Photocure ASA

Earnings Release • Nov 15, 2016

Photocure ASA: Results for third quarter 2016

Photocure ASA: Results for third quarter 2016

Oslo, Norway, 15 November 2016: Photocure ASA (OSE: PHO), a specialty

pharmaceutical company focused on photodynamic technologies in cancer and

dermatology, reported a revenue growth of 17 % to NOK 31.6 million in the third

quarter of 2016 (Q3 2015: NOK 27.0) for the Hexvix/Cysview commercial franchise

and a corresponding EBITDA of NOK 8.0 million.

"As in the previous two quarters, Photocure continued to grow sales revenues in

third quarter. The Hexvix/Cysview sales revenue increase for the quarter and

first nine months was double digit. It is encouraging to see the positive

momentum of volume growth and increased adoption of Cysview in the US, both in

the quarter and year to date," says Kjetil Hestdal, president and CEO.

Photocure reported total revenues of NOK 35.2 million in the third quarter of

2016 (35.9), with an EBITDA of NOK -1.6 million (-1.6). Net profit was NOK 0.1

million (-5.0), while the cash position ended at NOK 93.9 million. The

underlying sales revenue growth of 17 % for the Hexvix/Cysview franchise was

driven by increased demand in the US, price increases and foreign exchange

rates. Total Hexvix/Cysview global in-market sales increased 12% to NOK 181

million year to date with a year to date in-market unit sales growth of 5%

In the US, third quarter revenue increased 46% and year to date revenue

increased 43% compared to same periods the prior year. The increase was driven

by volume growth, positive foreign exchange rates and price increase. In

constant currency, year to date revenue grew 35% compared to the same period in

"The US growth was driven both by the number of permanent blue light cystoscopes

(BLCs) installed at leading US hospitals/urology centers and by increased

average usage per center. In addition, several new and key medical publications

on the medical benefits of Blue Light Cystoscopy with Hexvix/Cysview were

announced in the third quarter, including studies published in Bladder Cancer,

World Journal of Urology and The Journal of Urology, documenting clinical

benefits for bladder cancer patients by using Hexvix/Cysview," says Hestdal.

Photocure expects to increase unit sales for Hexvix/Cysview through continued

positive sales development of Cysview in the US, launch in new markets as well

as growth in key mature markets. The company will continue to expand its

commercial presence in urology by furthering the Hexvix/Cysview opportunity in

the bladder cancer surveillance market with finalization of the new phase 3

clinical trial.

The company expects this trial to cost USD 7.5 million in total, down from

originally planned USD 8.5 million. Photocure is entitled to receive EUR 4

million from Galderma in the fourth quarter of 2016, as the final payment

related to the 2009 Metvix asset purchase agreement.

"The patient enrollment in the phase 3 clinical study of Blue Light Flexible

Cystoscopy with Cysview is progressing according to plan and expected to be

fully recruited by the end of 2016. Our cash position is expected to remain

solid throughout 2016 including committed deferred payments and milestones. We

are also working closely with our advisor and remain fully committed to

establish strategic partnerships for our non-urology pipeline products, Visonac

and Cevira", says Hestdal.

Please find the full financial report and presentation enclosed.

Photocure ASA will present its interim report today at Hotel Continental, Oslo,

Norway.  Continental, Oslo, Norway. The presentation will begin at 08.30 (CET)

and representatives from the company will be Kjetil Hestdal, President & CEO,

Erik Dahl, CFO. The presentation will be publicly available at

www.photocure.com. It will be possible to follow the presentation through a live

webcast.

Photocure will additionally host an audio webcast and conference call today in

English at 17:00 CET / 16:00 GMT / 12:00 EST.

Please join the event conference 5-10 minutes prior to the start time using the

number and confirmation code below:

* NORWAY:       +47 2350 0296

* UK:                  +44(0)20 7026 5967

* USA:                +1 719 325 2213

Confirmation code: 9330000

It is possible to listen to a replay of the conference call on the following

numbers:

* NORWAY        +47 2350 0077

* UK                   +44 (0)207 984 7568

* USA                 +1 719 457 0820

Confirmation code: 9330000

For further information, please contact:

Photocure

President & CEO Kjetil Hestdal

Tel: + 47 913 19 535

Email: kh@photocure.no

CFO Erik Dahl

Tel: +47 450 55 000

Email: ed@photocure.no

Trout International LLC

Lauren Williams

Tel: +44 20 3780 4972

Email: lwilliams@troutgroup.com

Notes to editors

About Photocure ASA

Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company

and world leader in photodynamic technology. Based on our unique proprietary

Photocure Technology(TM) platform, Photocure develops and commercializes highly

selective and effective solutions within disease areas with high unmet medical

need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal

cancer and skin conditions. Our aim is to provide solutions which can improve

health outcomes for patients worldwide. Photocure is listed on the Oslo Stock

Exchange (OSE: PHO). Information about Photocure is available at

www.photocure.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.