Important commercial alliance for PhotoCure ASA
PhotoCure is developing medicinal products for several types of cancer. The company is to be listed on the stock exchange within 12 months. It has now made a very important alliance with the British company Penn Pharmaceuticals concerning production of PhotoCures first product (Metvix®) during commercial phace.
An agreement concerning production of Metvix® during commercial phase with Penn Pharmaceuticals is for PhotoCure a very important milestone. Penn Pharmaceuticals has from the beginning collaborated with PhotoCure concerning pharmaceutical development of Metvix®. Also for that reason, it is very satisfactory that this British pharmaceutical company wishes to continue its collaboration with PhotoCure says Vidar Hansson, CEO in PhotoCure. The agreement is valid for 10 years and contains also intentions for research and development collaboration for new products from PhotoCure. The fact that PhotoCure to a great extent operates via subcontractors by outsourcing, is both cost effective and gives PhotoCure large flexibility says Vidar Hansson further.
Penn Pharmaceuticals is a highly specialised and competent pharmaceutical company within production of medicinal products and particularly new ethical drugs for clinical studies. The chairman for the Board of Directors in Penn Pharmaceuticals, Roger S. Jones, states that Penn appreciates very much PhotoCures wish to continue its collaboration with Penn and consider this contract concerning production of Metvix® as a declaration of confidence.
The market potential for Metvix® in EU and USA is in the order of 3 billion NOK.