Nuclear at McMaster

What Nuclear at McMaster does

Nuclear Operations & Facilities (NOF) at McMaster University is an internal department of McMaster University (founded 1887, Hamilton, Ontario) that has operated the McMaster Nuclear Reactor (MNR) since 1959. The MNR is a 5 MW multi-purpose research reactor — Canada's most powerful research reactor and the nation's only major neutron source — and notably the only research reactor in the world that does not rely on government funding to operate. NOF holds the largest consolidated Canadian Nuclear Safety Commission (CNSC) licence in Canada and operates under International Atomic Energy Agency (IAEA) safeguards. Its facility portfolio extends beyond the reactor to the McMaster University Cyclotron Facility (16.5 MeV GE PETtrace), the McMaster Accelerator Laboratory (3 MV Van De Graaff, 1.25 MV Tandetron, microbeam), three Hotcell facilities, the High Level Laboratory Facility, the Centre for Neutron Activation Analysis, and the planned McMaster Intense Positron Beam Facility.

Commercially, NOF is the world's largest supplier of Iodine-125 (60% of global supply), a producer of Holmium-166 microspheres (QuiremSpheres) for liver cancer treatment via Terumo/AtomVie partnerships, and is expanding into next-generation isotopes including Lutetium-177 (via proprietary high-efficiency processing), Zirconium-89, Copper-67, Actinium-225, Lead-212, and Technetium-94m. The department's medical isotopes enable treatment of over 70,000 cancer patients annually worldwide. Revenue derives from three streams: commercial isotope production and sales to hospitals and radiopharmaceutical companies, research services and facility access for academic/industrial/government researchers, and government grants — including a $35M federal award (2023), $15.5M Ontario investment for 24/7 operations (2025), $6.8M Ontario capacity expansion grant, $47M CFI funding for the Canadian Neutron Beam Laboratory, and $500K from the Canadian Medical Isotope Ecosystem for the Scale-67 project.

NOF serves four research themes (Environment, Health, Materials, Nuclear) and pursues an international partnership strategy anchored by agreements with the Technical University of Munich (2021), King's College London (2024), and the Canadian Nuclear Isotope Council, alongside industry collaborators including Terumo, AtomVie, Quirem Medical, Astral Systems, Promation, and Westinghouse. Governance sits under the Vice-President, Research with dedicated nuclear leadership including the Associate Vice-President, Research (Nuclear), Assistant Vice-President, Research (Nuclear), and Director of Nuclear Operations & Facilities. NOF also runs the Canadian Nuclear Training Academy and the annual Next Generation in Nuclear Medicine workshop with King's College London, addressing workforce pipeline needs for the broader Canadian nuclear sector.

Name

Nuclear at McMaster

Legal name

McMaster University

Website

https://nuclear.mcmaster.ca

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

11–50 employees

Short description

Nuclear Operations & Facilities at McMaster University operates Canada's most powerful research reactor (5 MW) and a suite of nuclear facilities, producing medical isotopes that supply 60% of the world's Iodine-125 and treat 70,000+ cancer patients annually, while serving academic, industrial, and government research clients.

Ownership category

akta.pro rank

Product category

Nuclear Research and Medical Isotope Production Services

NAICS

Irradiation Apparatus Manufacturing (334517)

SIC

Services-Commercial Physical & Biological Research (8731), Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA)

akta.pro secondary industries

Research & Test Reactor Operations (Non-Commercial Power) (EUACADAH), Nuclear Materials Testing, Assay & Characterization Services (NDA/NDE, radiochemistry, materials analysis) (EUAKAIAL), Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC), Material Control & Accounting (MC&A) Systems & Auditing (inventory, measurements, records) (EUAKAJAD)

Keywords

• Medical isotope production
• Nuclear research services
• Radiopharmaceutical manufacturing
• Cancer treatment isotopes
• Neutron beam research

Headquarters

HQ city

Hamilton

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Medical Isotope Production and Sales: Produces and supplies medical isotopes including Iodine-125 (60% of world supply), Holmium-166, and other therapeutic and diagnostic isotopes to hospitals and medical facilities worldwide for cancer treatment.
2. Research Services and Facility Access: Provides access to nuclear research facilities for academic, industrial, and government researchers. Includes neutron activation analysis services, irradiation services, and specialized equipment access.
3. Government Funding and Grants: Receives government investment including Ontario's $15.5M for 24/7 operations and $6.8M for capacity expansion, federal funding for medical isotope ecosystem development, and Canada Foundation for Innovation grants.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Nuclear at McMaster operates the McMaster Nuclear Reactor (MNR), a 5 MW multi-purpose research reactor, and a suite of supporting nuclear facilities to produce medical isotopes (Iodine-125, Holmium-166, Lutetium-177, Zirconium-89, Copper-67, Actinium-225) and provide nuclear research services including neutron activation analysis, irradiation services, cyclotron-produced radiopharmaceuticals, and access to accelerators and hot cell facilities for academic, industrial, and government clients.

