Photocure ASA: Results for the first quarter 2013

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Published: 25 April 2013Financial Investment & Stock

Oslo, Norway, 25 April 2013: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, today announces its results for the first quarter 2013.

Highlights include:

(Numbers in brackets are for the corresponding period in 2012)

  • Total sales revenues of Hexvix/Cysview increased 2% to NOK 14.5 million (NOK 14.2 million) in the quarter driven by increased end user sales volumes in the US and Ipsen territories.
  • Total revenues of NOK 15.7 million (NOK 33 million) were lower than prior year as a result of lower milestone revenues and lower sales of active pharmaceutical ingredients to Galderma.
  • Net loss of continued operations of NOK 21.4 million (NOK 6.8 million) were higher than prior year as a result of the higher and planned marketing and sales expenses, as well as lower milestone revenues.
  • Cash and cash equivalents of NOK 277.3 million on 31 March 2013.
  • A new meta-analysis on Hexvix/Cysview with data from eight prospective studies with 1,293 patients was presented at the annual meeting of European Association of Urology (EAU). The data confirmed the significant clinical benefit of Hexvix/Cysview in management of bladder cancer patients supporting the new and strengthened recommendation of the use of Hexvix photodynamic diagnosis by the association.
  • On April 10, Photocure reported positive final results of the phase 2b study for Cevira®. Cevira showed a statistically significant and sustained lesion response and high HPV clearance in CIN2 patients.

Key figures:

Figures in NOK million 1Q 2013 1Q 2012 Change FY 2012
Sales revenues Hexvix / Cysview 14.5 14.2 2 % 67.5
Sales revenues API 0.2 4.7 7.6
Signing fee & milestone revenues 1.0 14.1 -93 % 58.7
Total revenues 15.7 33.0 -52 % 133.8
Gross profit 14.3 31.0 -54 % 124.4
Research and development expenses 9.1 14.0 -35 % 50.1
Sales and marketing expenses 19.0 13.4 41 % 70.2
Operating result (EBIT) -23.6 -9.7 -39.2
Net profit/loss continued operations -21.4 -6.8 -30.1
Earnings per share, diluted (NOK) -1.01 -0.54 -2.24

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

"We were delighted to report final positive results of the phase 2b trial for Cevira. We are confident that these data will enable us to partner this important product with a leading player in women's healthcare.

We had a mixed start with Hexvix/Cysview. Although the commercial performance of Hexvix/Cysview globally was impacted by inventory build up in the fourth quarter, positive data were presented at the EAU and there was a strengthened recommendation in the EAU guidelines on the use of Hexvix. The guidelines also recognize the positive impact of Hexvix on reducing recurrence rate and improving time to recurrence of bladder cancer, demonstrating the significant clinical benefit and potential of our flagship brand."

Please find the full financial report and presentation enclosed.

Photocure ASA will present its first quarter 2013 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.

Photocure will additionally host an audio webcast  and conference call today in English at 16.00 CET / 15.00 GMT / 10.00 EST.

Please make sure to dial in 10 minutes prior to scheduled conference call start time on one of the following numbers:

Confirmation code: 4057359

·         NORWAY:         +472350 0486
·         UK:                   +44(0)20 7784 1036
·         USA:                +1646 254 3366

It is possible to listen to a replay of the conference call on the following numbers:

Confirmation code: 4057359

·         NORWAY          +47 2100 0498
·         SWEDEN          +46 (0)8 5051 3897
·         DENMARK        +45 32 71 09 13
·         UK                    +44 (0)20 3427 0598
·         USA                 +1 347 366 9565

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

M: Communications
Mary Clark, Amber Bielecka, Hollie Vile
Tel: +44 207920 2361, Email: photocure@mcomgroup.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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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