News

09/30/2002

biolitec expects approx. EUR 100 million sales potential of approved cancer drug

Foscan® is approved in Europe for the treatment of palliative head and neck cancer – every year approx. 60,000 people in the EU become diseased by head and neck tumors – biolitec is the only company at the Neuer Markt, which possesses a pharmaceutical that is approved in Germany and Europe

Jena, Germany, September 30, 2002 – Due to the acquisition of the assets of QuantaNova UK, Ltd. in fiscal year’s fourth quarter, biolitec has taken the photodynamic substance into its product portfolio. In the last years Scotia/QuantaNova already invested approx. EUR 90 million in the development and approval of the pharmaceutical. The European approval of the drug in 2001 enables recently founded biolitec pharma Ltd. the marketing and selling of Foscan® within the EU. Mid-term biolitec expects a revenue of about EUR 100 million by the sale of the drug. Attached to the acquisition biolitec already introduced significant marketing and sales measures, which are supposed to establish the medicine Foscan® and the corresponding therapy in Europe. Foscan® is approved in Europe for the treatment of palliative head and neck cancer. Therewith biolitec is the single company at the Neuer Markt possessing an approved pharmaceutical, and achieved its vision that was communicated at the IPO, to become supplier of all relevant components in the area of photodynamic therapy, much earlier as planned.

Besides the already successful employment in head and neck cancer, for the first time Foscan® presently has been used successfully at the university hospital in Zurich in a feasibility study on breast cancer and at the Middle-Essex Hospital in London for the treatment of advanced pancreas cancer.

Biolitec AG, Jena, supplier of all relevant components in the area of photodynamic therapy, achieved revenue of EUR 18.3 million for fiscal year 2001/2002 (end of fiscal year: June 30th), on par with previous year’s revenue. Without the acquisition of the assets of QuantaNova UK, Ltd. the result in 2001/2002 would have been positive. The success in marketing and sales of the ELVeS™ therapy, which set new standards in vein treatment, already showed an enormous success by a 690 percent revenue increase in the Dermatology and Aesthetics division.

By means of Foscan®,  ELVeS™ and the patented photodynamic permanently hair removal procedure, respectively the developments in antimicrobial therapy, biolitec is in an excellent initial position to become world market leader in the area of photodynamic therapy. In spite of the further difficult economic situation, therewith the prerequisites for dynamic growth are given. In the last week, Biolitec AG’s share price particularly suffered from the decline of the German stock markets, especially the Neuer Markt segment. Therefore, biolitec welcomes the actions initiated by Deutsche Börse, and will strive for a listing in the prospective prime marked segment.