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Norway : Main content Photocure provides an update on Lumacan partnership.

Photocure ASA, 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 development to 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.

2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

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Publication:Mena Report
Date:Aug 20, 2014
Words:180
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