Nordic Nanovector

Thor Medical ASA, previously known as Nordic Nanovector ASA, has repositioned itself as an emerging producer of alpha-emitting radionuclides for cancer therapies. The company's strategic pivot followed the discontinuation of its Betalutin program in late 2022, a treatment candidate for non-Hodgkin's lymphoma. This shift involved acquiring the assets of Thor Medical GmbH, including a proprietary technology for producing alpha-emitters like Thorium-228 and Radium-224 from Thorium-232. This method is designed to be more efficient and environmentally sustainable, notably avoiding the need for nuclear reactors or cyclotrons.

The company is led by CEO Alf Bjørseth, a chemist and the founder of Scatec, who has a significant track record in developing and commercializing new technologies in the renewable energy and advanced materials sectors. His background in materials science and building technology companies aligns with Thor Medical's focus on innovative production processes. The board also includes individuals with extensive experience in the radiopharmaceutical and life sciences industries, such as Roy H. Larsen, who serves as a scientific advisor and has a background in developing alpha-pharmaceuticals.

Thor Medical's business model centers on addressing critical supply chain shortages for key isotopes used in Targeted Alpha Therapies (TAT), a growing field in oncology. The company aims to become a key supplier for pharmaceutical firms developing these next-generation cancer treatments. Its primary product is Radium-224, which is used to generate other radioisotopes essential for TAT. The business plan involves establishing a production facility at the Herøya industrial park in Norway. Revenue will be generated by selling these medically-critical isotopes to the global pharmaceutical market, thereby enabling the development and commercialization of new radioligand therapies for a wide range of cancers.

Keywords: radiopharmaceuticals, oncology, targeted alpha therapy, medical isotopes, radium-224, thorium-232, cancer treatment, nuclear medicine, life sciences, biotech