Algeta results for the third quarter 2010

Friday, 12. November 2010 07:00
Oslo, Norway, 12 November 2010 - Algeta ASA (OSE: ALGETA), a company focused on
the development of novel targeted cancer therapeutics, today announces its
results for the third quarter ending 30 September 2010.

A presentation of the results will be webcast live from 09.45 CET and can be
accessed from where questions can be submitted live
during the presentation.

An international conference call will take place at 14:30 CET.

To participate in the conference call, please dial the appropriate number below
five minutes prior to the call:

800 80 119 (in Norway)

+47 23 18 45 01 (from abroad)

To access the replay, please dial +47 23 18 45 02. Enter account no. 1428
followed by #, then press 1, conference no. 428 followed by #. Press 1 to play.
A replay version of the conference call will also be available at

Highlights of the third quarter 2010:

* Recruitment into the ALSYMPCA phase III trial of Alpharadin (radium-223
chloride) for treating bone metastases arising from castration-resistant
prostate cancer (CRPC) exceeded 830 patients at the end of October 2010.
Algeta and its partner Bayer Schering Pharma AG ("Bayer") anticipate that
enrolment of 900 patients into the ALSYMPCA trial will be completed as
planned around the end of 2010. Results of the trial are anticipated in
2012, which if positive, could allow a regulatory filing in 2012 as planned

* In August, the first patient was dosed in a phase I/IIa clinical study
evaluating the potential for Alpharadin to be used in combination with
docetaxel chemotherapy in CRPC patients with bone metastases. The trial is
being conducted at Memorial Sloan Kettering Cancer Center (New York, USA)

* In July, Algeta concluded agreements for the exclusive manufacture and
supply of Alpharadin for future commercial sale, triggering a NOK 40m (EUR
5m) milestone payment from Bayer. Algeta also significantly extended its
collaboration with Institute for Energy Technology (IFE) to expand the
existing Alpharadin production facility at IFE and build a state of the art
commercial manufacturing facility in readiness to supply the expected world
demand following approval and launch

Post-period update

* Clinical data from Algeta's phase I and phase II clinical program with
Alpharadin were presented at the 35(th) ESMO Congress (8-12 October) and at
the 52(nd) annual ASTRO meeting (31 Oct-4 Nov). Findings presented support
the specific targeting mode of action of Alpharadin to bone metastases and
its highly favorable safety profile and also that it is easy to use,
requires no specialized equipment and is convenient for patients

* In October, Algeta entered into an agreement with Lumiphore that provides
Algeta with exclusive access to Lumiphore's Lumi4® chelator technology. The
Company will evaluate Lumi4® for binding the alpha-emitter thorium-227 and
its linking to tumor-targeting molecules, such as antibodies

* In November, Algeta announced the appointment of Dr. Lars Abrahmsén who will
join the Algeta management team as Senior Vice President, Protein
Therapeutics to advance the development of Algeta's Thorium platform. Dr.
Abrahmsén was previously CSO of Affibody AB, a Swedish company developing
proprietary tumor-targeting molecules for therapeutic and diagnostic
purposes. He has a wealth of experience, working mostly in oncology, in
protein engineering, including monoclonal antibody production and
conjugation, gained at Affibody, Genentech and at Pharmacia

Key financials:

* Operating revenue for the third quarter amounted to NOK 96m, including
recognition of deferred upfront signing fees, cost-sharing revenues from
Bayer as well as a NOK 40 (EUR 5m) milestone. Operating revenue for the
third quarter last year was NOK 7m

* Operating expenses for the third quarter amounted to NOK 60m compared with
NOK 51m in the third quarter 2009

* The income statement shows a net profit of NOK 37m for the third quarter

* Liquid funds amounted to NOK 414m as of 30 September 2010, compared to NOK
514m at the end of December 2009

Andrew Kay, Algeta's President and CEO, said: "We are very close to completing
the recruitment of our pivotal phase III trial with Alpharadin, which will mark
a major milestone for the Company. I would like to recognise the sustained
efforts of the clinical & development teams, the investigators and partners in
keeping the trial on schedule and getting us to this position.

"We believe Algeta is well positioned to grow shareholder value over the next
6-12 months and we look forward to the future with confidence."

"Building on the success of Alpharadin, we plan to progress our Thorium platform
with the aim of creating targeted cancer therapeutics that combine the unique
advantages of alpha-emitters as a potent, localized cancer-killing 'payload'
with the specific targeting capabilities of antibodies and other molecules.


For further information, please contact

+47 2300 7990 / +47 4840 1360 (mob)

+47 2300 7990 / +47 9065 6525 (mob)

Andrew Kay, CEO

Øystein Soug, CFO

International media enquiries:

Mark Swallow/David Dible +44 207 638 9571

Citigate Dewe Rogerson

US investor enquiries:

Jessica Lloyd +1 646 378 2928

The Trout Group

About Algeta

Algeta is a company focused on developing novel targeted therapies for patients
with cancer based on its alpha-pharmaceutical platform.

Algeta's lead product Alpharadin (based on radium-223) is a first-in-class,
highly targeted alpha-pharmaceutical under clinical evaluation to improve
survival in patients with bone metastases from advanced cancer. Its localized
action helps preserve the surrounding healthy tissue thereby limiting side-

The development of bone metastases represents a serious development for cancer
patients as they are associated with a dramatic decline in patient health and
quality of life, ultimately leading to death. Bone metastases represent a major
unmet medical need, occurring in up to 90% of certain late-stage cancers, e.g.
prostate, breast and lung.

Alpharadin is being developed under a development and commercialization
agreement with Bayer Schering Pharma AG, a major pharmaceutical company, and is
in a global phase III clinical trial (ALSYMPCA) to treat bone metastases
resulting from castration-resistant prostate cancer (CRPC). Alpharadin is also
under investigation in phase II clinical trials as a potential new treatment for
bone metastases in endocrine-refractory breast cancer patients, and in a phase
I/IIa trial in combination with docetaxel chemotherapy in for bone metastases
CRPC patients.

Algeta also aims to develop a future pipeline of tumor-targeting alpha-
pharmaceutical candidates based on the alpha particle emitter thorium-227,
through selective in-licensing and/or acquiring innovative technologies and
tumor-targeting molecules.

The Company is headquartered in Oslo, Norway, and was founded in 1997. Algeta
listed on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).

Alpharadin and Algeta are trademarks of Algeta ASA.

Forward-looking Statement

This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of operations and the financial condition of Algeta. There are a number of
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements. Theses
factors include, among other things, risks associated with technological
development, the risk that research & development will not yield new products
that achieve commercial success, the impact of competition, the ability to close
viable and profitable business deals, the risk of non-approval of patents not
yet granted and difficulties of obtaining relevant governmental approvals for
new products.


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


Press release:

Third Quarter Presentation 2010:

Third Quarter Report 2010:

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(i) the releases contained herein are protected by copyright and
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Algeta ASA via Thomson Reuters ONE
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