Thor Medical (TRMED)
Supplier of essential isotopes for next-generation cancer treatment
Thor Medical produces the essential isotopes (thorium-228 → lead-212) that form the basis for the new wave of targeted alpha therapies. These are extremely precise radiation treatments that deliver enormous energy to cancer cells over a very short distance and destroy them, while largely sparing healthy tissue. Think of it as a far smarter and more effective version of traditional radiation or chemotherapy.
Unlike most forms of isotope production, they do not require nuclear reactors or particle accelerators. They extract the isotopes from naturally occurring thorium using a proprietary, cleaner process. This makes the supply more reliable and scalable—which has been one of the biggest bottlenecks in this entire field.
They have just commissioned their first commercial facility (AlphaOne) in Herøya and made their first delivery to a customer. Capacity will be increased to 21,000 doses in three years at the same facility. 35,000 in five years. 60,000 in ten years. One dose equals 16,000. 677 million in accumulated pre-tax losses. Management has projected a profit in 2027.
Thor raised 300 million to expand into the U.S.; two laboratories are planned, one for downscaling TH 228 to PB 212. And a large laboratory, possibly AlphaTwo (10x) or directly at AlphaGlobal, which has 1 million doses at 16,000 Norwegian kroner each.
The company is valued at 1.9 billion kroner; the share price is 4.48!
Active short: TWO SIGMA INVESTMENTS, LP: 3,716,000, 1.03%
Active price targets: Arctic 8.7. ABG 7, bull 20. Carnegie hold 4.20
It has now been announced. Norway’s Prime Minister will officially open AlphaOne on October 19.
Thor announced it today at 7:00 a.m. The date, which was postponed on September 9 due to the King’s funeral, has now been set. Jonas Gahr Støre will open the facility at Herøya. Andrew Adamovich, founder of AdvanCell, will be present and will speak about supply. By invitation only; the press may be accredited.
That is why things have been quiet. Not because nothing was happening, but because they were waiting for this day.
That same morning, at 8:48 a.m. in Vienna, Oncoinvent will demonstrate how they distill Th-228 into pure Ra-224. On October 23, AdvanCell will present an expanded Phase 1b study with Pb-212 for prostate cancer. On October 24, Oncoinvent will present a Phase 2 study on ovarian cancer. On November 6, Perspective will release data on skin cancer. Orano has just opened a plant in France for the same isotope.
677 million kroner in carryforward losses from the old Nordic Nanovector structure. Carnegie places almost no emphasis on this. Arctic and ABG are giving greater consideration to the fact that Herøya can actually cover this.
They are producing, delivering, and have a solid order book. Now it’s a matter of carrying out the upscaling and scaling the technology that can help pave the way for a whole new generation of cancer treatments.
https://www.thormedical.com
