Photocure announces the achievement of the second transition milestone of EUR 1.5 million for Hexvix

07-Mar-2012 - Norway

PhotoCure ASA announced the achievement of the second manufacturing transition milestone from Ipsen, its new strategic partner for commercializing Hexvix worldwide, excluding the US and Nordic region. This triggers a payment of EUR 1.5 million. Hexvix is Photocure’s flagship product to aid in diagnosing bladder cancer.

On 27 September 2011 Photocure and Ipsen announced a new strategic collaboration for the commercialization of Hexvix. In accordance with the agreement with Ipsen, Photocure received EUR 1.5 million upon signing and will receive a total of EUR 5 million in manufacturing transition milestone payments.

Photocure has successfully completed the second manufacturing transition milestone which triggered a EUR 1.5 million payment. This follows the EUR 2.0 million received on completion of the first transition milestone announced on 11 October 2011. The total manufacturing milestones Photocure has achieved to date is EUR 3.5 million.

Photocure will receive the remaining EUR 1.5 million upon achievement of the final manufacturing transition milestone. Additionally Photocure will receive double digit royalties on all sales, milestones on specific sales achievements and will manufacture the product for Ipsen.

In the new partnership, Ipsen will be responsible for marketing and selling Hexvix worldwide, excluding the US and Nordic region. Ipsen has a strong and well established uro-oncology franchise and will commercialize Hexvix through its dedicated urology salesforce.

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