20.11.2025 07:30:01 CET | Thor Medical ASA | Non-regulatory press releases

Oslo, 20 November 2025 - Thor Medical ASA has signed a five-year frame agreement
to supply NucliThera AS with thorium-228 (Th-228). The isotope will be used in
NucliThera's development programs for hematological cancers.

Led by Dr. Roy H. Larsen and Professor Emeritus Øyvind S. Bruland, NucliThera's
research team is advancing an early-stage development program targeting
hematological cancers such as lymphoma and leukemia.

"We are working to develop targeted radionuclide therapies that can help cancer
patients with a high unmet medical need. Reliable access to high-purity
alpha-emitters is essential to advance these development programs, and with Thor
Medical we expect to have a dependable domestic supplier of high-quality
material," says Dr. Roy H. Larsen, Co-Founder and Chair of NucliThera AS.

Dr. Larsen and Professor Bruland were jointly leading the development of the
only alpha-emitting cancer pharmaceutical that so far has been approved by FDA -
Xofigo for metastasized prostate cancer.

"We are proud to support NucliThera's development program. Oslo has a strong and
growing radiopharmaceutical community and ecosystem, and we are excited to be
working with experienced industry leaders such as Dr. Larsen and Professor
Bruland," says Jasper Kurth, CEO of Thor Medical.

The thorium-228 will be supplied from AlphaOne, Thor Medical's first
commercial-scale isotope production facility, on track to begin operations in
2026. The supply agreement further adds to existing supply agreements for
thorium-228 with Telix Pharmaceuticals, Oncoinvent, AdvanCell, ARTBIO, and two
additional undisclosed partners.

In 2023, Thor Medical and NucliThera entered an agreement to transfer the former
Nordic Nanovector's pipeline of patents ("Nanovector Patents") to NucliThera.
Subject to the terms of the agreement, NucliThera AS assumed full ownership to
the Nanovector Patents with Thor Medical retaining interest through an
undisclosed profit-sharing in the event of successful commercialization of the
patents. NucliThera continues the efforts to commercialize some of the patents,
in addition to other new development programs in the company. 

CONTACTS

Brede Ellingsæter, CFO and COO, Thor Medical ASA, +47 472 38 440, 
brede.ellingseter@thormedical.com

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://visitwww.thormedical.com - 
http://visitwww.thormedical.com.

ABOUT NUCLITHERA AS 

NucliThera is an R&D company developing targeted short, range radionuclides for
treating hematological cancers like lymphoma and leukemia. High-energy alpha-
and beta-radiating nuclides are linked to targeting monoclonal antibodies or
small molecules. They bind to cancer cells killing them with minimal damage to
surrounding healthy tissue.

The NucliThera research team is led by Dr. Roy H Larsen and Professor Emeritus
Øyvind S Bruland. They have developed the only alpha-emitting cancer
pharmaceutical approved by FDA so far - Xofigo against bone metastases from
prostate cancer. Xofigo was acquired by Bayer Healthcare for US$ 2.9 billion in
2014.

 

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18725924/6588/Download%20announce
ment%20as%20PDF.pdf