Results second quarter and first half 2012

Oslo, Norway, 24 August 2012: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, today announces its results for the second quarter and the first half year 2012, for the period ended 30 June 2012.

Highlights include:

(Numbers in brackets are for the corresponding period in 2011)

  • Total revenues increased 63% to NOK 31.5 million (NOK 19.3 million) in 2Q 2012 which included milestone revenues of NOK 14.2 million. Total revenues for the first half year were NOK 65.7 million (NOK 40.2 million), also an increase of 63%
  • Sales revenues increased 4% to NOK 17.3 million (NOK 16.6 million) in 2Q 2012. Sales revenues for the first half year 2012 increased 8% totaling NOK 37.4 million (NOK 34.5 million)
  • Operating performance continues to improve with net loss reduced by 25% to NOK 13.9 million (net loss NOK 18.5 million) in 2Q 2012 and for the first half year 2012 net loss of NOK 25.5 million (net loss NOK 34.4 million)
  • Cash & cash equivalents of NOK 297.5 million per 30 June 2012
  • The phase 2b study of Visonac® for treating acne was completed in May ahead of time and with encouraging results. Visonac demonstrated a statistically significant reduction in inflammatory lesions and overall improvement in acne severity.
  • An important enabler for Photocure’s commercial operation in the US, was the approval of the upgraded Karl Storz blue light cystoscopy equipment by the FDA in May.

  • Strategic collaboration with Ipsen is progressing well and the third and final manufacturing transition milestone totaling EUR 1.5 million was received in the second quarter. Photocure has received a total of EUR 5.0 million in manufacturing transition milestone payments from Ipsen

  • Data on Hexvix®/Cysview® from a long term follow-up study in 551 patients were published in the prestigious Journal of Urology. The results demonstrate that Hexvix cystoscopy significantly improves bladder cancer recurrence free survival with a trend towards improved bladder preservation

  • The phase 2b study for Cevira® (treatment of human papilloma virus (HPV) associated diseases of the cervix) is progressing according to plan with results expected in 4Q 2012

Post period end highlights:

  •  In July, Photocure’s management team was strengthened with the appointment of Erik Dahl as CFO. He assumed his new role on August 15.

Key figures:

Figures in NOK million

2Q 2012

2Q 2011

Change

1H 2012

1H 2011

Full year
2011

Sales revenues

17.3

16.6

4%

37.4

34.5

71.5

Signing fee & milestone revenues

14.2

2.7

432%

28.2

5.7

44.0

Total revenues

31.5

19.3

63%

65.7

40.2

115.6

Gross profit

28.8

17.0

69%

60.9

33.7

104.5

Research and development expenses

9.7

18.2

-47%

23.7

31.2

66.2

Sales and marketing expenses

23.2

10.9

112%

42.2

21.6

50.2

Operating result (EBIT)

-15.2

-20.8

 

-29.7

-38.3

-57.4

Net profit/loss

-13.9

-18.5

 

-25.5

-34.4

-7.5

Earnings per share, diluted (NOK)

-0.65

-0.86

 

-1.19

-1.59

-0.35

 

President & CEO Kjetil Hestdal, M.D. Ph.D. comments:

“For the first half of 2012, Photocure continued to execute its strategy, with focus both on our commercialized products as well as our near term product pipeline. The approval of the upgraded Karl Storz blue light cystoscopy equipment in May marks a significant milestone for Photocure’s commercialization of Cysview in the US and paves the way for a significant increase in market access. The strategic partnership with Ipsen is progressing well and the MAA transitions in the major European markets have now been approved.

 We are excited about the encouraging results of the Visonac phase 2b trial, and are actively preparing to initiate the phase 3 global pivotal registration program in early 2013. The Cevira study is progressing according to plan and we look forward to reporting results for the phase 2b later this year.

Please find the full financial report enclosed.

Photocure ASA will present its second quarter and first half 2012 report today at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway. The presentation will begin at 15.00 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO, Kathleen Deardorff COO and 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.

For further information, please contact:

Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: kh@photocure.no

M: Communications

Mary Clark, Amber Bielecka, Hollie Vile

Tel: +44 207920 2361, Email: photocure@mcomgroup.com

About Photocure ASA

Photocure ASA is a worldwide leader in photodynamic technology. Listed on the Oslo Stock Exchange (OSE: PHO), Photocure is focused on photodynamic technologies in dermatology and cancer. The company strives to solve unmet needs by developing new and innovative solutions based on its patented Photocure Technology™. Photocure markets and sells its own products in selected markets and has developed strong partnerships with leading pharmaceutical companies on a regional and global basis. Photocure’s bladder cancer diagnostic product, Cysview/Hexvix is approved in Europe and the US. In addition, the company markets Allumera®, a photodynamic cosmetic in the US. Setting new standards for diagnosis and treatment of several different conditions, Photocure Technology™ is continuously being tested for new products and applications in cancer and dermatology.  

Visonac®, Allumera®, Photocure® and Cysview®/Hexvix® are registered trademarks of Photocure ASA. For more information about Photocure, visit www.photocure.com.