Photocure ASA: Asieris counterclaim on milestone payment arbitration
2026-08-04 08:00:16
Oslo, Norway, August 4, 2026 - Reference is made to Photocure ASA's (OSE: PHO)
announcement dated 3 March 2026, in which Photocure noted that its partner,
Asieris Pharmaceuticals (SSE: 688176), had announced receipt of the Drug
Registration Certificate from China's National Medical Products Administration
(NMPA) for its core product APL-1702 (trade name: CEVIRA[®]). This approval
enabled commercial launch in China. Photocure further confirmed in this
announcement that with Cevira's regulatory approval in China it is entitled to a
milestone payment.
Photocure had in accordance with its license agreement with Asieris invoiced the
applicable milestone payment of $11M USD. As communicated in a stock exchange
announcement on 20 April, 2026, Asieris made a partial payment of $6.6M USD and
indicated that the partial payment reflected its position that the approved
label obtained for Cevira in China is insufficient to trigger the full milestone
amount. On 23 July, 2026 Photocure announced that it had commenced arbitration
in the partial payment case with Asieris. Separately, Asieris had communicated
receipt of the arbitration demand and supporting documents filed by Photocure.
On 3 August, 2026 after close of trading, Asieris filed its response to
Photocure's arbitration demand in which it denied Photocure's claim to the full
milestone payment of $11M USD. Asieris also filed a counterclaim in which it
alleged that the milestone payment has not been triggered and seeks the return
of the $6.6M USD.
Photocure maintains that the milestone has been achieved and will vigorously
pursue full payment by Asieris in accordance with the license agreement.
For further information, please contact:
Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com
Priyam Shah
Vice President Investor Relations
Tel : +17176815072
Email: priyam.shah@photocure.com
Media enquiries:
Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no
About Photocure ASA
Photocure is a commercial diagnostic company with global reach, committed to
driving progress in uro-oncology precision diagnostics, delivering meaningful
advances for patients with urological cancers. Our unique core technology has
led to better health outcomes for patients worldwide. The company aims to
provide an array of transformative solutions that help physicians with timely
diagnostic information, to inform more personalized decisions on how best to
manage each individual patient. Photocure is headquartered in Oslo, Norway and
listed on the Oslo Stock Exchange (OSE: PHO). For more information, please
visit www.photocure.com/news
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nnouncement.\
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This information is subject to the disclosure requirements pursuant to Section 5\
-12 the Norwegian Securities Trading Act.\