Oslo, Norway, January 12th, 2010 - Photocure ASA (OSE:PHO) today announces that Hexvix® has received reimbursement of Hexvix in Germany.
This approval triggers a milestone payment of € 0.5 million from GE Healthcare who holds exclusive global rights outside of the Nordic region to market and distribute Photocure's product Hexvix. Previously, Photocure has received similar milestone payments in France, Italy and Spain from GE Healthcare.
Since 2007, Hexvix has been sold in Germany under a preliminary price and reimbursement system for "New Examination and Treatment Methods" (NUB). The German Institute for the Hospital Remuneration System (InEK) has now issued a final DRG code covering fluorescence guided transurethral resections of the bladder cancer (TURB) with Hexvix. This code has been established in addition to the DRG code covering transurethral resection only. The new established procedural code for Hexvix leads to a difference of 542 € in reimbursement when Hexvix is used.
The achievement of a hospital reimbursement code in such a short timeframe is historical precedence for the Diagnosis-Related Group System (DRG system) in Germany. This reflects the acceptance of medical and health economic benefits which Hexvix provides to the bladder cancer patients and health care providers. Especially, Hexvix has through several phase 3 studies shown significant improvement in detection of bladder cancer that relates to reduced recurrence of bladder cancer and improved patient management.
Outside Germany, Hexvix is also reimbursed in France, Spain, Denmark, Belgium and Greece.
President and CEO of Photocure, Kjetil Hestdal comments: "Obtaining this important reimbursement in the single most important country for Hexvix, demonstrates the medical acceptance and health economic benefits of Hexvix."
One of Europe's leading urologists, Priv-Doz. Dr Dirk Zaak, Urology Clinic Traunstein and Urology Department University Clinic Munich comments, "This new DRG-code is a confirmation of the medical need for improved detection and management of bladder cancer. The use of Hexvix cystoscopy has been included in the European guidelines and several national guidelines and will be the new gold standard for bladder cystoscopy"
About PhotocurePhotocure is a Norwegian pharmaceutical company listed on the Oslo Stock Exchange (OSE: PHO). The company develops and sells pharmaceuticals and medical devices for the photodynamic treatment and diagnosis of cancer and selected dermatology indications. Photocure's commercial activities includes own marketing and sales in selected markets as well as out-licensing on a regional or global basis prior to phase III. Photocure has one proprietary pharmaceutical product on the market: Hexvix®, for the diagnosis of bladder cancer. Hexvix is approved in EU. In addition, the company has developed a proprietary light source, which is used in combination with the Visonac(TM) 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 based on the Photocure Technology(TM)platform. For more information about Photocure, visit our website at www.photocure.com.
Photocure®, the Photocure logo and Hexvix® are registered trademarks of Photocure ASA.
For further information, contact:
Attn. Kjetil Hestdal (President and CEO) or Christian Fekete (CFO)
Kjetil Hestdal mobile +47 913 19 535 - Christian Fekete mobile +47 916 42 938
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)