Oslo, Norway, 26 November 2004.
PhotoCure ASA (Oslo Stock Exchange: PHO); Vidar Hansson has decided to retire as President and Chief Executive Officer of PhotoCure ASA as of January 1, 2005. As one of the founders of PhotoCure ASA, Professor Vidar Hansson has been key in establishing PhotoCure ASA as a successful pharmaceutical company. Under Vidar Hansson's management PhotoCure has developed from a research project to a listed company with one product on the market and a second pharmaceutical product recently approved.
Kjetil Hestdal, MD, PhD, has worked at PhotoCure since 1997, as Vice President R&D and more recently as Chief Operating Officer. Over the years he has lead the development of two pharmaceutical products MetvixÒ and HexvixÒ. Kjetil Hestdal has broad international experience in the pharmaceutical industry and spent 5 years developing pharmaceutical products at Norvartis.
Erik Engebretsen, Chairman of the Board of PhotoCure ASA comments: "The Board thank Vidar Hansson for his dedication to PhotoCure in the last 8 years, and for having developed two pharmaceutical products with large market potential. The Board is pleased that it has been able to recruit the new CEO from within the company, and strongly believe that Kjetil Hestdal will further develop PhotoCure as a commercial pharmaceutical company with increasing international sales and the ability to develop new products."