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Results for the first quarter of 2017

Oslo, Norway, 23 May 2017: Photocure ASA (OSE: PHO) today reported a Hexvix/Cysview revenue growth of 9% to NOK 36.5 million in the first quarter of 2017 (Q1 2016: NOK 33.5), with an EBITDA of NOK 4.9 million for the Hexvix/Cysview commercial franchise. The company reported a growth of 32% for the important US market, were the company recently unveiled the new growth strategy towards 2020.

“Hexvix/Cysview delivered strong growth in major markets, outside the Nordic regions, during the first quarter. In particular, we saw good momentum in the US, driven by strong demand for Cysview. As planned, we are increasing our investments in sales and marketing in the US in order to drive further awareness for Cysview and growth in the region,” says Kjetil Hestdal, president and CEO.

Photocure reported total group revenues of NOK 36.5 million in the first quarter of 2017 (34.9), with a recurring EBITDA of NOK -4.2 million (-3.7). Net profit was NOK -6.9 million (-0.7), while the cash position ended at NOK 155.5 million. The in-market unit sales increased 10%, driven by a volume growth of 28% in the US, representing a US revenue growth of 32%. The EBITDA for the Hexvix/Cysview commercial franchise ended at NOK 4.9 million in the first quarter of 2017.

Photocure has built considerable experience in the urology sector through its Hexvix/Cysview franchise and sees significant long-term value creation potential in this market segment. The company has over the last years experienced a strong and growing penetration of Hexvix in key European markets and aims to capitalize on the inclusion in the AUA guidelines, as well as the increased patient awareness, to significantly increase penetration in the US market.

Photocure plans to double its salesforce and increase sales and marketing expenses towards the end of 2017. The goal of these efforts is to quadruple the revenues from the US operations by 2020. The company is fully funded for this market strategy.

“We believe strongly in the US market and are ramping up as planned throughout 2017 and 2018.  After the end of the quarter, we were very pleased to report positive data from our Phase 3 study in the surveillance setting. This is an attractive market for Photocure and is an important component of our long term growth plans in the US. We are preparing to file the data from the Phase 3 study with the FDA later this year to support a potential expansion in this setting,” says Hestdal.

The results from the Phase 3 study with Blue Light Flexible Cystoscopy (BLFC™) with Hexvix®/Cysview® were presented at the AUA annual meeting in May and showed that Cysview provided a highly significant (p<0.0001) improvement in detecting additional patients (21.5%) with bladder cancer in the surveillance setting.

“In addition, Photocure will continue to work on reimbursement in the US and will utilize an ongoing stream of publications documenting the medical benefits of Blue Light Cystoscopy with Hexvix/Cysview to demonstrate its clinical benefits,” Hestdal concludes.

Please find the full financial report and presentation linked.

Photocure ASA will present its interim report today at Hotel Continental, Oslo, Norway.  Continental, Oslo, Norway. The presentation will begin at 08.00 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO, Erik Dahl, CFO. http://webtv.hegnar.no/presentation.php?webcastId=52727534

Additionally, Dr. Daneshmand will present the new phase 3 study results with Blue Light Flexible Cystoscopy (BLFC(TM)) with Hexvix(®)/Cysview(®). http://webtv.hegnar.no/presentation.php?webcastId=56044254

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 / 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 2350 0296
  * UK:                  +44(0)330 336 9411
  * USA:                +1 719 325 4746

Confirmation code: 1958114

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: 1958114

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

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