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Lifecycle Pharma share boosted by cholesterol drug US approval

Shares in Denmark-based Lifecycle Pharma rose after the company revealed that the FDA had approved its new cholesterol treatment LCP-FenoChol.

Shares in Denmark-based Lifecycle Pharma rose after the company revealed that the FDA had approved its new cholesterol treatment LCP-FenoChol.

LCP-FenoChol is an AB-rated generic equivalent of US-based Abbott's best selling fenofibrate, Tricor.

According to the agreement Lifecycle has with US-based co-marketing partner, Sciele, the Danish firm will receive a USD 4m milestone payment.

In a.m. trading on 13 August, Lifecycle's shares rose 9.1 per cent to reach DKK 4.50 (USD 0.83)) to rest at DKK 54.00 (USD 9.91).

Lifecycle said it would receive further payments of up to USD 8m when agreed sales targets are met. The company has already received an up-front payment of USD 5m from Sciele under the terms of the agreement between the two firms. The most recent payment does not affect Lifecycle's 2007 financial outlook, according to a press statement.

Sciele said it would begin marketing LCP-FenoChol in the US in Q4 2007.

Carnegie analysts said that the milestone payment was expected, but it was also important for the group to get the product onto the market. LCP-FenoChol may have a good commercial potential, with a USD 100-150m market for the treatment.

13th August 2007

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