Photocure receives a grant of NOK 4.3 mill from the Norwegian Research Counsel

Published: 13 February 2009Product AnnouncementsFinancial Investment & Stock
Oslo, Norway, 13 February 2009.

Photocure was rewarded NOK 4.3 mill (~€ 0.5 mill) over 3 years from the BIA program of the Norwegian Research Counsel (NFR). The BIA program supports highly innovative projects that create value to both the company and society. Photocure has received funding for the project "Development of a drug and light source for photodynamic therapy (PDT) of precancerous lesions of the cervix".

Photocure plans to develop a product for treatment of abnormal cervical cells caused by persistent virus infection (HPV). Severe cellular abnormalities may develop into cervical cancer if not treated in time. Today's surgical therapy increases the risk of bleeding, infections and preterm labour in later pregnancies, which is avoided with the use of PDT. The PDT technology also has potential use in treatment of virus infections with mild cervical abnormalities.

The BIA funding will be used to develop a patented combination product that will simplify the PDT-procedure significantly. The research project will use existing knowledge acquired by Photocure during previous development of Cevira, followed by investigational clinical studies.

Dr. Kjetil Hestdal, President and CEO of Photocure, comments: "The funding from NFR is important for Photocure. The support gives financial backing in a critical phase of the Cevira project. The BIA program is important for innovative projects like Cevira, with a high market potential, to succeed. We are pleased that a competent third party like NFR shares our view that photodynamic therapy is an important part of medical technology for the future".

For further comments, contact:
Photocure ASA                                                          
Kjetil Hestdal, President & CEO (
Mobile: +47 913 19 535
Christian Fekete, CFO (
Mobile: +47 916 42 938

Photocure ASA is a Norwegian pharmaceutical company listed on Oslo Stock Exchange. The company develops and sells pharmaceuticals and medical devices for the treatment and diagnosis of different types of cancer. The products are based on proprietary photodynamic technologies, targeting specific dermatology and oncology markets.
Photocure has currently two pharmaceutical products on the market: Metvix®, for the treatment of sun-damaged skin and certain types of skin cancer, and Hexvix®, for the diagnosis of bladder cancer. In addition, the company has developed a proprietary light source, the Aktilite® lamp, which is used in combination with the Metvix cream. Through worldwide studies, Photocure is continuously testing its products for new indications, and the aim is to develop a pipeline of follow-on products and technologies.

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