Photocure ASA: Results for first quarter 2015

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Published: 6 May 2015Financial Investment & Stock

Oslo, Norway, 6 May 2015: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies, announces its results for first quarter 2015.

Highlights include:

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

  • Total sales revenues of Hexvix®/Cysview® increased 38% in the quarter to NOK 26.7 million
  • Commercial franchise yielding operating profit of NOK 4.2 million in the quarter, up NOK 4.2 million from last year, driven by increased revenues from Hexvix/Cysview
  • Significant improvement in financial performance  - first quarter net result before tax at NOK -7.0 million, an improvement of NOK 6.0 million from last year (NOK -13.0 million)
  • Submission of Cevira® phase 3 Special Protocol Assessment Request (SPAR) to FDA
  • The National Institute for Health and Care Excellence (NICE) has updated UK guidelines and recommends photodynamic diagnosis for improved detection of bladder cancer

Key figures:

Figures in NOK million 1Q 2015 1Q 2014 Change FY 2014
Sales revenues 28.4 19.5 45 % 93.6
Signing fee & milestone revenues 1.2 1.2   35.4
Total revenues 29.6 20.7 43 % 129.0
Operating expenses 34.8 32.9 6 % 127.6
EBIT (Operating result) -7.2 -13.7   -5.6
  EBIT commercial franchise 4.2 0.0   15.9
  EBIT development portfolio -11.4 -13.7   -21.5
Profit/loss(-) before PCI and tax -7.0 -13.0   1.5
Earnings per share, diluted (NOK) -0.52 -0.61   -1.16
Cash & cash equivalents 149.7 149.7   165.2

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

"Photocure started the year with a strong first quarter, driven by solid performance of Hexvix/Cysview in the Nordics and US. We have made encouraging progress in the US with increased revenues driven by improved productivity of installed base of blue light cystoscopes (BLCs). We were also pleased to see in the UK that the National Institute for Health and Care Excellence (NICE) recommend photodynamic diagnosis for improved detection of bladder cancer in its first guideline on bladder cancer treatment.

In the first quarter of 2015 we continued to deliver strong financial improvement. With the increased profitability of our commercial franchise we made 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 at www.photocure.com. It will be possible to follow the presentation through a live 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 an audio webcast and 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 1905
  • USA:                +1212 444 0412

 Confirmation code: 9350277
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: 9350277

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 at www.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.

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