The master supply agreement outlines terms for a 5-year supply of Thorium-228 to ARTBIO, representing revenues for Thor Medical of up to approximately NOK 200 million (USD 17 million) with the potential to increase to approximately NOK 400 million (USD 38 million), conditional on certain milestones such as Thor Medical’s ramp up of production capacity, supply metrics and specifications, and the development of ARTBIO’s pipeline.

“Securing strategic supply agreements are an important prerequisite for a positive investment decision for our planned commercial production plant. The agreement with ARTBIO represents significant progress in the efforts to commercialize large-scale production and supply of the world’s purest radionuclides from the natural decay of thorium to help transform cancer care”, says Jasper Kurth, CEO of Thor Medical.

The Thorium-228 will be produced and supplied from Thor Medical’s first commercial-scale facility planned at Herøya Industrial Park in Norway. Thor Medical expects to make an investment decision for such facility in Q1 2025, with estimated plant completion 12 months thereafter.