Photocure ASA

Earnings Release • May 6, 2015

Photocure ASA: Results for first quarter 2015

Photocure ASA: Results for first quarter 2015

Oslo, Norway, 6 May 2015: Photocure (OSE: PHO), a Norwegian specialty

pharmaceutical company focused on photodynamic technologies, announces its

results for first quarter 2015.

Highlights include:

(Numbers in brackets are for the corresponding period in 2014)

* Total sales revenues of Hexvix®/Cysview® increased 38% in the quarter to NOK

26.7 million

* Commercial franchise yielding operating profit of NOK 4.2 million in the

quarter, up NOK 4.2 million from last year, driven by increased revenues

from Hexvix/Cysview

* Significant improvement in financial performance  - first quarter net result

before tax at NOK -7.0 million, an improvement of NOK 6.0 million from last

year (NOK -13.0 million)

* Submission of Cevira® phase 3 Special Protocol Assessment Request (SPAR) to

FDA

* The National Institute for Health and Care Excellence (NICE) has updated UK

guidelines and recommends photodynamic diagnosis for improved detection of

bladder cancer

Key figures:

+-----------------------------------+---------+---------+--------+---------+

| Figures in NOK million | 1Q 2015 | 1Q 2014 | Change | FY 2014 |

+-----------------------------------+---------+---------+--------+---------+

| Sales revenues | 28.4 | 19.5 | 45 % | 93.6 |

+-----------------------------------+---------+---------+--------+---------+

| Signing fee & milestone revenues | 1.2 | 1.2 |   | 35.4 |

+-----------------------------------+---------+---------+--------+---------+

| Total revenues | 29.6 | 20.7 | 43 % | 129.0 |

+-----------------------------------+---------+---------+--------+---------+

| Operating expenses | 34.8 | 32.9 | 6 % | 127.6 |

+-----------------------------------+---------+---------+--------+---------+

| EBIT (Operating result) | -7.2 | -13.7 |   | -5.6 |

+-----------------------------------+---------+---------+--------+---------+

|   EBIT commercial franchise | 4.2 | 0.0 |   | 15.9 |

+-----------------------------------+---------+---------+--------+---------+

|   EBIT development portfolio | -11.4 | -13.7 |   | -21.5 |

+-----------------------------------+---------+---------+--------+---------+

| Profit/loss(-) before PCI and tax | -7.0 | -13.0 |   | 1.5 |

+-----------------------------------+---------+---------+--------+---------+

| Earnings per share, diluted (NOK) | -0.52 | -0.61 |   | -1.16 |

+-----------------------------------+---------+---------+--------+---------+

| Cash & cash equivalents | 149.7 | 149.7 |   | 165.2 |

+-----------------------------------+---------+---------+--------+---------+

President & CEO Kjetil Hestdal, M.D. Ph.D. comments:

"Photocure started the year with a strong first quarter, driven by solid

performance of Hexvix/Cysview in the Nordics and US. We have made encouraging

progress in the US with increased revenues driven by improved productivity of

installed base of blue light cystoscopes (BLCs). We were also pleased to see in

the UK that the National Institute for Health and Care Excellence (NICE)

recommend photodynamic diagnosis for improved detection of bladder cancer in its

first guideline on bladder cancer treatment.

In the first quarter of 2015 we continued to deliver strong financial

improvement. With the increased profitability of our commercial franchise we

made significant progress towards our goal of becoming a sustainable Specialty

Pharma Company."

Please find the full financial report and presentation enclosed.

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

Norway. The presentation will begin at 08.30 (CET) and representatives from the

company will be Kjetil Hestdal, President & CEO and 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.

A light snack will be served from 08:00 (CET). The presentation is scheduled to

conclude at 09:15 (CET).

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

English at 17:00 CET / 16:00 GMT / 11:00 EST.

Please make sure to dial in 5-10 minutes prior to scheduled conference call

start time on one of the following numbers:

* NORWAY:        +47 2350 0486

* UK:                  +44(0)20 3427 1905

* USA:                +1212 444 0412

Confirmation code: 9350277

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

numbers:

* NORWAY         +47 2100 0498

* UK                   +44 (0)20 3427 0598

* USA                 +1 347 366 9565

Confirmation code: 9350277

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

About Photocure

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.

All trademarks mentioned in this release are protected by law and registered

trademarks of Photocure ASA.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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