Product overview

Nuclear at McMaster is Canada's preeminent nuclear research institution operating a suite of world-class nuclear facilities anchored by the McMaster Nuclear Reactor (MNR), a 5 MW multi-purpose research reactor. The institution serves as a major supplier of medical isotopes for cancer diagnosis and treatment, providing therapies to over 70,000 patients annually. Key offerings include medical isotopes (Iodine-125, Holmium-166, Lutetium-177, Zirconium-89, Copper-67, Actinium-225) and finished medical products like QuiremSpheres for liver cancer treatment. The facility portfolio includes the McMaster University Cyclotron Facility, McMaster Accelerator Laboratory, Centre for Neutron Activation Analysis, and the Canadian Neutron Beam Laboratory. Services span isotope production, neutron activation analysis, and radiopharmaceutical manufacturing for research, industrial, and clinical applications.

Differentiator

Problem solved

Functional benefit

Brands

• McMaster Nuclear Reactor (MNR): Canada's most powerful nuclear research reactor, a 5 MW multi-purpose reactor providing neutrons for research and medical isotope production.
• Canadian Nuclear Training Academy
• Health Physics

Products and services

• Iodine-125 Medical isotope used for prostate and other cancer brachytherapy treatments. McMaster supplies 60% of the world's supply, treating over 70,000 cancer patients annually. Sold to hospitals and cancer treatment centers worldwide.
• QuiremSpheres Radioactive Holmium-166 microspheres used in Selective Internal Radiation Therapy (SIRT) for liver cancer treatment. The only commercially available microspheres containing Holmium-166; visualizable by SPECT and MRI. Irradiated and processed at McMaster for Terumo as legal manufacturer.
• Lutetium-177 Therapeutic medical isotope used in targeted radionuclide therapy for cancer treatment. Produced using McMaster's proprietary high-efficiency processing technology that achieves higher yields with lower waste than industry standard.
• Zirconium-89 Positron-emitting radioisotope incorporated into radiopharmaceuticals for diagnostic PET imaging. Can be attached to antibody-based drugs for targeted imaging of specific tissues.
• Copper-67 (Cu-67) Medical isotope used in targeted cancer therapies and clinical research. Scale-67 project aims to establish scalable Canadian production using fusion reaction-based process.
• Actinium-225 and Lead-212 Highly sought-after radioisotopes critical to new cancer treatments. Production being explored through partnership with Astral Systems using fusion-based production technology.
• Neutron Activation Analysis Services Non-destructive elemental analysis using neutron activation, supporting geochemistry, archaeology, and materials science applications. Uses automatic irradiation and counting systems with rabbit pneumatic system for short irradiations.
• Nuclear Research Facility Access Formal access to nuclear research facilities (reactor beam ports, hot cells, accelerators, cyclotron) for academic, industrial, and government researchers. Includes neutron activation analysis, irradiation services, and specialized equipment access.
• Canadian Nuclear Training Academy Programs Education programs, workshops, and training for graduate students and early career professionals in nuclear science, nuclear medicine, and reactor operations. Includes the annual Next Generation in Nuclear Medicine workshop providing hands-on training.

Quantifiable outcome

• 60% of world's Iodine-125 supply
• +3 more outcomes

Named customers8 records

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

29 partnerships are on record, tiered core and minor.

