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2015-08-13

Photocure ASA: Results for second quarter and the first half year 2015

Oslo, Norway, 13 August 2015:
Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on
photodynamic technologies, announces its results for the second quarter and
the first half year 2015.

Highlights include:

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

* Total sales revenues of Hexvix/Cysview increased 21% in second quarter and
29% year to date to NOK 55.6 million (NOK 43.2 million) driven by volume
growth in the major markets, price increases and positive currency effects
* Global Hexvix/Cysview in-market unit sales growth of 15% in the second
quarter year-over-year driven by growth across all major territories
* Distribution agreement signed in May with Juno Pharmaceuticals for Hexvix
in Australia and New Zealand
* Significant improvement in financial performance, driven by improvements in
Commercial segment. Commercial segment's EBIT at NOK 14.1 million year to
date, EBIT margin at 22%
* Approved Special Protocol Agreement (SPA) from the US FDA on the design of
the Phase 3 clinical registration program for Cevira

Key figures:--------------------------------------------------------------------------------------------------
| Figures in NOK million 2Q 2015 2Q 2014 Change 1H 2015 1H 2014 Change FY 2014 |
| Sales revenues 31.5 24.4 29 % 59.9 43.9 36 % 93.6 |
| Signing fee&milestone revenues 3.3 1.1 4.5 2.3 96 % 35.4 |
| Total revenues 34.8 25.5 36 % 64.4 46.2 39 % 129.0 |
| Operating expenses 34.5 29.2 18 % 69.2 62.0 12 % 127.6 |
| EBIT (Operating result) -1.9 -5.7 -67 % -9.1 -19.4 -53 % -5.6 |
| EBIT commercial franchise 9.9 5.4 86 % 14.1 5.4 163 % 15.9 |
| EBIT development portfolio -11.8 -11.0 7 % -23.2 -24.8 -7 % -21.5 |
| Profit/loss(-) before PCI and tax -0.4 -4.2 -7.4 -17.2 1.5 |
| Earnings per share, diluted (NOK) -0.51 -0.20 -1.02 -0.81 -1.16 |
| Cash&cash equivalents 146.7 140.7 165.2 |
--------------------------------------------------------------------------------------------------
President&CEO Kjetil Hestdal, M.D. Ph.D. comments:"In the second quarter Hexvix/Cysview showed continued volume growth in
important territories. We were encouraged by Cysview progress in the second
quarter. US development continued with volume and revenue growth of 55% and
118% respectively, and permanent blue light enabled cystoscopies were
expanded into new key hospitals.

The recent announcement of the alignment with the FDA on the Cevira
registration program through the SPA process was a significant milestone for
our break through pipeline project.

The new Hexvix distribution agreement with Juno Pharmaceuticals provides an
additional foundation for continued growth of our Hexvix/Cysview brand as we
work to ensure bladder cancer patients gain access to improved patient
management in regions outside our current territories.

In the second quarter of 2015, we continued to deliver strong financial
improvement. With the increased profitability of our commercial franchise we
continue to make 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 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 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 1913
* USA: +1646 254 3361

Confirmation code: 5998262

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: 5998262

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.

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.

2Q2015 Report
http://hugin.info/131151/R/1945229/705158.pdf
2Q2015 Presentation
http://hugin.info/131151/R/1945229/705159.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

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