NorthStar to Spotlight Next-Gen Cancer Isotopes at J.P. Morgan

BELOIT, Wis. – December 17, 2025 – In what is shaping up to be a pivotal moment for the field of nuclear medicine, NorthStar Medical Radioisotopes has announced its President and CEO, Dr. Frank Scholz, will present at the 44th Annual J.P. Morgan Healthcare Conference in January. The presentation, scheduled for January 14, 2026, will place the Wisconsin-based company and its groundbreaking isotope production technology at the center of the healthcare industry's most influential investment gathering.

For a privately held company like NorthStar, an invitation to present at the San Francisco event is a significant strategic opportunity. The conference is a global nexus for high-stakes deal-making, attracting top-tier investors, pharmaceutical executives, and financial analysts. NorthStar's presence signals not only its own growing prominence but also the intense market interest in the radiopharmaceutical sector, a domain poised to revolutionize cancer treatment. The company is expected to provide key updates on its commercial-scale production of critical medical radioisotopes, particularly the highly sought-after actinium-225 (Ac-225).

A High-Stakes Platform for Investment

The J.P. Morgan Healthcare Conference is less a traditional conference and more the epicenter of healthcare finance, where multi-billion-dollar deals are born and the investment narrative for the coming year is forged. For NorthStar, this platform offers an unparalleled chance to articulate its value proposition to an audience that can fuel its next phase of growth. The company has already demonstrated considerable momentum, securing up to $100 million in debt financing in late 2023 and a $100 million equity round led by Deerfield Management in 2022, signaling robust confidence from sophisticated healthcare investors.

Dr. Scholz's presentation will be scrutinized for signs of progress that could justify these major investments and attract further partnerships. The radiopharmaceutical market is expanding rapidly, but its full potential is constrained by manufacturing and supply chain challenges. Investors are keenly aware that the company which can solve the supply bottleneck for therapeutic isotopes will hold a commanding position. NorthStar's dual strategy—producing its own proprietary isotopes and offering specialized Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO) services—positions it as a central player in the ecosystem, capable of both supplying raw materials and helping other biopharmaceutical companies bring their therapies to market.

The Promise of Ac-225 and the Supply Challenge

At the heart of the excitement around NorthStar are two specific radioisotopes: copper-67 (Cu-67) and, most notably, actinium-225 (Ac-225). These are not conventional drugs but powerful radioactive atoms that, when attached to targeting molecules, can hunt down and destroy cancer cells with remarkable precision. This approach, known as targeted radionuclide therapy, represents a new frontier in oncology.

Cu-67 is a beta-emitting isotope with therapeutic properties that make it suitable for treating a variety of tumors. However, it is Ac-225 that many in the field consider a potential game-changer. As an alpha-emitter, Ac-225 releases highly energetic particles that travel only a few cells' distance. This allows it to deliver a lethal dose of radiation directly to a tumor while sparing surrounding healthy tissue, offering the potential for more powerful treatments with fewer side effects. The clinical pipeline for therapies based on Ac-225, particularly for diseases like metastatic prostate cancer, is burgeoning with promise.

The primary obstacle hindering the widespread adoption of these therapies has been the extremely limited and unreliable supply of Ac-225. Historically produced in small quantities by government entities like the U.S. Department of Energy, the global supply is insufficient to meet the demands of late-stage clinical trials, let alone full commercialization. This scarcity has created a critical chokepoint for the entire industry. NorthStar's claim to be on the verge of becoming the first commercial-scale producer of high-purity, non-carrier added (n.c.a.) Ac-225 is therefore a statement of profound significance.

A Technological Leap in Isotope Production

NorthStar's solution to the supply crisis lies in its innovative production technology, which sidesteps the vulnerabilities of the traditional supply chain. For decades, the world has relied on a handful of aging, often-unreliable nuclear reactors to produce medical isotopes. This system is not only prone to unexpected shutdowns that cause global shortages but also often involves the use of highly enriched uranium (HEU), a material with nuclear proliferation risks.

In contrast, NorthStar employs electron-accelerator technology. This method is non-reactor-based and does not use any uranium, making it an "environmentally preferable" and geopolitically safer alternative. By bombarding specific target materials with electrons, the company can create therapeutic isotopes like Cu-67 and Ac-225 in a controlled, scalable, and reliable domestic setting. This approach drastically reduces complex radioactive waste and enhances supply chain security, insulating it from the geopolitical and logistical disruptions that have plagued reactor-based production.

Crucially, this technology allows for the production of non-carrier added (n.c.a.) Ac-225. This term refers to a final product of exceptionally high purity, free from stable isotopes that could interfere with the therapeutic process. For drug developers, n.c.a. isotopes are highly desirable as they enable more potent and effective radiopharmaceuticals. By mastering this complex production method, NorthStar has built a formidable competitive advantage against rivals such as ITM Isotope Technologies Munich and even the radiopharmaceutical divisions of giants like Novartis.

Anticipating Market-Moving Updates

Industry observers, from financial analysts to clinical researchers, will be listening to Dr. Scholz's presentation for concrete milestones. The key question is how close NorthStar is to delivering on its promise of commercial-scale Ac-225. Any announcements regarding regulatory progress with the FDA, such as the status of its Drug Master Files (DMFs), would be a major catalyst.

Furthermore, details on the expansion of its production facilities in Wisconsin and potential new supply agreements with pharmaceutical companies will be a primary focus. A partnership with a major pharma player developing an Ac-225-based therapy would serve as powerful validation of NorthStar's capabilities and could trigger a significant re-evaluation of the company's valuation. Updates on the growth of its CDMO business, which provides a steady revenue stream and deepens its industry integration, will also be important indicators of its overall health and strategic execution.

The presentation at the J.P. Morgan conference is more than a corporate update; it is a critical test of NorthStar's ability to convince the market that it holds the key to unlocking the next generation of cancer treatments. If the company can demonstrate a clear and credible path to solving the isotope supply crisis, the impact will reverberate far beyond its own balance sheet, potentially accelerating the entire field of targeted alpha therapy and offering new hope to patients with hard-to-treat cancers.