Oslo, Norway, January 2, 2012: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces today that it has received a payment of US$4.5M from Salix Pharmaceuticals, Inc. (NASDAQ:SLXP) regarding development of Lumacan® to date and the commitment to continue the development.
Lumacan is a photodynamic colorectal diagnostic intended to significantly improve the detection of precancerous and cancerous lesions in the colon through fluorescence diagnosis. Photocure signed a strategic global agreement with Salix for the development and commercialization of Lumacan in October 2010. The collaboration with Salix is progressing well.
Salix is currently developing an optimal oral formulation of Lumacan to be used in clinical studies. During the third quarter of 2012 Salix initiated an exploratory study designed to evaluate fluorescence kinetics of Lumacan following enema administration. The oral prototypes are planned to be introduced into clinical trial in 2013.
Kjetil Hestdal, President and CEO of Photocure, said: "Given its successful expertise and experience in developing and marketing treatments for gastrointestinal diseases, Salix is an excellent partner to take Lumacan to the market. We look forward to continuing the collaboration with Salix on the future development of Lumacan."
For further information, please contact:
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: email@example.com
CFO Erik Dahl
Tel: +47 50 55 000, Email: firstname.lastname@example.org
Mary Clark, Amber Bielecka, Hollie Vile
Tel: +44 207920 2361, Email: email@example.com
Notes to editors
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.
About Photocure ASA
Photocure, 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.
All trademarks mentioned in this release are protected by law and registered trademarks of Photocure.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).
About Salix Pharmaceuticals, Inc.
Salix Pharmaceuticals, Inc., headquartered in Raleigh, North Carolina, USA develops and markets prescription pharmaceutical products for the prevention and treatment of gastrointestinal diseases. Salix's strategy is to in-license late-stage or marketed proprietary therapeutic drugs, complete any required development and regulatory submission of these products, and market them through the Company's gastroenterology specialty sales and marketing team.
Salix also markets Xifaxan® (rifaximin tablets 200mg and 550mg ), MOVIPREP® (PEG 3350, Sodium Sulfate, Sodium Chloride, Potassium Chloride, Sodium Ascorbate and Ascorbic Acid for Oral Solution), OSMOPREP® (sodium phosphate monobasic monohydrate, USP and sodium phosphate dibasic anhydrous, USP) Tablets,), VISICOL® (sodium phosphate monobasic monohydrate, USP, and sodium phosphate dibasic anhydrous, USP) Tablets, APRISO(TM) (mesalamine) extended-release capsules 0.375 g., METOZOLV® ODT (metoclopramide HCl), PEPCID® (famotidine) for Oral Suspension, Oral Suspension DIURIL® (Chlorothiazide), AZASAN® Azathioprine Tablets, USP, 75/100 mg, ANUSOL-HC® 2.5% (Hydrocortisone Cream, USP), ANUSOL-HC® 25 mg Suppository (Hydrocortisone Acetate), PROCTOCORT® Cream (Hydrocortisone Cream, USP) 1% and PROCTOCORT® Suppository (Hydrocortisone Acetate Rectal Suppositories) 30 mg. Budesonide foam, crofelemer and rifaximin for additional indications are under development.
For full prescribing information, including BOXED WARNINGS for VISICOL, OSMOPREP and METOZOLV, on Salix products, please visit www.salix.com or contact the Company at 919 862-1000.
Salix trades on the NASDAQ Global Select Market under the ticker symbol "SLXP."
For more information please visit the web site www.salix.com . Information on the web site is not incorporated in Salix' SEC filings.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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Source: Photocure ASA via Thomson Reuters ONEHUG#1667691