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Photocure Announces new Commercial Strategy for Hexvix(R), the Innovative Product for Improved Detection of Bladder Cancer
Date:9/26/2011

improve patient outcomes.

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 commercialise Hexvix through its dedicated urology salesforce. Photocure retains the rights to the product in the Nordics and the US.  

Photocure will receive an upfront payment of EUR 6.5 million related to the successful completion of transition milestones, as well as double digit royalties on all sales and milestones on specific sales achievements.  In addition, Photocure will manufacture the product for Ipsen. In 2012 and 2013 Photocure will invest with Ipsen in marketing and sales programs to drive momentum and accelerate the sales growth of Hexvix. Detailed financial terms were not disclosed but are in line with standard industry agreements for a marketed product.

In the US, Photocure will commercialise Cysview through establishing its own operations. The target market in the US is concentrated and can be addressed with a niche salesforce. Photocure will leverage its knowledge and expertise in marketing and selling Hexvix in the Nordics where it has achieved greater than 30% market share, to maximise the potential of Cysview in the US market. Timing of launch is anticipated during the first quarter of 2012.

Kjetil Hestdal, President & CEO of Photocure, said:

"We are delighted to announce a new and focused commercial platform for our Hexvix brand. Our strategy is to build Photocure into a profitable specialty pharmaceutical company by maximising the potential of our products.  This is a major step forward in executing our strategy. Ipsen is an excellent partner with its strategic focus on uro-oncology and a dedicated salesforce. We believe this agreement, combined with establishing our own commercial operations in the US, will maximise the potential of Hexvix/Cysview and provide long term value for our shar
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SOURCE Photocure ASA
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