Photocure ASA - Results 3rd quarter 2009

Wednesday, 28. October 2009 07:01
Oslo, Norway, October 28, 2009

Photocure ASA (Oslo Stock Exchange: PHO) today presents its results
for the third quarter 2009. A presentation will take place today in
Oslo, Norway, beginning at 11.30 am (CET) and webcast through the
Company's website

The main items in the report are:

(Q3 2008 figures in parenthesis)

* Sale of Metvix®/Aktilite® to Galderma for EUR 51 million.
* Total revenues of NOK 389.3 million (NOK 23.6 million)
* Operating profit of NOK 353.7 million (NOK -12.7 million)
* Cash & cash equivalents of NOK 512 million per 1 October
2009, consisting of NOK 140.3 million at 30 September 2009, in
addition to EUR 44 million in cash from Galderma on 1 October 2009
* Photocure's Board of Directors propose an extraordinary
dividend of NOK 4.00/share and initiation of a stock repurchase
* Photocure's NDA for Hexvix® designated for priority review
in the US

Main financial figures:

NOK 000 (unaudited) Q3 09 Change Q3 08 YTD 2009 Change YTD 2008
Total revenues 389 257 1547 % 23 629 447 218 548 % 69 030
Gross profit 385 431 1922 % 19 057 433 855 677 % 55 870
R&D expenses 19 301 19 % 16 188 52 203 -11 % 58 795
Operating profit 353 749 N/A -12 749 333 509 N/A -52 905
Net profit 355 337 N/A -12 090 334 630 N/A -55 136
EPS, diluted (NOK) 16.08 -0.55 15.15 -2.49

Please also see attached full 3rd quarter report.

President and CEO of Photocure, Kjetil Hestdal MD, PhD, says in a
comment to the results, "This has been an exciting quarter for
Photocure; We have sold our first commercial product, Metvix, for EUR
51 million. The consideration from the sale enables Photocure to
return a dividend to our shareholders, initiate a stock repurchase
program, and taking steps to become av speciality pharma company
within dermatology as well as accelerating the development of our
pipeline products in cancer."

About Photocure
Photocure is a Norwegian pharmaceutical company listed on the Oslo
Stock Exchange (OSE: PHO). The company develops and sells
pharmaceuticals and medical devices for the photodynamic treatment
and diagnosis of cancer and selected dermatology indications.

Photocure's commercial activities includes own marketing and sales in
selected markets as well as out-licensing to leading pharmaceutical
companies on a regional or global basis prior to phase III.

Photocure has one proprietary pharmaceutical product on the market:
Hexvix®, for the diagnosis of bladder cancer. Hexvix is approved in
EU and under priority review by FDA in the US. In addition, the
company has developed a proprietary light source, which is used in
combination with the Visonac(TM) cream. Through worldwide studies,
Photocure is continuously testing its products for new indications,
and the aim is to develop a pipeline of follow-on products based on
the Photocure Technology(TM) platform.

For more information about Photocure, visit our website at

Photocure®, the Photocure logo and Hexvix® are registered
trademarks of Photocure ASA.

For further information, contact:
Photocure ASA
Attn. Kjetil Hestdal (President and CEO) or Christian Fekete (CFO)
Hoffsveien 48
NO-0377 Oslo, Norway

E-mail: or
Telephone: +47 22 06 22 10
Kjetil Hestdal mobile +47 913 19 535 - Christian Fekete mobile +47
916 42 938

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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