 This study aimed to develop a multimodal radiopharmaceutical consisting of superparamagnetic iron oxide nanoparticles, SBIOs, which can be used for both diagnostic and therapeutic purposes. The SBIOs were coated with PSMA617, a targeting molecule, and two Scandium radionuclides, 44 SC for positron emission tomography, PET, imaging and 47 SC for radionuclide therapy. The resulting bioconjugates were then tested against human prostate cancer cells, LNCP, PSMA plus cells, and PC3, PSMA cells. The results showed that the bioconjugates had high affinity and cytotoxicity towards the PSMA plus cells, but not the PSMA cells. Furthermore, the magnetic properties of the bioconjugates allowed them to be used in guide drug delivery driven by magnetic field gradients.