PHOTOCURE ANNOUNCES BIOSYENT AS EXCLUSIVE PARTNER FOR CYSVIEW® IN CANADA
Oslo, Norway, 19 August, 2015: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies, announces today the appointment of BioSyent Pharma Inc. as their exclusive distributor for the commercialization of Cysview in Canada. Cysview®/Hexvix® is Photocure's flagship product to aid in the diagnosis and management of bladder cancer.
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:
Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: kh@photocure.no
CFO Erik Dahl
Tel: +47 450 55 000, Email: ed@photocure.no
About Photocure ASA
Photocure ASA, headquartered in Oslo, Norway, is a specialty pharmaceutical company and world leader in photodynamic technology. Based on our unique proprietary Photocure Technology® platform, Photocure develops and commercializes highly selective and effective solutions in disease areas with high unmet medical need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal cancer and skin conditions. Our aim is to provide solutions that can improve health outcomes for patients worldwide. Photocure is listed on the Oslo Stock Exchange (OSE: PHO). Information about Photocure is available at www.photocure.com.
About Hexvix®/Cysview®
Hexvix®/Cysview® (hexaminolevulinate hydro-chloride) is an innovative breakthrough technology in the diagnosis and management of non-muscle-invasive bladder cancer. It is designed to selectively target malignant cells in the bladder and induce fluorescence during a cystoscopic procedure using a blue-light enabled cystoscope. Using Hexvix®/Cysview® as an adjunct to standard white-light cystoscopy enables the urologist to better detect and remove lesions, leading to a reduced risk of recurrence. Hexvix®/Cysview® is approved in Europe, Canada and the USA.
About BioSyent Pharma Inc
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them. Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
All trademarks mentioned in this release are protected by law and are registered trademarks of Photocure ASA.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)