PhotoCure - GE Healthcare has 60 days to exercise US option for Hexvix®
Oslo, Norway, May 31st, 2006 - PhotoCure ASA (OSE:PHO) today announces that the company has notified GE Healthcare that the conditions for the US option in the licensing agreement for Hexvix® are fulfilled. GE Healthcare now has 60 days to declare the option.
If GE Healthcare exercises the option they get the right to market and sell Hexvix in the US. An undisclosed milestone payment is attached to declaring the option. This is included in the total milestones of 28 million for the Hexvix licensing agreement.
The option is subject to government approvals related to competition law in the US.
President and CEO of PhotoCure, Kjetil Hestdal comments: "I am pleased that PhotoCure has fulfilled the conditions for the US option and secured freedom to operate in the US. I am very impressed by GE Healthcare's marketing and sales organization and welcome the opportunity to offer GE Healthcare Hexvix also for the US market."