Thor Medical ASA first half 2023 results
Oslo, 31 August 2023: In the first half 2023, Thor Medical ASA completed the close down of the PARADIGME study and reduced the burn to preserve cash. The Company announced to acquire Thor Medical AS, an emerging supplier of alpha emitters for cancer treatment, which was approved by the AGM on 28 June 2023, along with the change of name to Thor Medical ASA. The transaction was closed on 3 July, subsequent to this report. Financial position by end of first half was good, with sufficient cash to fund the Company’s activities through 2025.
Revenues in first half 2023 was NOK 0.8m, with a loss before tax of NOK -26.5m. Net cash flow in the period was negative NOK -48.5, and the cash available at end of first half 2023 was NOK 50.2m.
“First half 2023 marks a milestone with the acquisition of Thor Medical AS and the strategic repositioning of the Company that comes with the acquisition. I believe the complementary expertise of the combined Company makes us well positioned for becoming a leading global supplier of alpha emitters for the growing market of radiopharmaceuticals, based on our environmentally friendly proprietary technology, creating value for our shareholders and stakeholders over time,” says CEO Alf Bjørseth.
Going forward, the main business focus for Thor Medical will be to refine the production technology at pilot facilities at Herøya, continue dialog with potential customers in the radiopharma industry for future supply of alpha emitters, as well as to mature the concept for an industrial scale manufacturing facility. The Company will in addition evaluate potential spin-off options for CD37-pipeline.
A presentation of the results, followed by a Q&A session will be held at Carnegie's offices at Aker Brygge, Fjordalleen 16, today at 08:00 am CEST. You can also follow the presentation and Q&A session from our website, or this direct link: Thor Medical webcast 1H 2023.
For further information, please contact:
Brede Ellingsæter, CFO, tel: +47 472 38 440, [email protected]
About Thor Medical
Thor Medical is an emerging supplier of alpha particle emitters for medical use in cancer therapy. Thor Medical has developed a proprietary technology for the manufacturing of alpha particle emitters from natural resources. Its novel production process requires no irradiation in nuclear reactors, and provides reliable, environmentally friendly supply of radionuclides for the radiopharmaceutical industry. The high energy deposition and the short range of alpha particles make it possible to eradicate cancer cells while minimizing damage to nearby healthy cells. Thor Medical is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘TRMED’. To learn more, visit www.thormedical.no.