e.g., 10-year deal with AstraZeneca, long-term deal with Novartis) for cGMP Actinium-225 and Yttrium-90. Contracts specify scalable volumes tied to the customer's pipeline progression. Financial terms are not publicly disclosed.
- Strategic co-development collaborations: Niowave enters 50/50 strategic collaborations (e.g., with Aptevo for up to three radiopharmaceutical programs), contributing isotopes, manufacturing, and capital (initial 7.9% equity stake, up to 19.99% via warrants) in exchange for shared development economics and equity upside.
- Private exempt securities offerings: Niowave has raised capital via exempt securities offerings (e.g., SEC Form D filing for total proposed $2,000,250 with $1,699,250 sold) including equity and pooled investment fund interests, consistent with a privately-held growth-stage company funding operations and expansion.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom long-term Ac-225 supply contracts with major pharma |
| Other | Multi-year contract | 10-year capacity-secured Ac-225 supply (AstraZeneca) |
| Outcome Based/ Performance | Multi-year contract | Strategic co-development + equity (Aptevo 50/50) |
| Unit Pricing | Pay-as-you-go | Private exempt securities offering |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Niowave product offering
Product offeringCore offering
Niowave manufactures and supplies high-purity, cGMP-compliant medical radioisotopes — primarily Actinium-225 (Ac-225) and Yttrium-90 (Y-90) — using proprietary superconducting linear accelerators paired with in-house radiochemistry and hot-cell processing. The isotopes are sold under multi-year bilateral supply agreements to global pharmaceutical and biotechnology customers developing targeted alpha therapy and radioligand therapy for cancer, with the company also entering 50/50 strategic co-development collaborations (e.g., Aptevo) and operating a proprietary radium-226 acquisition/recovery program that supplies feedstock for Ac-225 production.
Product overview
Niowave operates a vertically integrated, single-platform production architecture rather than a suite of independent products: its proprietary superconducting linear accelerators, paired with in-house radiochemistry and cGMP-compliant hot-cell processing, form a unified system that converts acquired Radium-226 into finished medical radioisotopes. The principal commercial outputs of this platform are Actinium-225 (Ac-225), the company's flagship alpha-emitting isotope for targeted alpha therapy in oncology, and Yttrium-90 (Y-90), a beta-emitting isotope used in liver cancer therapy that also served as the operational and radiochemical foundation for the Ac-225 program. Radiopharmaceutical supply agreements with Novartis, AstraZeneca, Ratio Therapeutics, and Aptevo, as well as the new $75 million Lansing facility slated to come online in 2028, are layered on top of this accelerator-plus-radiochemistry platform.
Differentiator
Problem solved
Functional benefit
Products and services
- Actinium-225 (Ac-225) High-purity, cGMP-compliant Actinium-225 alpha-emitting medical radioisotope produced via Niowave's proprietary superconducting linear accelerator platform and in-house radiochemistry. Used by global pharmaceutical developers and clinical partners for targeted alpha therapy (TAT) in oncology, including prostate, neuroendocrine, leukemia, and other difficult-to-treat cancers.
- Yttrium-90 (Y-90) High-purity Yttrium-90 beta-emitting medical radioisotope produced from radioactive decay of Strontium-90 and separated/purified using Niowave's proprietary radiochemical processing platform. Used in targeted liver cancer therapies and as the foundation for Niowave's Ac-225 production capabilities.
Quantifiable outcome
- 10-year long-term supply agreement secured with AstraZeneca for Actinium-225 (Dec 2025)
- +4 more outcomes
Companies that use Niowave
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Niowave technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Niowave partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, flagship and minor.
- Ratio TherapeuticscoreSupply agreement for cGMP Actinium-225 to support Ratio Therapeutics' development of targeted radiotherapeutics, including ongoing clinical trial activities and future program advancement. Ratio is a clinical-stage pharma company headquartered in Boston developing precision radiopharmaceuticals for solid tumors.
- Aptevo Therapeuticsflagship50/50 strategic collaboration to develop up to three radiopharmaceutical oncology programs. Aptevo contributes multispecific antibody platform assets (initial Nectin-4 target); Niowave supplies Actinium-225 and additional radioisotopes plus manufacturing capabilities. Niowave also made an at-the-market equity investment in Aptevo at closing (initial 7.9% ownership, with potential to reach up to 19.99% via warrant exercises).
- The Christman CompanyminorGeneral contractor leading construction of Niowave's new $75M production facility in Lansing, MI (groundbroken May 21, 2026), in collaboration with Colliers Engineering & Design. Site expected to be operational in 2028.
- Colliers Engineering & DesignminorEngineering and design partner collaborating with The Christman Company on construction of Niowave's new $75M Lansing production facility.
- NovartisflagshipLong-term global supply agreement for Actinium-225 to support Novartis's growing portfolio of radioligand therapies (RLT) for difficult-to-treat cancers. Financial terms undisclosed. Novartis subsequently used Niowave's Ac-225 supply to support its experimental actinium-based drug program in prostate cancer (101-patient trial). Nova's investment in a new Niowave manufacturing facility was triggered in part by this agreement.
- Michigan State University (MSU) — National Superconducting Cyclotron Laboratory (NSCL)coreNiowave was spun off from MSU's NSCL in 2005; founder Dr. Terry Grimm spent 13 years at NSCL as Senior Physicist and Adjunct Professor, and the company's early superconducting linac work built on MSU research. Niowave describes active collaboration with 'top-tier universities and research institutions' across isotope application.
