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2016-11-15

Photocure ASA: Results for third quarter 2016

Oslo, Norway, 15 November 2016: Photocure ASA (OSE: PHO), a specialty
pharmaceutical company focused on photodynamic technologies in cancer and
dermatology, reported a revenue growth of 17 % to NOK 31.6 million in the
third quarter of 2016 (Q3 2015: NOK
27.0)
for the Hexvix/Cysview commercial franchise and a corresponding EBITDA of NOK
8.0 million.

"As in the previous two quarters, Photocure continued to grow sales revenues
in third quarter. The Hexvix/Cysview sales revenue increase for the quarter
and first nine months was double digit. It is encouraging to see the positive
momentum of volume growth and increased adoption of Cysview in the US, both
in the quarter and year to date," says Kjetil Hestdal, president and CEO.

Photocure reported total revenues of NOK 35.2 million in the third quarter of
2016 (35.9), with an EBITDA of NOK -1.6 million (-1.6). Net profit was NOK
0.1 million (-5.0), while the cash position ended at NOK 93.9 million. The
underlying sales revenue growth of 17 % for the Hexvix/Cysview franchise was
driven by increased demand in the US, price increases and foreign exchange
rates. Total Hexvix/Cysview global in-market sales increased 12% to NOK 181
million year to date with a year to date in-market unit sales growth of 5%

In the US, third quarter revenue increased 46% and year to date revenue
increased 43% compared to same periods the prior year. The increase was
driven by volume growth, positive foreign exchange rates and price increase.
In constant currency, year to date revenue grew 35% compared to the same
period in 2015.

"The US growth was driven both by the number of permanent blue light
cystoscopes (BLCs) installed at leading US hospitals/urology centers and by
increased average usage per center. In addition, several new and key medical
publications on the medical benefits of Blue Light Cystoscopy with
Hexvix/Cysview were announced in the third quarter, including studies
published in Bladder Cancer, World Journal of Urology and The Journal of
Urology, documenting clinical benefits for bladder cancer patients by using
Hexvix/Cysview," says Hestdal.

Photocure expects to increase unit sales for Hexvix/Cysview through continued
positive sales development of Cysview in the US, launch in new markets as
well as growth in key mature markets. The company will continue to expand its
commercial presence in urology by furthering the Hexvix/Cysview opportunity
in the bladder cancer surveillance market with finalization of the new phase
3 clinical trial.

The company expects this trial to cost USD 7.5 million in total, down from
originally planned USD 8.5 million. Photocure is entitled to receive EUR 4
million from Galderma in the fourth quarter of 2016, as the final payment
related to the 2009 Metvix asset purchase agreement.

"The patient enrollment in the phase 3 clinical study of Blue Light Flexible
Cystoscopy with Cysview is progressing according to plan and expected to be
fully recruited by the end of 2016. Our cash position is expected to remain
solid throughout 2016 including committed deferred payments and milestones.
We are also working closely with our advisor and remain fully committed to
establish strategic partnerships for our non-urology pipeline products,
Visonac and Cevira", says Hestdal.

Please find the full financial report and presentation enclosed.

Photocure ASA will present its interim report today at Hotel Continental,
Oslo, Norway. Continental, Oslo, Norway. The presentation will begin at
08.30 (CET) and representatives from the company will be Kjetil Hestdal,
President&CEO, 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.

Photocure will additionally host an audio webcast and conference call today in
English at 17:00 CET / 16:00 GMT / 12:00 EST.

Please join the event conference 5-10 minutes prior to the start time using
the number and confirmation code below:
* NORWAY: +47 2350 0296
* UK: +44(0)20 7026 5967
* USA: +1 719 325 2213

Confirmation code: 9330000

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: 9330000

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

Notes to editors

About Photocure ASA

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.

3Q16 Presentation
http://hugin.info/131151/R/2056864/770491.pdf
3Q16 Report
http://hugin.info/131151/R/2056864/770490.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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