On May 2, 2000, the Board of Directors of PhotoCure ASA resolved to issue 2,300,000 shares in connection with the listing of PhotoCure ASA on the main list of the Oslo Stock Exchange which is expected to take place on May 29. In addition, existing shareholders offer 270,000 shares. The shares are offered to the public in Norway, and to qualified institutional buyers in the United States in reliance on Rule 144A under the United States Securities Act of 1933, as amended, and outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.
The offering will be conducted in two tranches; a Norwegian retail tranche, and an institutional book-building tranche. The final price of the offering will be determined through the institutional book-building, which will take place from May 5 to May 19, 2000, with an initial price range of NOK 115 - NOK 145 per share. The initial price range is subject to change during the book-building period. The final offer price will be determined by the Board of Directors on May 20, 2000, and will be announced on May 22, 2000. The Norwegian retail tranche has a subscription period from May 5 to May 18, 2000. Based on the mid point in the range, the total offering is NOK 334,1 million.
PhotoCure has engaged Deutsche Bank, Fondsfinans ASA, Carnegie ASA and Christiania Markets as managers of the offering. The managers have been granted an over-allotment option, exercisable for 30 calendar days after the date of the listing of the shares on the Oslo Stock Exchange to purchase, at the public offering price, up to 230,000 additional shares to be issued by PhotoCure ASA.
PhotoCure ASA is a Norwegian development stage pharmaceutical company founded in 1993. PhotoCure ASA is engaged in the research and development of novel therapeutics and diagnostics and related medical devices based on proprietary photodynamic therapy (PDT) technologies. PDT is a two step process involving the application of a drug known as a photosensitiser followed by controlled exposure to a selective light source which activates the drug. All of the company’s products are based on proprietary technology from the Norwegian Radium Hospital, the largest comprehensive cancer centre in Northern Europe. PhotoCure has completed final registration studies (phase III) with its first products, Metvix® and Curelight in Europe for actinic keratosis (pre-cancerous skin lesion) and has filed its first European marketing authorisation application for this indication. Pivotal clinical studies (phase III) in non-melanoma skin cancer (basal cell carcinoma, BCC) are ongoing.
Oslo, Norway May 3, 2000