Oslo, Norway, 1 October 2012: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces today that it has made the strategic decision to exit its Allumera® cosmetic dermatology business in the US.
Allumera was in a highly competitive market and despite the product being supported by an experienced dedicated dermatology team, it has not delivered the growth potential that Photocure had expected. Photocure intends to support current Allumera customers through a customer service center for the remainder of the year.
Photocure remains committed to developing products in dermatology and has recently reported exciting Phase 2b results on its lead asset Visonac® (methyl aminolevulinate), under development as a treatment for moderate to severe acne. Preparations are continuing for Visonac entering Phase 3 clinical trials in 2013.
Kjetil Hestdal, President & CEO of Photocure, commented, "Due to the limited growth seen from Allumera we have taken the strategic decision to exit this business. We have built excellent contacts with dermatology specialists in the US who are very excited about Visonac and its potential. We will strengthen and expand these relationships as we progress the clinical development of this promising product. Our focus continues to be on developing a strong portfolio of innovative products to address the cancer and dermatology markets and we look forward to reporting the Phase 2b results of Cevira in the fourth quarter and the start of Phase 3 clinical trials for Visonac early next year."
The restructuring costs relating to the closure of Allumera business are estimated to be approximately NOK 4 million. The restructure is expected to be completed by end of 2012.
For further information, please contact:
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: email@example.com
Mary Clark, Amber Bielecka, Hollie Vile
Tel: +44 207920 2361, Email: firstname.lastname@example.org
About Photocure ASA
Photocure ASA is a worldwide leader in photodynamic technology. Listed on the Oslo Stock Exchange (OSE: PHO), Photocure is focused on photodynamic technologies in dermatology and cancer. The company strives to solve unmet needs by developing new and innovative solutions based on its patented Photocure Technology(TM). Photocure markets and sells its own products in selected markets and has developed strong partnerships with leading pharmaceutical companies on a regional and global basis. Photocure's bladder cancer diagnostic product, Hexvix/Cysview is approved in Europe and the US. Setting new standards for diagnosis and treatment of several different conditions, Photocure Technology(TM) is continuously being tested for new products and applications in cancer and dermatology.
Visonac®, Allumera®, Photocure® and Hexvix®/Cysview®are registered trademarks of Photocure ASA. For more information about Photocure, visit www.photocure.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
--This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Photocure ASA via Thomson Reuters ONEHUG#1645308