• Astral SystemscoreStrategic or Co-development Partner · 1 May 2026Partnership for production of Copper-67 (Scale-67 project, $500K CMIE funding) and exploration of Actinium-225 and Lead-212 production. Also collaborating on fusion reactor-based medical isotope production using Astral's Multi-State Fusion technology.
• Canadians for CANDUminorStrategic or Co-development Partner · 1 February 2026Signed MOU with CNIC at McMaster to strengthen Canadian nuclear ecosystem, particularly CANDU reactor technology and nuclear medicine.
• King's College LondoncoreStrategic or Co-development Partner · 1 April 2024Partnership to optimize production of Technetium-94m (94mTc) using cyclotron. Also hosts annual Next Generation in Nuclear Medicine workshop (June 2024 and 2025) providing hands-on training for graduate students and early career professionals.
• TerumocoreStrategic or Co-development Partner · 1 March 2023Partnership for manufacturing QuiremSpheres and QuiremScout medical devices for liver cancer treatment. McMaster irradiates microspheres and processes them in campus hot lab; Terumo is legal manufacturer. Partnership expanding to North American clinical trials.
• AtomVie Global Radiopharma Inc.coreStrategic or Co-development Partner · 1 March 2023CDMO operating specialized cGMP-compliant dispensing laboratory at McMaster for processing QuiremSpheres. Spinout from Centre for Probe Development and Commercialization (CPDC). Partnership strengthens supply chain for Holmium-166 medical isotope.
• Neutrons CanadacoreStrategic or Co-development Partner · 1 November 2022McMaster as founding member of not-for-profit governing Canada's neutron beam research infrastructure. $47M CFI-funded project led by Bruce Gaulin for national neutron beam user laboratory.
• Westinghouse Electric CanadaminorStrategic or Co-development Partner · 1 April 2022Discussions for collaboration in SMR research and development, particularly for eVinci micro-reactor program. McMaster to provide material testing capabilities and manufacturing support with novel materials.
• Canadian Advanced Manufacturing in Nuclear Alliance (CAMiNA)minorStrategic or Co-development Partner · 1 March 2022McMaster Professor Stephen Veldhuis appointed Program Chair. Alliance promotes advanced manufacturing technologies in Canadian nuclear industry and SMR development.
• Canadian Nuclear Safety Commission (CNSC)coreOthers · 1 March 2022Federal nuclear regulator licensing and inspecting all McMaster nuclear activities. Granted 10-year licence renewal (maximum extension) in 2014. Holds largest consolidated CNSC licence in Canada.
• Technical University of Munich (TUM)coreStrategic or Co-development Partner · 1 November 2021Strategic Partnership Agreement signed in November 2021 to advance nuclear research and education. Collaboration areas include radiopharmaceuticals, materials research, clean energy, nuclear safety and policy development. TUM Center for Nuclear Safety and Innovation visits McMaster to kick off research collaborations including reactor physics, BNCT, and Mo-99 extraction.
• PromationcoreStrategic or Co-development Partner · 1 July 2021MoU signed to commercialize McMaster's proprietary Lutetium-177 processing technology. Promation brings automation and manufacturing expertise for nuclear and radiopharmaceutical industries. Scale-67 project also involves Promation for fusion-based Cu-67 production equipment.
• Canadian Nuclear Isotope Council (CNIC)coreStrategic or Co-development Partner · 1 May 2018McMaster NO&F joined CNIC to advocate for Canada's leadership in radioisotope production. CNIC brings together industry, academia, and government stakeholders. New MOU signed with Canadians for CANDU in February 2026 at McMaster.
• Bruce PowerminorStrategic or Co-development Partner · 1 May 2018CNIC member organization, co-advocates for Canada's medical isotope supply chain resilience.
• CamecominorStrategic or Co-development Partner · 1 May 2018CNIC member organization, co-advocates for Canada's nuclear isotope leadership.
• Ontario Power GenerationminorStrategic or Co-development Partner · 1 May 2018CNIC member organization supporting national medical isotope ecosystem.
• Canadian Association of Nuclear MedicineminorStrategic or Co-development Partner · 1 May 2018CNIC member representing nuclear medicine practitioners.
• BWXTminorStrategic or Co-development Partner · 1 May 2018CNIC member organization in nuclear equipment and services.
• SNC-LavalinminorStrategic or Co-development Partner · 1 May 2018CNIC member organization providing engineering services.
• Fusion PharmaceuticalsminorStrategic or Co-development PartnerCPDC spin-off company at McMaster Innovation Park developing radiopharmaceuticals for cancer treatment, inspected by CNSC alongside CPDC.
• Clean Energy Materials Sorting and Recycling Research Initiative (CEMSR)minorStrategic or Co-development PartnerCollaboration between McMaster and Laurentis Energy Partners (LEP) to advance materials sorting and recycling for nuclear energy industry and waste management.
• Laurentis Energy PartnersminorStrategic or Co-development PartnerJoint research on clean energy materials sorting and nuclear waste management. LEP received first NSRD licence for CEMSR lab.
• McMaster Innovation Park (MIP)minorStrategic or Co-development PartnerLocation of Fusion Pharmaceuticals and CEMSR laboratory, enabling commercialization of nuclear medicine technologies developed at McMaster.
• Nuclear Innovation Institute (NII)minorStrategic or Co-development PartnerPartner in CNIC joint study on medical isotope supply chain resilience, led by Bruce Wallace, President and CEO.
• McMaster Manufacturing Research InstituteminorStrategic or Co-development PartnerWorld-class research facility supporting nuclear industry partners through advanced manufacturing capabilities and expertise.
• Stern LaboratoriesminorStrategic or Co-development PartnerPrivate corporation conducting reliability and safety experiments for nuclear reactor and fuel vendors, located in Hamilton.
• Canadian Medical Isotope Ecosystem (CMIE)coreStrategic or Co-development PartnerAccelerates R&D investment and collaboration for medical isotope innovation in Canada. $500K funding for Scale-67 Copper-67 project involving McMaster, Promation, and Astral Systems.
• Workshop Sponsors (Urenco, GE Healthcare, Bruce Power, CNIC, LabLogic)minorGTM or Marketing PartnerSponsors for Next Generation in Nuclear Medicine workshop providing hands-on training for young professionals.
• International Atomic Energy Agency (IAEA)coreOthersIAEA inspectors conduct design information verification and physical inventory checks at MNR to ensure compliance with non-proliferation treaties.
• Quirem MedicalcoreStrategic or Co-development PartnerStrategic partnership for production of QuiremSpheres using Holmium-166. McMaster became first North American producer; now acquired by Terumo Corp.

