PhotoCure - US option for Hexvix exercised by GE Healthcare
Oslo, Norway, July 31, 2006 - PhotoCure ASA (OSE:PHO) today announces that GE Healthcare, PhotoCure's licensing partner for Hexvix, has declared the option to licence Hexvix for the US market. This is an extension of the agreement signed earlier this year that afforded GE Healthcare exclusive global rights outside of the Nordic region to market and distribute PhotoCure's product Hexvix. PhotoCure continues to be responsible for manufacturing and Nordic distribution of the product.
By declaring the option, GE Healthcare gets the right to market and sell Hexvix in the US. A payment of 9 million is attached to declaring the option. This is included in the total milestones of 28 million for the Hexvix licensing agreement.
The US licence is subject to government approvals related to competition law in the US.
President and CEO of PhotoCure, Kjetil Hestdal comments: "I am very impressed by GE Healthcare's marketing and sales organization in Europe and look forward to GE Healthcare marketing Hexvix also for the US market."
For further information, contact:
President and CEO Kjetil Hestdal
E-mail: kh@photocure.no
Mobile: +47 913 19 535
Office: +47 22 06 22 10
CFO Christian Fekete
E-mail: cf@photocure.no
Mobile: +47 916 42 938
Office: +47 22 06 22 10
www.photocure.com
PhotoCure ASA is a Norwegian pharmaceutical company listed on Oslo Stock Exchange. The company develops and sells pharmaceuticals and medical devices for the treatment and diagnosis of different types of cancer. The products are based on proprietary photodynamic technologies, targeting specific dermatology and oncology markets.