25.3.2025 16:46:27 CET | Thor Medical ASA | Non-regulatory press releases

Oslo, 25 March 2025: The Board of Directors of Thor Medical ASA has taken the
final investment decision (FID) to go ahead with AlphaOne, its first commercial
scale plant for production of alpha-emitters for use in next-generation
precision cancer treatment. At an estimated capex investment of NOK 200 million,
AlphaOne is expected to start production in the third quarter 2026 to meet the
rapidly growing global demand for radioisotopes.

The AlphaOne plant will be built at Herøya Industrial Park in Norway, in the
same building as the pilot facilities that commenced production early in the
fourth quarter of 2024.

"This investment decision is backed by multi-year sales agreements with leading
radiopharmaceutical players that already secure near full capacity utilization
at AlphaOne, reliable feedstock suppliers, and is fully funded through the
construction and ramp-up of the plant," says CEO Jasper C. Kurth in Thor
Medical.

"The high-quality production at our pilot facilities has been verified by our
customers, and we are positioned to take a leading role in the scaling of
medical isotope production for alpha radioligand therapeutics. Together with our
customers, we are going to transform cancer care," adds Kurth.

AlphaOne is now moving into the execution phase of the project, with
construction planned to start in the second quarter 2025 for start-up of
production in the third quarter 2026.

AlphaOne will have a production capacity of 15,000 patient doses after three
years of operations, which is forecasted to generate revenues of around NOK 250
million and cash-positive operations for Thor Medical. Leveraging Thor Medical's
self-scaling proprietary production process AlphaCycle?, production is expected
to increase to 25,000 patient doses after 5 years without any additional capital
expenditure.

"We have carried out a pre-project that includes basic engineering and plant
design, tendering contractors, confirming the capital requirement and timeline.
We now move forward with ordering long-lead items, starting construction, and
preparing for equipment installation," says CFOO Brede Ellingsæter, who will be
overseeing the AlphaOne project in Thor Medical.

Thor Medical will support customers with early-phase product deliveries from its
pilot facilities in an effort to bridge the supply gap until AlphaOne begins
production. The pilot is expected to generate single-digit NOK million sales
revenue in 2025.

 

CONTACTS

Brede Ellingsæter, CFOO, Thor Medical ASA

+47 472 38 440

brede.ellingseter@thormedical.com - brede.ellingseter@thormedical.no

ABOUT THOR MEDICAL ASA 

Thor Medical is an emerging supplier of radionuclides, primarily alpha particle
emitters, from naturally occurring thorium. Its proprietary production process
requires no irradiation or use of nuclear reactors, and provides reliable,
environmentally friendly, cost-efficient supply of alpha-emitters for the
radiopharmaceutical industry. Thor Medical is headquartered in Oslo, Norway and
listed on the Oslo Stock Exchange under the ticker symbol 'TRMED'. To learn
more, visit www.thormedical.com - http://www.thormedical.no

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18468995/5859/Download%20announce
ment%20as%20PDF.pdf