Photocure ASA: Results first quarter 2012

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Published: 26 April 2012Financial Investment & Stock

Oslo, Norway, 26 April 2012: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies within selected therapeutic areas, today announces its results for the first quarter 2012.

Highlights include:

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

  • Total revenues increased 63% to NOK 34.2 million (NOK 20.9 million) in 1Q 2012 which included milestone revenues of NOK 14.1 million
  • Sales revenues increased 13% to NOK 20.1 million (NOK 17.9 million) in 1Q 2012
  • Net loss NOK 11.7 million (net loss NOK 15.9 million) in 1Q 2012
  • Cash & cash equivalents of NOK 326.1 million per 31 March 2012
  • Photocure initiated commercialization of Cysview® in the US in January by its dedicated commercial operation
  • Allumera® sales in the US by Photocure's dedicated commercial organization are showing good growth and encouraging reorder rate
  • Strategic collaboration with Ipsen is progressing well and the second manufacturing transition milestone of EUR 1.5 million was received in March
  • Data on Hexvix®/Cysview® from a long term follow-up study in 551 patients were presented at the Annual European Association of Urology (EAU) Congress in Paris on 27 February 2012; demonstrates that Hexvix cystoscopy significantly improves bladder cancer recurrence-free-survival
  • Completed patient enrollment in the phase 2b studies for Visonac® for treating acne and Cevira® for the treatment of human papilloma virus (HPV) associated diseases of the cervix; both studies are progressing according to plan with results expected in second half of 2012
  • Encouraging first clinical data on safety, tolerability and efficacy for the compact, single-use disposable Cevira device were presented at the American Society of Colposcopy and Cervical Pathology (ASSCP) in San Francisco on 15 March 2012

Post period end highlights:

  • In April, Photocure achieved the first allotment of the third and final manufacturing transition milestone from Ipsen, EUR 750,000.


Key figures:

Figures in NOK million 1Q 2012 1Q 2011 Change Full year

2011
Sales revenues 20.1 17.9 13% 82.9
Signing fee & milestone revenues 14.1 3.0 364% 32.7
Total revenues 34.2 20.9 63% 115.6
Gross profit 32.1 16.7 92% 104.5
Research and development expenses 14.0 13.0 8% 66.2
Sales and marketing expenses 19.0 10.7 78% 50.2
Operating result (EBIT) -14.5 -17.5 -57.4
Net profit/loss -11.7 -15.9 -7.5
Earnings per share, diluted (NOK) -0.54 -0.74 -0.35

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

"Photocure has made great progress in the first quarter and has been focused on executing its commercial strategy. Our commercial operations in both the US and Nordic regions have started the year with positive momentum. We have generated the first revenues for Cysview in the US and are making good progress with Allumera, sales of which are in line with our expectations. The strategic partnership with Ipsen is progressing well and we are confident that we will secure good sales growth for Hexvix going forward.

 

We were very pleased that patient recruitment in the ongoing two phase 2b trials for Visonac and Cevira were completed on time and we look forward to reporting results for these exciting products in the second half of the year.

 

Overall a strong start to 2012 and we are convinced that we are positioned to deliver robust growth over the year."

Please find the full financial report enclosed.

Photocure ASA will present its first quarter 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 Torbjørn Øye, interim 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(TM). 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(TM) 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.

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