- AstraZenecaflagshipExisting supply agreement expanded to a 10-year commitment for Actinium-225 following AstraZeneca's decision to exercise its option to increase capacity. Secures reliable, scalable supply for AstraZeneca's growing radioconjugate pipeline targeting prostate and other difficult-to-treat cancers.
- Fusion PharmaceuticalscoreMulti-year supply agreement for Actinium-225 established during Niowave's 2022-2025 strategic partnership expansion phase, supporting Fusion's radiopharmaceutical development pipeline.
- Aktis OncologycoreMulti-year supply agreement for Actinium-225 established during Niowave's 2022-2025 strategic partnership expansion phase, supporting Aktis's targeted radiopharmaceutical oncology pipeline.
Scale indicators10 records
Recent moves3 records
Expansion highlights5 records
Niowave competitors and assessment
Company assessmentDirect peers
- NorthStar Medical Radioisotopes: U.S.-based commercial producer of medical radioisotopes (notably Mo-99/Tc-99m) using accelerator and neutron-capture technology. Most directly comparable U.S. private radioisotope producer competing for the same domestic, cGMP-grade supply contracts with pharma and imaging customers.
- SHINE Technologies: U.S. company producing medical radioisotopes including Ac-225 and lutetium-177 using fusion-based neutron sources. Direct competitor in cGMP Ac-225 supply targeting the same radioligand therapy and targeted alpha therapy developers.
- ITM Isotope Technologies Munich: Germany-based medical radioisotope producer (notably Lu-177 and Ac-225) supplying global pharma and radiopharma developers. Direct international peer in cGMP-grade therapeutic radioisotope supply for cancer applications.
- IBA RadioPharma Solutions: Belgium-based supplier of particle accelerators and radioisotope production solutions to nuclear medicine and radiopharma producers. Overlaps with Niowave in accelerator-based isotope production technology and end-customer relationships in the medical radioisotope supply chain.
Broad incumbents
- Curium Pharma: Global nuclear medicine leader producing a broad portfolio of diagnostic and therapeutic radioisotopes. Overlaps with Niowave in cGMP medical isotope supply but operates at much greater scale across Mo-99, I-131, Lu-177 and other isotopes.
- GE HealthCare (Radiopharma): Diversified medtech giant with a substantial radiopharma business spanning PET tracers, SPECT agents and emerging therapeutic isotopes. Broad incumbent offering isotope production as part of a much wider imaging and pharmaceutical portfolio.
- Lantheus Holdings: Public radiopharmaceutical company specializing in diagnostic imaging agents and increasingly therapeutic radioligands. Comparable end-customer focus in oncology nuclear medicine, though primarily a developer/marketer rather than a pure-play isotope supplier.
- Bayer (Radiopharmaceuticals / Algeta legacy): Major pharma with an established radioligand therapy franchise (Xofigo / Ra-223) and growing investment in targeted radionuclide therapies. A large incumbent competing for the same clinical and commercial therapeutic isotope demand.
Emerging players
- Telix Pharmaceuticals: Commercial-stage radiopharmaceutical company developing diagnostic and therapeutic agents using Ac-225, Lu-177 and other isotopes. Significant overlap as a downstream buyer/developer of medical radioisotopes, positioning Telix as both customer and adjacent competitor in targeted alpha therapy.
- Fusion Pharmaceuticals: Clinical-stage radioconjugate developer (now part of AstraZeneca) that has been a Niowave Ac-225 supply customer. Represents the emerging radiopharma developer peer that depends on suppliers like Niowave for isotope feedstock.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Niowave compliance and trust
Trust signalCompliance4 records
Niowave financial estimates
Financial estimateRevenue estimate
Valuation estimate
Niowave leadership team
Management profileNumber of profiles
Profiles6 records
Niowave subsidiaries and ownership
Company hierarchySubsidiaries1 record
Niowave funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Niowave M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Niowave
What does Niowave do?
Niowave manufactures and supplies high-purity, cGMP-compliant medical radioisotopes — primarily Actinium-225 (Ac-225) and Yttrium-90 (Y-90) — using proprietary superconducting linear accelerators paired with in-house radiochemistry and hot-cell processing. The isotopes are sold under multi-year bilateral supply agreements to global pharmaceutical and biotechnology customers developing targeted alpha therapy and radioligand therapy for cancer, with the company also entering 50/50 strategic co-development collaborations (e.g., Aptevo) and operating a proprietary radium-226 acquisition/recovery program that supplies feedstock for Ac-225 production.
Is Niowave a public or private company?
Niowave is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Niowave founded?
Niowave was founded in 2005. It employs 101 to 250 people.
Where is Niowave based?
Niowave is headquartered in Lansing, United States, in the North America region.
How does Niowave make money?
Three revenue lines are on record. Long-term isotope supply agreements are the primary driver. The others are strategic co-development collaborations and private exempt securities offerings.
Who are Niowave's main competitors?
Direct peers on record are NorthStar Medical Radioisotopes, SHINE Technologies, ITM Isotope Technologies Munich and IBA RadioPharma Solutions. Broad incumbents are Curium Pharma, GE HealthCare (Radiopharma), Lantheus Holdings and Bayer (Radiopharmaceuticals / Algeta legacy). Emerging players are Telix Pharmaceuticals and Fusion Pharmaceuticals.
Does Niowave have an API?
No public API is recorded for Niowave.
What industry is Niowave in?
Niowave's product category is Medical Radioisotope Manufacturing. Its primary akta.pro industry code is EUAKAIAA, Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.). Its NAICS code is 3254 and its SIC code is 2834.