Business and Financial Review • Aug 4, 2025
Business and Financial Review
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Thor Medical and AdvanCell expand strategic supply agreement for Thorium-228
4.8.2025 07:30:00 CEST | Thor Medical ASA | Inside information
Oslo, 4 August 2025: Thor Medical ASA, a leading emerging supplier of
alpha-emitters for next-generation precision cancer treatment, has expanded its
strategic master supply agreement with AdvanCell, a leading radiopharmaceutical
company with an extensive clinical development program for innovative cancer
therapies.
The new agreement effectively increases the supply of Thorium-228 to AdvanCell
by 50% and the total purchasing commitment from NOK 100 million to NOK 150
million over five years. The increase is enabled by the decision to expand the
capacity at the AlphaOne plant under construction by up to 40%, which will be
financed with proceeds from the capital raise executed by Thor Medical earlier
in June.
"We are working hard to increase capacity at AlphaOne, and it is great to be
able to meet AdvanCell's increasing demand as they progress their exciting
clinical development programs, including the most advanced Lead-212 PSMA
program," says Jasper Kurth, CEO of Thor Medical.
Thor Medical and AdvanCell first entered into a strategic supply agreement in
December 2024, following successful sample deliveries to AdvanCell from Thor
Medical's pilot plant at Herøya.
"Coincident with the rapid enrolment of our TheraPb Phase 1/2 trial
investigating ADVC001 in our Lead-212 PSMA targeted prostate cancer clinical
program - now at a pace of treating up to five patients a week at 200MBq doses -
the scale up of our network of Pb-212 production is also accelerating", said
Andrew Adamovich, CEO of AdvanCell, continuing "Anticipating the imminent jump
in Lead-212 demand for later stage clinical trials, and ultimately for
commercial scale drug manufacturing, we turn to Thor Medical as a trusted
partner with a similar drive to bring targeted alpha therapies to patients as
quickly as possible. Our aim for ADVC001 is to be amongst the first
PSMA-targeted alpha therapies approved for prostate cancer".
AdvanCell has a broad pipeline of innovative cancer therapies based on Lead-212
and produces the isotope from precursor Thorium-228 via a proprietary Lead-212
generator-based manufacturing platform. Amongst other pipeline assets, the
company has the most advanced Lead-212 PSMA for prostate cancer. It has a
growing demand for Thorium-228 as it progresses its trial and the rest of its
pipeline.
In February 2025, AdvanCell and Lilly announced a strategic collaboration,
combining AdvanCell's radionuclide expertise and development infrastructure with
Lilly's pharmaceutical and oncology expertise and global scale. This
collaboration is intended to accelerate the advancement of an expanded portfolio
of targeted alpha therapies, which in turn is expected to further increase
demand for Thorium-228 as part of a reliable radionuclide value chain.
CONTACT
Thor Medical Brede Ellingsæter, CFO & COO, +47 472 38 440,
ABOUT THOR MEDICAL ASA
Thor Medical is an emerging supplier of alpha particle emitters produced 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'.
ABOUT ADVANCELL
AdvanCell is committed to developing innovative targeted alpha therapies that
will change the course of cancer treatment. AdvanCell is the leading
212Pb-focused radiopharmaceutical company and recognised leader in the Targeted
Alpha Therapy field. By combining advanced manufacturing capabilities with
cutting-edge science and clinical development, AdvanCell aims to deliver novel
treatments that enhance outcomes for cancer patients worldwide. For more
information, visit www.advancell.com.au - http://www.advancell.com.au.
Recent news and articles relating to the TheraPb (NCT05720130) Phase 1b study
with ADVC001 can be found here:
TheraPb Phase 1b abstract accepted for presentation at ESMO 2025 -
https://www.advancell.com.au/news/therapb-phase-1b-abstract-accepted-for-present
ation-at-esmo-2025/
AdvanCell presenting at the American Association for Cancer Research (AACR)
Annual Meeting 2025 - AdvanCell -
https://www.advancell.com.au/news/advancell-presenting-at-the-american-associati
on-for-cancer-research-aacr-annual-meeting-2025/
TheraPb highlighted in PSMA Theranostics session at SNMMI by investigator David
Pattison - AdvanCell -
https://www.advancell.com.au/news/therapb-highlighted-in-psma-theranostics-sessi
on-at-snmmi-by-investigator-david-pattison/
Pb212 PSMA vs Ac225 PSMA from biology to supply Alfred Morgenstern PhD Joint
Research Centre Karlsruhe Germany -
https://www.advancell.com.au/news/pb212-psma-vs-ac225-psma-from-biology-to-suppl
y-alfred-morgenstern-phd-joint-research-centre-karlsruhe-germany/
IMPORTANT INFORMATION
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Brede Ellingsæter, CFO & COO, Thor
Medical ASA, at the time and date stated above in this announcement. This
release contains forward -looking information and statements relating to the
business, performance, and matters that may impact the results of Thor Medical.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "aims," "anticipates," "believes," "estimates,"
"expects," "foresees," "intends," "plans," "predicts," "projects," "targets,"
"potential," and similar expressions. Such forward-looking statements are based
on current expectations, estimates, and projections, reflect current views
concerning future events, and are subject to risks, uncertainties, and
assumptions, and may be subject to change without notice. Forward-looking
statements are not guarantees of any future performance, and risks,
uncertainties, and other important factors could cause the actual business,
performance, results, or the industry and markets in which Thor Medical operates
to differ materially from the statements expressed or implied in this release by
such forward-looking statements. No representation is made that any of these
forward-looking statements or forecasts will come to pass or that any forecasted
performance, capacities, or results will be achieved, and you are cautioned not
to place any undue reliance on any forward-looking statements. This release is
for information purposes only and is not to be relied upon in substitution for
the exercise of independent judgment. It is not intended as investment advice
and under no circumstances is it to be used or considered as an offer to sell,
or a solicitation of an offer to buy any securities or a recommendation to buy
or sell any securities of the Company.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18607715/6333/Download%20announce
ment%20as%20PDF.pdf
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