Results for second quarter and first half year 2016

Oslo, Norway, 23 August 2016: Photocure ASA (OSE: PHO), a specialty pharmaceutical company focused on photodynamic technologies in cancer and dermatology, reported a sales revenue growth of 18 % to NOK 34.2 million in the second quarter of 2016 (Q2 2015: NOK 28.9 million) for the Hexvix/Cysview commercial franchise and a corresponding EBITDA of NOK 5.9 million.

"Photocure continued to progress with underlying revenue growth during the second quarter. It is especially encouraging to see the positive momentum of Cysview in the US, both in regard to continued volume growth and expansion in the base of installed blue light enabled cystoscopes, as well as the recommendation of Cysview in the US bladder cancer guidelines. This event is an important foundation for future investments and growth of our flagship brand", says Kjetil Hestdal, president and CEO.

Photocure reported total revenues of NOK 35.5 million in the second quarter (34.8), with an EBIT of NOK -4.4 million (-1.9). Net profit was NOK 18.1 million (-10.8), while the cash position ended at NOK 104.4 million. The sales revenue growth of 18 % for the Hexvix/Cysview franchise was driven by increased demand in major markets, price increases and foreign exchange rates. Total Hexvix/Cysview global in-market sales increased 19% to NOK 124 million year to date with a year to date in-market unit sales growth of 6%.

"A significant milestone and recognition of the medical benefits of Cysview was achieved with the recommendation of blue light enabled cystoscopy with Cysview in the new guidelines for bladder cancer. In recommending theuse of Cysview, the guidelines highlight the importance of Cysview in increasing the detection and decreasing the recurrence rate of non-muscle invasive bladder cancer", says Hestdal.

Photocure expects to increase unit sales growth rates for Hexvix/Cysview through continued positive sales development of Cysview in the US, launch in new markets as well as growth in key mature markets. The company will continue to expand its commercial presence in urology by furthering the Hexvix/Cysview opportunity in the bladder cancer surveillance market with finalization of the new phase 3 clinical trial.

"Our phase 3 surveillance study with Cysview in the US is progressing well and remains on track to have all patients enrolled by the end of 2016. Our cash position is expected to remain solid throughout 2016 including committed deferred payments and milestones. We also remain committed to securing partnerships for our two phase 3 ready development products, Cevira and Visonac, and continue to focus our business development work towards potential partnerships", says Hestdal.

Photocure is entitled to receive EUR 4 million from Galderma in the fourth quarter of 2016, as the final payment related to the 2009 Metvix asset purchase agreement.

Please see link to the full financial report and presentation.

Photocure ASA will present its interim report today at Hotel Continental, Oslo, Norway. Additionally, Dr. Daneshmand will provide an update on Hexvix/Cysview following the new bladder cancer guidelines from American Urological Association (AUA) and the Society of Urological Oncology (SUO), where enhanced cystoscopy including Blue Light Cystoscopy with Hexvix/ Cysview is recommended.

Agenda (CET)

08:30 - 09:05 Q2 presentation by Kjetil Hestdal, President and CEO, and Erik Dahl, CFO. The presentation will be held in Norwegian.

09:05 - 09:15 Break

09:15 - 09:45 Dr. Sia Daneshmand, MD, Associate Professor of Urology (Clinical Scholar); Director of Urologic Oncology, Director of Research and Fellowship Director, USC Institute of Urology at University of Southern California, Los Angeles, USA. The presentation will be held in English.

09:45 - 10:00 Ambaw Bellete, President, Photocure Inc. and Head, US Commercial Operations. The presentation will be held in English.

Photocure will additionally host an audio webcast and conference call ( ) the same day in English at 17:00 CET / 16:00 GMT / 12:00 EST.

Please join the event conference 5-10 minutes prior to the start time using the number and confirmation code below:

  • NORWAY:       +47 2100 2607
  • UK:                  +44(0)203 043 2002
  • USA:                +1 719 325 4936

Confirmation code: 6357841

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

  • NORWAY         +47 2350 0077
  • UK                   +44 (0)207 984 7568
  • USA                 +1 719 457 0820

Confirmation code: 6357841