Thor Medical and Oncoinvent Enter Strategic Thorium-228 Supply Agreement

Under the terms of the agreement, Thor Medical will supply Thorium-228 from AlphaOne, the company’s first commercial-scale manufacturing plant currently under construction. Thorium-228 from Thor Medical will serve as the starting material for the manufacture of Radium-224, the key radioisotope in Radspherin®, directly targeting cancers in body cavities. Oncoinvent is currently conducting a randomised Phase 2 trial evaluating Radspherin® for peritoneal carcinomatosis from ovarian cancer.

“We are pleased to have secured additional sources for the supply of Thorium-228 as we advance the planning of our Phase 3 program with Radspherin® for the treatment of peritoneal metastases originating from ovarian cancer. The availability of Thorium-228 within Norway’s expanding radiopharmaceutical ecosystem is of great strategic value and provides the company with significant flexibility,” says Øystein Soug, CEO of Oncoinvent.

“This agreement reflects the growing demand for sustainable and scalable sources of alpha-emitters,” says Jasper C. Kurth, CEO of Thor Medical. “We are seeing the emergence of a vibrant radiopharmaceutical cluster in the greater Oslo region, where world-class research, biotech innovation, and industrial production are coming together. Thor Medical is proud to be part of this ecosystem and to support the development of promising cancer treatments close to home.”

With both companies headquartered in Oslo, this agreement illustrates the strength of Norway’s growing network of radiopharmaceutical companies and targeted alpha therapies. This geographic concentration of scientific, clinical, and industrial capabilities is fostering a highly collaborative environment, positioning Norway as an emerging center for innovation and scalable production in the field of targeted alpha therapies.

CONTACT

Brede Ellingsæter, CFO & COO Thor Medical, +47 472 38 440, brede.ellingseter@thormedical.com,

Tore Kvam, Chief Financial Officer Oncoinvent, kvam@oncoinvent.com

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 ONCOINVENT ASA

Oncoinvent is a clinical-stage biotechnology company developing novel radiopharmaceutical therapies against cancer. The lead product candidate, Radspherin®, uses the alpha-emitting radionuclide radium-224, directly targeting micro-metastases post-surgery, harnessing the benefits of modern radiopharmaceuticals without the complexities of biological targeting. Oncoinvent is investigating the safety and efficacy of Radspherin® in a clinical development program in two indications.  In addition to the finalized phase 1/2a trial in colorectal cancer, one Phase 1 trial and one randomized Phase 2 trial, both in ovarian cancer, are ongoing in the US, UK and Europe. Preliminary clinical efficacy data are highly encouraging, and no serious toxicity or safety concerns have been reported to date. The experienced Oncoinvent team runs a state-of-the-art manufacturing facility to produce drug products for clinical trials in Nydalen, Oslo. Oncoinvent is listed on the Euronext Growth Oslo.

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.