PhotoCure - New Agreement Signed with the Norwegian Radium Hospital Research Foundation
Oslo, 25 February 2003
Today, PhotoCure ASA announces that the company has signed a new, three-year research collaboration agreement with the Norwegian Radium Hospital Research Foundation. The agreement replaces a similar three-year agreement, which is now expired.
The new collaboration agreement reflects the close collaboration between PhotoCure and the researchers at the Norwegian Radium Hospital. Through research grants, the collaboration agreement assures PhotoCure first right of refusal to new inventions made by the hospital researchers. The agreement covers photodynamic therapy and diagnostics, and, at the end of the three year period, PhotoCure has the right to extend the agreement with two years.
In addition, PhotoCure ASA´s subsidiary, PCI Biotech AS, has signed a similar agreement with the Radium Hospital Research Foundation. This agreement gives PCI Biotech first right of refusal to new technology regarding delivery of large molecules to intracellular targets developed by the researchers at the Norwegian Radium Hospital.
Professor Vidar Hansson, President and CEO of PhotoCure, says in a comment: "Our existing products are, to a large extent, based on patent applications from researchers at the Radium Hospital. We still believe that new research and good product ideas will emerge from the competent light and chemistry research group at the Radium Hospital, and we are pleased to remain in a position where we can develop these new inventions commercially."
Jónas Einarsson, Managing Director at the Radium Hospital Research Foundation, adds: "We are pleased to see that the good cooperation between PhotoCure and the researchers at the Norwegian Radium Hospital will continue. This type of work permits good research results at the hospital to be developed into final products that can be used to the benefit of the patients."