Photocure ASA : Third Quarter 2011 results

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Published: 26 October 2011Financial Investment & Stock

Photocure ASA - Third quarter 2011 results

Oslo, Norway, 26 October 2011.

The main highlight in the third quarter was the creation of a new commercial strategy for Hexvix®, Photocure's flagship product to aid in diagnosing bladder cancer.  Photocure has entered into a strategic collaboration with Ipsen, a global specialty-driven biopharmaceutical company to commercialise Hexvix worldwide, excluding USA and Nordic region. Additionally, to capitalise on the untapped market opportunity in USA, Photocure plans to launch the product, approved as Cysview(TM) in USA, through its own commercial operations.  The new strategy will maximise the potential of Hexvix on a global basis.

Additional highlights include:

  • Continued launch of Allumera® on the US market by Photocure's dedicated commercial organization
  • Started recruitment in phase IIb study for Visonac®, creating the platform for phase III
  • Sales revenues growing 41% to NOK 20.6 million (NOK 14.6 million) in Q3 2011
  • Net loss NOK 6.8 million (NOK 11.6 million) in Q3 2011
  • Cash holding of NOK 336.1 million per 30 September 2011

Key figures

Figures in NOK millions Q3 2011 Q3 2010 YTD2011 YTD2010 Full year 2010
Sales revenues 20.6 14.6 60.8 49.9 70.5
Signing fee & milestone revenues 11.7 0 11.7 83 .4 106.8
Total revenues 32.3 14.6 72.5 133.4 177.4
Gross profit 30.4 13.1 64.1 127.8 168.2
Research and development expenses 13.8 13.0 45.0 52.3 90.2
Sales and marketing expenses 12.1 9.4 33.7 24.9 35.4
Operating result (EBIT) -10.6 -15.9 -48.9 27.2 7.5
Net profit/loss -6.8 -11.6 -41.2 34.8 18.1
Earnings per share, diluted (NOK) -0.31 -0.52 -1.91 1.57 0.83

Please find the full report enclosed.

Photocure ASA will present its third quarter 2011 report on Wednesday 26th of October  2011 at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway. The presentation will begin at 11.30 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO and Christian Fekete, CFO.

The presentation will be publicly available at www.photocure.com. It will be possible to follow the presentation through a live webcast.

For more information, please contact:

Kjetil Hestdal, President and CEO
E-mail: kh@photocure.no
Mobile: +47 913 19535

Christian Fekete, CFO
E-mail: cf@photocure.no
Mobile: +47 916 42 938

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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