Scale indicators14 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Bruce Power: Operating CANDU power reactors in Ontario and a growing medical isotope program (Lu-177 production via isotope production system). Comparable as a Canadian nuclear operator producing therapeutic isotopes, though primarily a commercial power generator rather than research-focused.
• Idaho National Laboratory: U.S. Department of Energy national laboratory operating the Advanced Test Reactor and conducting nuclear materials research, ATR-based isotope production, and SMR development support. Comparable as a multi-reactor research institution with isotope production and advanced reactor R&D mandate.
• Curium Pharma: One of the world's largest nuclear medicine companies, producing and distributing medical isotopes globally including Mo-99/Tc-99m, I-131, and Lu-177. Comparable as a medical isotope producer serving hospitals worldwide, but operates as a commercial enterprise across multiple production sites rather than a single research reactor.
• Nordion (Sotera Health): Major medical isotope supplier historically tied to the NRU reactor at Chalk River, now part of Sotera Health. Comparable as a medical isotope distributor serving global hospital networks, though now operates more as a logistics/processing platform than a reactor operator.

Regional players

• Australian Nuclear Science and Technology Organisation (ANSTO): Operates the OPAL multi-purpose research reactor in Australia, producing Mo-99, I-131, and other medical isotopes for Asia-Pacific markets. Comparable as a national research reactor operator with medical isotope production serving hospitals, but geographically focused on the Asia-Pacific region rather than North America/Europe.

Emerging players

• ITM Isotope Technologies Munich: German radiopharmaceutical company producing Lu-177 and other therapeutic isotopes, with McMaster's Technical University of Munich (TUM) partnership as a related research counterparty. Comparable as a specialized Lu-177 and emerging theranostics producer competing for the same therapeutic isotope market.
• SHINE Medical Technologies: U.S. company using fusion-based neutron source technology to produce Mo-99 and other medical isotopes, competing with reactor-based suppliers. Comparable as a next-generation medical isotope producer using novel production technology (fusion neutrons vs fission), analogous to McMaster's Astral Systems fusion partnership.

Direct peers

• TRIUMF: Canada's particle accelerator centre at UBC, operating cyclotrons for medical isotope production (notably F-18 and other PET isotopes) and nuclear research. Comparable as a Canadian academic nuclear facility with cyclotron-based isotope production serving hospitals and researchers.
• Canadian Nuclear Laboratories (CNL): Operates Chalk River Laboratories including the ZED-2 research reactor and is Canada's other major nuclear science facility. Directly comparable as a Canadian nuclear research institution with reactor operations, medical isotope work, and CNSC licensing, though CNL is federally owned rather than university-based.
• Oak Ridge National Laboratory: Operates the High Flux Isotope Reactor (HFIR) and produces medical isotopes including Cf-252 and various radioisotopes. Directly comparable as a major research reactor operator with neutron activation analysis, isotope production, and broad nuclear research portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/McMasterNuclear
• YouTubeyoutube.com/channel/UC2I2h5a73IMRlnyvOMIJsBg
• Facebookfacebook.com/mcmasteruniversity
• LinkedInlinkedin.com/company/nuclear-mcmaster
• Instagraminstagram.com/mcmasteru

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Nuclear at McMaster