What RadTran does

RadTran is a nuclear technology company founded in 2012 in Centennial, Colorado by Saleem Drera, PhD, focused on developing methods to produce medical radioisotopes used in targeted alpha therapies (TAT) for cancer treatment. The company's core innovation is its patent-protected IsoCap-AA technology, which enables single-step extraction of medically valuable isotopes—including Ra-224, Ra-226, Ra-228, Ac-225, Pb-212, and Bi-213—from naturally occurring Thorium-232 and Uranium-238, both of which are abundant waste byproducts of mining. By avoiding reactor-based production and multi-step chemical separations, the technology is positioned to address the documented global shortage of alpha-emitting isotopes that is delaying clinical trials and constraining commercialization of TAT drugs.

The company's product portfolio covers four production pathways: Ra-224 from Th-232 (for Pb-212/Bi-212 therapies), Ra-226 from U-238 (precursor for Ac-225 and Ra-223), Ac-225/Bi-213 from Th-232 via Ra-228 neutron targets, and Ac-225/Ra-225 from U-233 or Th-229. As of the data, RadTran operated with 1–10 employees, was not generating commercial revenue, and was funded primarily through non-dilutive government grants including a 2020 DOE STTR Phase I award and a 2021 NCI SBIR Phase I grant, supplemented by a French government export license for thorium exchange with Solvay in 2019.

RadTran's intended business model combines direct medical isotope sales to pharmaceutical companies with technology licensing revenue in the form of a 2% royalty on future radium sales. In August 2024, Energy Fuels Inc. (NYSE: UUUU; TSX: EFR) acquired RadTran for $1.5M cash, $1.5M in common shares, a 2% royalty, and up to $14M in performance-based milestones, with the founder Saleem Drera joining Energy Fuels as VP of Radioisotopes, Radiological Systems, and Intellectual Property. Post-acquisition, RadTran's technology is integrated into Energy Fuels' White Mesa Mill in Utah—the only conventional uranium mill operating in the United States—with commercial-scale production of Ra-226 and potentially Ra-228 targeted for 2026–2028, contingent on engineering completion, offtake agreements, and regulatory approvals.

Name

RadTran

Legal name

RadTran LLC

Website

https://radtran.com

Company type

Private

Founded year

2012

Operating status

Acquired

Headcount range

1–10 employees

Short description

RadTran is a nuclear technology company that developed the patent-protected IsoCap-AA process for extracting medical radioisotopes (Ra-224, Ra-226, Ac-225, Pb-212, Bi-213) from thorium and uranium mining byproducts to supply pharmaceutical companies developing targeted alpha therapies for cancer. Acquired by Energy Fuels in August 2024.

Ownership category

akta.pro rank

Product category

Medical Isotope Production

NAICS

Pharmaceutical and Medicine Manufacturing (3254)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)

akta.pro secondary industries

Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA), Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)

Keywords

• Medical isotope production
• Radioisotope separation
• Targeted alpha therapy
• Nuclear medicine supply
• Thorium processing technology

Headquarters

HQ city

Centennial

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Medical Isotope Sales: Sale of produced radium isotopes (Ra-226, Ra-228) and derived medical isotopes (Ac-225, Pb-212, Bi-213) to pharmaceutical companies for use in targeted alpha therapies for cancer treatment. Revenue contingent on successful R&D, pilot production, and commercial-scale production at Energy Fuels' White Mesa Mill.
2. Technology Licensing and Royalties: Revenue from licensing proprietary isotope separation technology. The acquisition by Energy Fuels includes a 2% royalty on future revenues from the sale of produced radium. The company also holds patents for processing and separation of radioactive isotopes.
3. Government Grants and R&D Contracts: Revenue from SBIR Phase I grants (NIH/NCI) and STTR awards (DOE) supporting commercialization of isotope production processes. National Cancer Institute grant awarded September 2021; DOE STTR Phase I award received January 2020.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

RadTran develops and licenses patent-protected IsoCap-AA technology for the efficient extraction of medical radioisotopes (Ra-224, Ac-225, Ra-226, Ra-228, Pb-212, Bi-213) from naturally occurring stockpiles of Thorium-232 and Uranium-238. The company supplies these isotopes to pharmaceutical companies developing targeted alpha therapy (TAT) cancer drugs, addressing the critical global shortage of alpha-emitter isotopes needed for emerging cancer therapeutics.

Product overview

RadTran is a technology development company offering a portfolio of radioisotope separation technologies centered on its core IsoCap-AA patent-protected technology. The company provides specialized production services for medical radioisotopes used in Targeted Alpha Therapies (TAT) for cancer treatment, including Ra-224 from Th-232, Ra-226 from U-238, Ac-225/Bi-213 from Th-232, and Ac-225/Ra-225 from U-233 or Th-229. These offerings are designed to address the global shortage of alpha-emitter isotopes (Pb-212, Ac-225, Bi-213, Ra-224, Ra-223) critical for emerging cancer therapeutics.

