Algeta results for the 4th quarter and Full Year 2010

Thursday, 10. February 2011 07:01
Oslo, Norway, 10 February 2011 - Algeta ASA (OSE: ALGETA), a company focused on
the development of novel targeted cancer therapeutics, today announces its
results for the fourth quarter and full year 2010.

A presentation of the results will take place in Oslo at 09:00 CET and will be
webcast live (

Felix Conference Center
Bryggetorget 3
0125 Oslo

Breakfast will be served from 08:45 CET.

A conference call will take place today at 14:30 CET / 08:30 EST.

To participate in the conference call, please dial the appropriate number below:

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 conference no. 428 followed by #. A replay version of the
conference call will also be available

Andrew Kay, Algeta's President and CEO, said: "The sustained efforts of the
Algeta team have enabled the Company to deliver multiple important
manufacturing, R&D and clinical development milestones during 2010. The next
year will be an exciting period for the Company as we, together with our partner
Bayer Schering Pharma AG ("Bayer"), aim to accelerate pre-commercialization
activities for Alpharadin in anticipation of the results from our pivotal phase
III ALSYMPCA trial. We are making good progress in further clinical studies to
investigate the potential of Alpharadin to treat bone metastases in a larger
cancer patient population, including endocrine-refractory breast cancer patients
and also CRPC patients who are receiving chemotherapy. We are also excited by
the potential opportunity presented by our Thorium platform. Overall, Algeta is
well positioned to generate further value for its shareholders and deliver on
its vision of becoming a cancer-focused pharmaceutical company."

Highlights of the fourth quarter 2010

* In January 2011 Algeta completed, as scheduled, full enrolment of more than
900 patients with castration-resistant prostate cancer (CRPC) with bone
metastases into the pivotal Alpharadin phase III ALSYMPCA study

* Clinical data from Algeta's phase I and phase II clinical program with
Alpharadin were presented at the 35th ESMO Congress (8-12 October) and at
the 52nd 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

* Activities to progress the selective development of Algeta's Thorium
platform continued and in October resulted in the signing of an option
agreement with Lumiphore to evaluate its novel Lumi4® chelation technology
in tumor-targeted thorium-227 based alpha-pharmaceuticals

* Dr. Lars Abrahmsén joined the Algeta management team in November as Senior
Vice President, Protein Therapeutics to expand internal expertise in
developing tumor targeting novel drug candidates. Dr. Abrahmsén has a wealth
of experience, working mostly in oncology, in protein engineering, including
monoclonal antibody production and conjugation, gained at Affibody,
Genentech and Pharmacia

* Management conducted an extensive investor relations program in Europe and
the USA with the aim of broadening its shareholder base. Algeta's share
price increased 99 % during  2010

Selected highlights of 2010

* Algeta and its partner Bayer increased the recruitment target for ALSYMPCA
from 750 to 900 patients in May in order to increase the power of the trial
to 90% thereby further increasing the statistical likelihood of proving the
efficacy of Alpharadin. No other assumptions changed for the trial

* The Alpharadin clinical development program was expanded in January into a
second tumor type with the first patients recruited into a phase II study to
treat bone metastases in endocrine-refractory breast cancer

* 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

* 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. Expansion began at the existing Alpharadin
production facility at the Institute for Energy Technology (IFE) to
establish a new-state-of-the-art facility which, when finished, will provide
additional capacity in readiness for launch

* In coordination with Bayer, Algeta supported presentation of ten posters or
oral presentations for oncologists and urologists at major medical
congresses to educate physicians on the current clinical profile of

* Dr. Judith Hemberger and Dr. Kapil Dhingra were elected to Algeta's board in
April, bringing a wealth of experience from the US and global pharma
industry and particularly in the clinical and regulatory development of
oncology products including innovative tumor-targeted cancer therapies

Key financials:

* Revenues were NOK 56m in the fourth quarter 2010. Revenue in the fourth
quarter 2009 was NOK 24m. Revenue for 2010 were NOK 271m, compared to NOK
31m in 2009

* Operating expenses for the fourth quarter 2010 amounted to NOK 67m compared
with NOK 57m in the fourth quarter 2009. Operating expenses for 2010 were
NOK 245m, compared to NOK 194m in 2009

* Liquid funds amounted to NOK 479m as of 31 December 2010, compared to NOK
414m at the end of September 2010 and NOK 514m at the end of 2009

* Algeta's share price increased by 99% in 2010, closing at NOK 136 on the
last trading day of 2010


For further information, please contact

Andrew Kay, CEO +47 2300 7990 / +47 4840 1360 (mob)
Øystein Soug, CFO +47 2300 7990 / +47 9065 6525 (mob)

International media enquiries: +44 207 638 9571
Mark Swallow/David Dible
Citigate Dewe Rogerson

US investor enquiries: +1 646 378 2928
Jessica Lloyd
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. These
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 pursuant to section
5-12 of the Norwegian Securities Trading Act.

Fourth Quarter Presentation 2010:

Fourth Quarter Report 2010:

Press release:

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(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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