Oslo, 13 March 2002.
PhotoCure ASA announces today that a dispute between 12 individual researchers at the Norwegian Radium Hospital and the Norwegian Radium Hospital Research Foundation (RF) has been resolved. The dispute involved the distribution of proceeds from the sale of shares in PhotoCure ASA by the RF. The 12 researchers are the inventors of the technology that formed the basis for the foundation of PhotoCure ASA. PhotoCure ASA has a research and development agreement with RF which under certain terms gives the company access to new technology and improvements of the existing technology within photodynamic therapy. In addition to research funds, the settlement gives the researchers NOK 60 million in a one-off payment for the invention from the RF.
President and CEO Vidar Hansson, says in a comment to the settlement: "PhotoCure ASA has not been a party in the dispute or the settlement, but still we are very pleased that the researchers and the RF has been able to settle this issue. The researchers can now focus entirely on further research in photodynamic therapy area and we look forward to the see the results from this research."