Algeta Results for the Third Quarter 2009
(Thomson Reuters ONE) - Oslo, Norway, 13 November 2009 - Algeta ASA (OSE: ALGETA), the cancertherapeutics company, today announces its results for the thirdquarter 2009. An international conference call will take place todayat 14:30 CET (details below).Highlights of the third quarter 2009: * Transformational deal signed with Bayer for development and commercialization of Alpharadin for bone metastases: * Potential deal value of USD 800 million (EUR 560m*) in milestones plus tiered double digit royalties * USD 61 million (EUR 42.5m) cash upfront, followed by development and sales milestones * Co-promotion and profit-sharing option retained in USA for Algeta * Algeta and Bayer will jointly develop Alpharadin, with Bayer contributing a substantial majority of future development costs. * New phase II data presented at ECCO 15 - 34th ESMO Congress in September reinforces the potential of Alpharadin to become the first choice treatment for bone metastases in cancer patients. * Patient recruitment into the ALSYMPCA phase III trial with Alpharadin remains on track. US clinical centers poised to begin recruiting in Q4 2009. * Dr. Gillies O'Bryan-Tear appointed Chief Medical Officer on 24 July bringing more than 20 years' experience in senior roles managing and advising on the clinical development and registration of new drugs.Key financials: * Revenue of NOK 7 million, primarily representing a share of the upfront payment from the Bayer deal. * Operating expenses for the third quarter 2009 amounted to NOK 51 million compared with NOK 39 million in the third quarter 2008. * Liquid funds amounted to NOK 558 million as of 30 September 2009, compared to NOK 293 million at the end of June 2009.Commenting on today's results, Andrew Kay, Algeta's President andCEO, said: "The third quarter has been a very exciting and successfulperiod for Algeta. The global partnering deal with Bayer forAlpharadin has provided us with financial resources to bringAlpharadin to market with a world-class partner that will helpmaximize sales around the world as a potential first choice treatmentfor bone metastases. We also have an opportunity to share directly inAlpharadin's blockbuster potential in the US by establishing our owncommercial organisation in this substantial market. This deal willenable Algeta to transform into a cancer-focused specialtypharmaceutical company, developing new targeted cancer therapiesbased on its alpha-pharmaceutical platform, with the potential todeliver significant value for shareholders. We are looking forward toan exciting future for the company."* Upfronts, milestones and royalty payments according to theagreement between Bayer and Algeta will be in EUR. USD amountsprovided in this release have been translated at 1 Euro: USD 1.43International conference callA conference call for analysts, investors and press will take placetoday at 14:30 CET.To participate in the conference call, please dial the appropriatenumber below:800 80 119 (in Norway)+47 23 00 04 00 (from abroad)The results report and the presentation will be made available onwww.algeta.com in the Investors section from 08:00 CET.To access the replay, please dial +47 6789 4091. Enter account no.1428 followed by #, then press 1, conference no. 428 followed by #.Press 1 to play. A replay version of the conference call will also beavailable at www.algeta.com. ###For further information, please contactAndrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)ÿystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob) post(at)algeta.comInternational media enquiries: +44 207 638 9571Mark Swallow/Helena Galilee/David mark.swallow(at)citigatedr.co.ukDibleCitigate Dewe RogersonUS investor enquiries: +1 646 378 2928Jessica Lloyd jlloyd(at)troutgroup.comThe Trout GroupAbout AlgetaAlgeta ASA is a cancer therapeutics company built on world-leading,proprietary technology. Algeta is developing a new generation oftargeted cancer therapeutics (alpha-pharmaceuticals) that harness theunique characteristics of alpha particle emitters and are potent,well-tolerated and convenient to use.Algeta's lead alpha-pharmaceutical candidate, Alpharadin (based onradium-223), has blockbuster potential for treating bone metastasesarising from multiple major cancer types, owing to its bone-targetingnature, potent efficacy (therapeutic and palliative) and benignsafety profile. Development of Alpharadin is most advanced targetingbone metastases resulting from hormone-refractory prostate cancer(HRPC), and it entered an international phase III clinical trial(ALSYMPCA) in mid-2008 based on compelling clinical results from acomprehensive phase II program. This trial is currently open forrecruitment.In September 2009, Algeta entered into a global agreement with BayerHealthcare AG for the development and commercialization ofAlpharadin. As part of the agreement, Algeta retains an option toco-promote Alpharadin in the United States and to share profits fromfuture sales.Algeta is also developing other technologies for deliveringalpha-pharmaceuticals. These include methods to enhance the potencyof therapeutic antibodies and other tumor-targeting molecules bylinking them to the alpha particle emitter thorium-227. The Companyis headquartered in Oslo, Norway, and was founded in 1997. Algetalisted on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).Alpharadin and Algeta are trademarks of Algeta ASA.Forward-looking StatementThis news release contains forward-looking statements and forecastsbased on uncertainty, since they relate to events and depend oncircumstances that will occur in the future and which, by theirnature, will have an impact on results of operations and thefinancial condition of Algeta. There are a number of factors thatcould cause actual results and developments to differ materially fromthose expressed or implied by these forward-looking statements.Theses factors include, among other things, risks associated withtechnological development, the risk that research & development willnot yield new products that achieve commercial success, the impact ofcompetition, the ability to close viable and profitable businessdeals, the risk of non-approval of patents not yet granted anddifficulties of obtaining relevant governmental approvals for newproducts. ###http://hugin.info/134655/R/1354767/328600.pdfhttp://hugin.info/134655/R/1354767/328602.pdfhttp://hugin.info/134655/R/1354767/328604.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.11.2009 - 08:00 Uhr
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