Photocure ASA

Earnings Release • Aug 23, 2016

Photocure ASA: Results for second quarter and first half year 2016

Photocure ASA: Results for second quarter and first half year 2016

Oslo, Norway, 23 August 2016: Photocure ASA (OSE: PHO), a specialty

pharmaceutical company focused on photodynamic technologies in cancer and

dermatology, reported a sales revenue growth of 18 % to NOK 34.2 million in the

second quarter of 2016 (Q2 2015: NOK 28.9 million) for the Hexvix/Cysview

commercial franchise and a corresponding EBITDA of NOK 5.9 million.

"Photocure continued to progress with underlying revenue growth during the

second quarter. It is especially encouraging to see the positive momentum of

Cysview in the US, both in regard to continued volume growth and expansion in

the base of installed blue light enabled cystoscopes, as well as the

recommendation of Cysview in the US bladder cancer guidelines. This event is an

important foundation for future investments and growth of our flagship brand",

says Kjetil Hestdal, president and CEO.

Photocure reported total revenues of NOK 35.5 million in the second quarter

(34.8), with an EBIT of NOK -4.4 million (-1.9). Net profit was NOK 18.1 million

(-10.8), while the cash position ended at NOK 104.4 million. The sales revenue

growth of 18 % for the Hexvix/Cysview franchise was driven by increased demand

in major markets, price increases and foreign exchange rates. Total

Hexvix/Cysview global in-market sales increased 19% to NOK 124 million year to

date with a year to date in-market unit sales growth of 6%.

"A significant milestone and recognition of the medical benefits of Cysview was

achieved with the recommendation of blue light enabled cystoscopy with Cysview

in the new guidelines for bladder cancer. In recommending theuse of Cysview, the

guidelines highlight the importance of Cysview in increasing the detection and

decreasing the recurrence rate of non-muscle invasive bladder cancer", says

Hestdal.

Photocure expects to increase unit sales growth rates 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.

"Our phase 3 surveillance study with Cysview in the US is progressing well and

remains on track to have all patients enrolled by the end of 2016. Our cash

position is expected to remain solid throughout 2016 including committed

deferred payments and milestones. We also remain committed to securing

partnerships for our two phase 3 ready development products, Cevira and Visonac,

and continue to focus our business development work towards potential

partnerships", says Hestdal.

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.

Please find the full financial report and presentation enclosed.

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

Norway. Additionally, Dr. Daneshmand will provide an update on Hexvix/Cysview

following the new bladder cancer guidelines from American Urological Association

(AUA) and the Society of Urological Oncology (SUO), where enhanced cystoscopy

including Blue Light Cystoscopy with Hexvix/ Cysview is recommended.

Agenda (CET)

08:30 - 09:05 Q2 presentation by Kjetil Hestdal, President and CEO, and Erik

Dahl, CFO. The presentation will be held in Norwegian.

09:05 - 09:15 Break

09:15 - 09:45 Dr. Sia Daneshmand, MD, Associate Professor of Urology (Clinical

Scholar); Director of Urologic Oncology, Director of Research and Fellowship

Director, USC Institute of Urology at University of Southern California, Los

Angeles, USA. The presentation will be held in English.

09:45 - 10:00 Ambaw Bellete, President, Photocure Inc. and Head, US Commercial

Operations. The presentation will be held in English.

The presentations will be publicly available at www.photocure.com.

* The presentation of the 2Q16 results is possible to follow through

http://webtv.hegnar.no/presentation.php?webcastId=36207382.

* The presentation of the Hexvix/Cysview update is possible to follow through

http://webtv.hegnar.no/presentation.php?webcastId=36207501

Photocure will additionally host an audio webcast and conference call

(http://webtv.hegnar.no/presentation.php?webcastId=36207441 ) the same day 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 2100 2607

* UK:                  +44(0)203 043 2002

* USA:                +1 719 325 4936

Confirmation code: 6357841

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: 6357841

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.