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2016-05-10

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 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 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
atwww.photocure.com.

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

Report 1Q2016
http://hugin.info/131151/R/2010929/744336.pdf
Presentation 1Q2016
http://hugin.info/131151/R/2010929/744337.pdf

---------------------------------------

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

HUG#2010929

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