Photocure provides an update on Lumacan partnership
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 developmentto 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:
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
Hume Brophy
Mary Clark, Hollie Vile, Supriya Mathur
Tel: +44 20 3440 5653, Email: photocure@humebrophy.com
Notes to editors
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(TM) platform, Photocure develops and commercializes highly selective and effective solutions within 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 which 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 Lumacan®
Lumacan is being developed to increase the detection rate of polyps and colorectal cancer through fluorescence diagnosis. Colorectal cancer is traditionally diagnosed through colonoscopies (visual examination) with white light. The market for colonoscopies is growing as a result of extensive patient screening programs in Europe and USA. In the US, it is estimated that approximately 14 million colonoscopies are being carried out annually for screening of colorectal cancer. At the same time, it is increasingly being recognized that standard white-light colonoscopy has considerable limitations when it comes to optimal detection of colorectal cancer.