Under the terms of the agreement, Photocure will receive up to USD 1,000,000 in milestone payments for the rights to Cysview in the territory, which includes USD 650,000 upon signing of the agreement.
BioSyent Pharma will fund all costs related to the launch and commercialization of Cysview, which was approved by Health Canada in January 2015. The market potential in the territory is estimated to be similar to the potential in the Nordics, where Photocure commercializes Hexvix with its own sales team.
Kjetil Hestdal, President & CEO of Photocure, said: "We are pleased to have secured BioSyent Pharma as our new commercialization partner in Canada with their market position within urology and their strong and experienced team. We are happy to report that Hexvix/Cysview commercialization is progressing well and we continue to expand into new territories to ensure patients and urologists have access to the most optimal treatment for the diagnosis and management of bladder cancer.”
René Goehrum, President & CEO of BioSyent, said: “We are delighted to partner with Photocure to commercialize an innovative product such as Cysview for Canadian patients and health care professionals. This product has clearly demonstrated that it can improve patient lives. Furthermore, Cysview fits well with our existing urology business.”
For further information, please contact:
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: email@example.com
CFO Erik Dahl
Tel: +47 450 55 000, Email: firstname.lastname@example.org