Thor Medical and ARTBIO sign strategic long-term supply agreement for Thorium-228

29 Oct 2024 07:30 CET

29.10.2024 07:30:00 CET | Thor Medical ASA | Inside information

Oslo/Massachusetts, 29 October 2024: Thor Medical ASA, a leading emerging
supplier of alpha-emitters for next-generation precision cancer treatment, has
signed a strategic master supply agreement with ARTBIO, a clinical-stage
radiopharmaceutical company developing a new class of alpha radioligand
therapies (ARTs).

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.

"A stable and reliable supply of high-quality isotopes is key to the successful
development of our pipeline and partnering with Thor Medical is a valuable next
step in building out the supply chain that supports our pipeline of novel alpha
radioligand therapies, including our lead asset AB001 for the treatment of
prostate cancer. We believe this collaboration positions us well to reliably
deliver safe and effective alpha radioligand therapies to patients, utilizing
our proprietary AlphaDirect? technology to isolate Lead-212 from Thorium-228. We
are confident in the ability of the Thor Medical team to scale up their
technology and production facilities", says Emanuele Ostuni, CEO of ARTBIO.

The supply agreement comes after Thor Medical in October 2024 assumed production
at its Herøya pilot facilities, targeting product sample deliveries to customers
by year-end.

The pilot facilities will validate the production processes and produce product
samples for key customer validation, with ARTBIO being a key partner. The
facilities will also be the basis for the scale-up to commercial production.



CONTACTS

Thor Medical

Brede Ellingsæter, CFO, +47 472 38 440

brede.ellingseter@thormedical.no



ARTBIO

Marites Coulter, Deerfield Group

Marites.coulter@deerfieldgroup.com



ABOUT ARTBIO

ARTBIO is a clinical-stage radiopharmaceutical company redefining cancer care by
creating a new class of alpha radioligand therapies (ARTs). The unique ARTBIO
approach selects the optimal alpha-precursor isotope (212Pb) and tumor-specific
targets to create therapeutics with the potential for highest efficacy and
safety. The company's AlphaDirect? technology, a first-of-its-kind 212Pb
isolation method, enables a distributed manufacturing approach for the reliable
production and delivery of ARTs. ARTBIO is advancing multiple pipeline programs
with lead program AB001 currently in first in human trials. ARTBIO is shaped by
a long-standing scientific legacy with nearly a century of pioneering work in
radiation therapy conducted at the University of Oslo and Norway's Radium
Hospital. For more information, visit www.ARTBIO.com - http://www.ARTBIO.com,
and follow us on LinkedIn and Twitter.



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'.



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, 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.



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