Printer Friendly

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 ( Provided by SyndiGate Media Inc. ( ).

COPYRIGHT 2014 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Aug 20, 2014
Previous Article:Norway : STATOIL launches its first new regional oil platform in nine year.
Next Article:Norway : Interns reflect on time in Hydro.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters