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2014-05-07

Photocure ASA: Results for the first quarter 2014

Oslo, Norway, 7 May 2014:
Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on
photodynamic technologies in dermatology and cancer, announces its results
for the first quarter 2014.

Highlights include:

(Numbers in brackets are for the corresponding period in 2013)

* Total sales revenues of Hexvix/Cysview increased 33% to NOK 19.3 million
(NOK 14.5 million) in the quarter driven by strong underlying customer
demand and volume growth in the major markets,
* Hexvix/Cysview global in-market sales value growth of 36% in the quarter to
NOK 46 million.
* Global in-market unit sales increased 20% in the quarter with double-digit
sales growth of Hexvix/Cysview across all regions.
* The regulatory preparation for the phase 3 program of Cevira in women with
HSIL (CIN2) is progressing as planned and positive support for the proposed
phase 3 program has been obtained by major European regulatory authorities.

* First quarter operating loss from continued operations was NOK 13.7
million, an improvement of 42% from first quarter last year.
* Cash and cash equivalents of NOK 150 million as on 31 March 2014.

Key figures:

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|Figures in NOK million 1Q 2014 1Q 2013 Change FY 2013 |
|Sales revenues Hexvix / Cysview 19.3 14.5 33 % 77.9 |
|Sales revenues API 0.2 0.1 19 % 1.4 |
|Signing fee&milestone revenues 1.2 1.0 12 % 4.3 |
|Total revenues 20.7 15.7 32 % 83.6 |
|Gross profit 19.1 14.3 33 % 76.8 |
|Research and development expenses 8.7 9.1 -5 % 34.0 |
|Sales and marketing expenses 14.1 19.0 -25 % 68.4 |
|Operating result excl. restructuring&one-off -13.7 -23.6 -42 % -63.0 |
|Operating result incl. non-recurring -13.7 -23.6 -75.5 |
|Net profit/loss -13.0 -21.4 -57.2 |
|Earnings per share, diluted (NOK) -0.61 -1.01 -2.68 |
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President&CEO Kjetil Hestdal, M.D. Ph.D. comments:

"We generated good revenue growth in the first quarter from our flagship
bladder cancer product, Hexvix/Cysview. Alongside this positive growth in
revenue, our focus on cost containment has resulted in reduced losses.

I am particularly pleased to report the continued unit sales growth of
Hexvix/Cysview across all geographies which demonstrates the high untapped
potential for the Hexvix/Cysview brand. In the US market our efforts, coupled
with the efforts of other key stakeholders within the Urology and Bladder
Cancer community, continue in earnest to secure a long term sustainable
reimbursement solution for this valuable product."

Please find the full financial report and presentation enclosed.

Photocure ASA will present its first quarter 2014 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 atwww.photocure.com. It will be
possible to follow the presentation through alive 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 anaudio webcastand conference call today in
English at 16:00 CET / 15:00 GMT / 10:00 EST.

Please make sure to dial in 5-10 minutes prior to scheduled conference call
start time on one of the following numbers:

* NORWAY: +472350 0486
* UK: +44(0)20 3427 1915
* USA: +1212 444 0896

Confirmation code: 8859582

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: 8859582

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

Hume Brophy
Mary Clark
Tel: +44 20 3440 5653
Email: photocure@humebrophy.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
atwww.photocure.com.

All trademarks mentioned in this release are protected by law and registered
trademarks of Photocure ASA.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

1Q14 Report
http://hugin.info/131151/R/1783100/610529.pdf
1Q14 Presentation
http://hugin.info/131151/R/1783100/610531.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Photocure ASA via Globenewswire

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