Photocure ASA

Earnings Release • May 10, 2016

Photocure ASA: Results for first quarter 2016

Photocure ASA: Results for first quarter 2016

Oslo, Norway, 10 May 2016: Photocure (OSE: PHO), a specialty pharmaceutical

company focused on photodynamic technologies in cancer and dermatology,

announces its results for the first quarter 2016.

Highlights include:

(Numbers in brackets and comparisons are for the corresponding period in 2015.)

* Hexvix/Cysview global in-market sales increased 19% to NOK 60 million in the

first quarter. First quarter in-market unit sales increased 7%

* Sales revenues increased 18% in first quarter to NOK 33.5 million (NOK 28.4

million)

* Commercial segment EBITDA increased 19% to NOK 5.3 million (NOK 4.5 million)

with EBITDA margin at 15% (15%)

* New patent for Cevira granted in Europe, which extends patent coverage to

2030

* Milestone reached in the US as Blue light enabled cystoscopy with Cysview

was recommended in new bladder cancer guidelines released by the American

Urology Association and Society of Urological Oncology in April

Key figures:

Figures in NOK million Q1 2016 Q1 2015 Change FY 2015

Sales revenues 33.5 28.4 18 % 122.3

Signing fee & milestone revenues 1.3 1.2   12.4

Total revenues 34.9 29.6 18 % 134.7

Operating expenses 36.2 34.2 6 % 144.6

EBITDA -3.7 -6.6   -18.1

EBITDA commercial franchise 5.3 4.5 19 % 28.7

EBITDA development portfolio -9.1 -11.1   -46.8

EBIT (Operating result) -4.9 -7.2   -22.0

Profit/loss(-) before PCI and tax -4.4 -7.0   -17.4

Earnings per share, diluted (NOK) -0.03 -0.51   -1.69

Cash & cash equivalents 120.6     134.0

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

"Photocure has started the year with continued growth in revenues as well as

improved profitability in the Hexvix/Cysview commercial franchise. The revenue

increase is driven by continued positive growth in the Nordics and US. The

recent recommendation of Cysview in the new bladder cancer guidelines in the US

provides strong recognition of the clinical benefits of Cysview/Hexvix and is an

important foundation for future growth in the US. We are also pleased that the

enrollment of bladder cancer patients into our phase 3 surveillance study with

Cysview in the US is progressing as planned and is on track to finish by the end

of 2016.

In the first quarter of 2016 we continued to deliver financial improvement. With

the increased profitability of our commercial franchise, we made significant

progress towards our goal of becoming a sustainable specialty pharma company. We

remain committed to securing partnerships for our two phase 3 ready development

products, Cevira and Visonac."

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

number and confirmation code below:

* NORWAY:       +47 2100 2610

* UK:                  +44(0)203 043 2002

* USA:                +1 719 325 2131

Confirmation code: 3351854

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: 3351854

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.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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