PhotoCure has signed a production agreement with Hydro
As an incentive the first years to produce necessary volumes of active ingredients for PhotoCure, the agreement provides for Hydro, on certain conditions, to be granted warrants to subscribe for up to 400,000 shares in PhotoCure at a price of NOK 32.50 per share. A non-compounding interest of 15% per annum of NOK 32.50 shall be added to the subscription price. An extraordinary general meeting will be held on the 22nd of September, at which it will be proposed to grant warrants to Hydro in accordance with the signed production agreement.
Subject to the general meeting granting warrants to Hydro, PhotoCure is secured supplies of the active ingredient in Metvix® on acceptable terms. I am very pleased that Hydro is willing to produce pharmaceutical fine-chemicals for PhotoCure. With this agreement PhotoCure can be assured that strict documentation- and quality requirements for pharmaceutical development and production will be followed, says CEO Vidar Hansson.