Differentiator

Problem solved

Functional benefit

Products and services

• IsoCap-AA Technology Patent-protected isotope separation technology enabling efficient extraction of Ra-224 and Ac-225 from naturally occurring stockpiles of Thorium-232 (a natural waste byproduct of mining). The technology is licensed and sold to pharmaceutical and nuclear industry partners as a standalone offering.
• Ra-224 Production from Th-232 Concentration of Ra-224 isotope for emerging Pb-212/Bi-212 cancer therapies. Ra-224 is source material loaded onto generators for hospital delivery of Pb-212 to patients, with potential for direct administration via microspheres. Available to pharmaceutical companies and healthcare providers.
• Ra-226 Production from U-238 Concentration of Ra-226 from natural or depleted uranium for production of Ac-227 via neutron activation (parent of Ra-223) or Ac-225 via particle accelerator (p,2n) reaction. Sold to pharmaceutical companies and research institutions for use in cancer therapy and research.
• Ac-225/Bi-213 Production from Th-232 Concentration of Ra-228 from natural thorium for fabrication of neutron irradiation targets to produce Th-229, parent of medically attractive Ac-225 and Bi-213. Requires single neutron capture versus triple neutron capture for competing methods. Targeted at pharmaceutical companies developing TAT cancer drugs.
• Ac-225 and Ra-225 Production from U-233 or Th-229 Separation technology for extracting Ra-225 and Ac-225 from U-233 or Th-229 sources, simplifying Ac-225 acquisition with fewer steps, simplified extraction, and automation potential. Designed for pharmaceutical and nuclear industry customers.

Quantifiable outcome

• Dramatically lower cost production of medical isotopes compared to existing expensive methods
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Energy Fuels Inc.coreStrategic or Co-development Partner · 16 August 2024Energy Fuels acquired RadTran LLC in August 2024 for $1.5M cash + $1.5M in common shares + 2% royalty on future radium revenues, plus up to $14M in performance-based milestones. The acquisition combines Energy Fuels' White Mesa Mill processing capabilities and 40+ years of chemical separations experience with RadTran's IP and medical isotope expertise. RadTran's technology will be integrated into Energy Fuels' operations for commercial-scale production of medical isotopes for TAT cancer treatments.
• Energy Fuels Inc.coreStrategic or Co-development Partner · 29 July 2021Strategic Alliance Agreement established in July 2021 to evaluate feasibility of recovering Ra-226 and Ra-228 from existing uranium process streams at Energy Fuels' White Mesa Mill in Utah. This partnership preceded the 2024 acquisition and demonstrated successful collaboration on radioisotope recovery evaluation.
• SolvaysupportingTechnology or Integration · 1 July 2019Export License and End User Agreement with French government to exchange thorium held by Solvay. First shipment of thorium expected in early 2020 to support proof of concept and scalability testing for RadTran process. Experimental work conducted at Pacific Northwest National Laboratory.
• Pacific Northwest National Laboratory (PNNL)supportingStrategic or Co-development PartnerAll experimental work for DOE STTR award project being conducted at PNNL. Includes Ra-228 product proof of concept demonstration, Ra-228 to Th-229 conversion demonstration, and process scalability testing.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Curium Pharma: World's largest nuclear medicine manufacturer producing SPECT, PET, and therapeutic radioisotopes globally. Comparable as a broad incumbent in medical isotope manufacturing with overlapping pharmaceutical customers.
• Telix Pharmaceuticals: Commercial-stage radiopharmaceutical company with approved and pipeline diagnostic and therapeutic products. Comparable as a TAT-adjacent radiopharmaceutical developer and a likely offtake customer for medical isotopes.
• Lantheus Holdings: Established radiopharmaceutical company with diagnostic imaging agents and growing therapeutic pipeline. Comparable as a radiopharmaceutical customer/competitor and a likely end-user of medical isotopes RadTran produces.
• Cardinal Health (Nuclear Pharmacy Services): Operates the largest radiopharmaceutical distribution network in the US. Comparable as a downstream radiopharmacy/distributor in the medical isotope value chain RadTran supplies.
• Bayer (formerly Algeta): Through its Algeta acquisition, Bayer markets Xofigo (Ra-223 dichloride), the first commercially approved alpha-emitting radiopharmaceutical. Comparable as a major incumbent in radium-based TAT with established isotope supply chain.

Emerging players

• ARTBIO: Clinical-stage radiopharmaceutical company developing Pb-212-based targeted alpha therapies with proprietary isotope production capabilities. Comparable as an emerging Pb-212 producer and TAT developer.
• PanTera: Belgian joint venture between IBA and SCK CEN focused on large-scale production of actinium-225 (Ac-225) for targeted alpha therapy. Directly comparable as an emerging alpha-emitter producer addressing the same Ac-225 supply bottleneck RadTran targets.

Direct peers

• NorthStar Medical Radioisotopes: US-based medical isotope producer (Mo-99/Tc-99m) actively expanding into actinium-225 production. Comparable as a domestic US medical isotope manufacturer with overlapping pharmaceutical customer base and competing for the same supply gap.
• ITM Isotope Technologies: Munich-based radiopharmaceutical company producing medical radioisotopes including Lu-177 and emerging alpha-emitters for cancer therapy. Comparable as a vertically integrated medical isotope supplier serving pharmaceutical TAT programs.
• Orano Med: Subsidiary of Orano specializing in lead-212 (Pb-212) based targeted alpha therapy, using thorium-228/Ra-224 generator systems. Directly comparable as a Pb-212/Ac-225 therapeutic isotope producer with similar end-customers in TAT.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RadTran