Oslo, Norway, 18 August 2014: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces today that Photocure and Salix Pharmaceuticals (Salix) have agreed to terminate the global licensing agreement for Lumacan®, which is in early stage development to increase the detection rate of colorectal cancer through photodynamic diagnosis.
Following the proposed merger agreement between Salix and Cosmo Pharmaceuticals S.p.A. (“Cosmo”), under which Salix will combine with Cosmo Technologies Limited, a subsidiary of Cosmo, Photocure has agreed the termination under the following terms: Photocure will receive a payment of US$ 5M from Salix and will regain the global rights and all intellectual property to Lumacan.
Photocure entered into a development and commercialization agreement with Salix in 2010, granting Salix an exclusive global license for Lumacan.
Kjetil Hestdal, President and CEO of Photocure, said: “We believe Lumacan has the potential to deliver clinically meaningful improvement in the battle against colorectal cancer. We are now evaluating all options to secure the further development and optimal value for Lumacan.”
For further information, please contact:
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: firstname.lastname@example.org
CFO Erik Dahl
Tel: +47 450 55 000, Email: email@example.com
Mary Clark, Hollie Vile, Supriya Mathur
Tel: +44 20 3440 5653, Email: firstname.lastname@example.org