IPO is significantly oversubscribed
We are very pleased that this transaction was so well received in the market, both in terms of the total demand, geographical spread and investor quality, says President and CEO Vidar Hansson. This is an important step forward for PhotoCure and enables us to increase our efforts in developing new products for cancer diagnostics and therapy adds Vidar Hansson.
PhotoCure shares are expected to commence trading on the Oslo Stock Exchange on May 29, 2000 under the symbol, PHO. The offering is managed by Deutsche Bank AG, Fondsfinans ASA, Carnegie ASA and Christiania Markets. The managers have been granted an over-allotment option for up to 230,000 additional shares to be issued by PhotoCure ASA, exercisable for 30 calendar days after the date of the listing of the shares on the Oslo Stock Exchange.
PhotoCure ASA is a Norwegian pharmaceutical company founded in 1993. PhotoCure ASA develops products for photodynamic therapy (PDT) and diagnosis of cancer. PDT is a two step process involving the application of a drug known as a photosensitiser followed by exposure to light which activates the drug. All of the companys products are based on proprietary technology from the Norwegian Radium Hospital, the largest comprehensive cancer centre in Northern Europe. PhotoCure has completed final registration studies (phase III) with its first products, Metvix® and Curelight in Europe for actinic keratosis (pre-cancerous skin lesion), and the company filed its first application for marketing approval in Europe in early May 2000. Pivotal clinical studies in non-melanoma skin cancer (basal cell carcinoma, BCC) are ongoing.
Oslo, Norway May 22, 2000