18 September 2012

Algeta Opens Operational Center in Cambridge, Massachusetts, USA

Oslo, Norway - 18 September 2012 - Algeta ASA, a company focused on the development of novel targeted cancer therapeutics, today celebrates the official opening of the offices and facilities of Algeta US in Cambridge, Massachusetts. 

Jeff Albers, President Algeta US, and senior management colleagues will be joined by local leaders including, Lieutenant Governor of Massachusetts, Timothy Murray, Massachusetts Life Sciences Center President and CEO, Susan Windham-Bannister, Ph.D., and MassBio Director of Economic Development & Global Affairs, Peter Abair, for an official ribbon cutting ceremony this afternoon. 

In September 2009, Algeta signed an agreement with Bayer for the development and commercialization of Alpharadin. Under the terms of the agreement, Bayer will develop, apply for global health authority approvals and commercialize Alpharadin globally, and Algeta will co-promote it with Bayer in the US. 

"We are very pleased to mark the occasion of the official opening of our operational center in Cambridge in the presence of such distinguished guests," said Jeff Albers, President Algeta US. "Algeta Group's expansion to the US is an important step toward realizing our vision for building a global oncology company commercializing innovation. We have brought on experienced sales, marketing and medical affairs executives to build our US commercial operation and plan to deliver a phased build-up of resources in anticipation of a US commercial launch, with Bayer, of Alpharadin if approved by FDA. We look forward to contributing to the commercial success of the Massachusetts biotech economy and joining the region's growing group of commercial-stage companies." 

"Algeta is an example of the type of fast-growing company that makes Massachusetts a global leader in the life sciences," said Lieutenant Governor Murray. "As Governor Patrick and I focus on creating jobs in every region of the Commonwealth, I am encouraged by Algeta Group's decision to establish its commercial operations in Cambridge and join other life sciences companies that are bringing the economic benefits of this industry to communities across Massachusetts" 

"We are excited to welcome Algeta US to the Massachusetts life sciences community," said Dr. Windham-Bannister, who heads the agency charged with implementing Gov. Patrick's 10-year, $1 billion Life Sciences Initiative. The Massachusetts Life Sciences Center worked with Algeta Group to encourage their decision to locate in Massachusetts. 

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 is being evaluated as a potential new treatment for cancer patients with bone metastases. 

Algeta is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA, performing commercial marketing operations in the US. 

Source: Algeta