OSLO, NORWAY -- (Marketwired) -- 08/28/13 --
Intended for US media only
Algeta ASA (OSE: ALGETA), a company focused on
the development of novel targeted cancer therapeutics, announces its
the first half and second quarter 2013.
A presentation of the results in Oslo will be webcast live from 10:00
can be accessed through www.algeta.com. An international conference call
take place at 14:30 CET/ 08:30 EST (US). Details of both events are at
of this announcement.
"We were delighted that Xofigo(®) (radium Ra 223 dichloride)
approved and launched in the US in May. These major milestones
significant effort and commitment of everyone involved in the drug's
over the past decade and more," said Andrew Kay, Algeta President & CEO.
Bayer, we are now executing our launch strategy in the US and are pleased
the progress being made."
Oystein Soug, Algeta's Chief Financial Officer, added, "Algeta has
EUR 100m in milestone payments from Bayer during 2013 which will enable
fully invest in the US launch of Xofigo alongside Bayer. In addition
financial profile, our proven development expertise in oncology and our
commercial experience and infrastructure provide us with the confidence to
to build a broad portfolio of novel cancer therapeutics beyond Xofigo."
In September 2009, Algeta signed an agreement with Bayer for the
commercialization of Xofigo. Under the terms of the agreement, Bayer
develop, apply for health authority approvals worldwide and commercialize
globally. Algeta is eligible for royalties and milestones based on Bayer's
of Xofigo outside the US, and Algeta US, LLC is co-promoting Xofigo with
in the US.
Highlights of the second quarter 2013:
Xofigo (radium Ra 223 dichloride) injection
* On 15 May 2013, the US Food and Drug Administration (FDA) approved
(radium Ra 223 dichloride) injection for the treatment of patients
castration-resistant prostate cancer (CRPC), symptomatic bone metastases
no known visceral metastatic disease.
* On 30 May, Algeta announced that Xofigo had been launched in the US and
first sale had been made, triggering a EUR 50m milestone payment to
from Bayer. Algeta US, LLC and Bayer Healthcare are co-promoting Xofigo
* The launch of Xofigo is being executed by Algeta and Bayer to an
plan, and both companies are working in their respective territories
ensure that physicians are aware of Xofigo and its approved label. A
part of the launch activities is to provide information and support
administering centers to get licensed to procure and administer Xofigo.
* In June, Algeta celebrated the official opening of its commercial
facility for Xofigo, located at the Institute for Energy Technology (IFE)
Norway. All material for commercial sale and for clinical trials world-
is currently produced in this facility.