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PhotoCure - First Quarter 2011 Results


4/27/2011 10:28:10 AM

April 27, 2011 -- Highlights for the first quarter 2011 (Q1 2010 figures in brackets)

- Hexvix® sales to end users (units) up by 21% vs. first quarter 2010

- Sales revenues of up by 21% to NOK 20.9 million (NOK 17.3 million)

- Operating loss of NOK 17.5 million (NOK 15.7 million)

- Cash & cash equivalents of NOK 362.0 million at 31 March 2011

- Positive final results from consumer trial for Allumera ; on track for US launch in June

- Solid clinical results from six months follow up study from Cevira®

- Publication in prestigious British Journal of Urologyof Hexvix data on reducing the risk of bladder cancer recurrence

Strategy

Photocure's strategy is to build a specialty pharma company by maximising the potential of its strong platform of intellectual property in photodynamic therapy within the two disease areas dermatology and cancer.

Photocure develops innovative dermatology therapies and cosmetics, cancer diagnostics and therapies, and markets and sells these products through its own sales force and in partnerships with other companies.

Within dermatology, Photocure is developing Allumera®, a breakthrough cosmetic treatment formulated to improve the skin s appearance, and Visonac® for treating moderate to severe acne. Photocure has established its own commercial platform in the US and plans to launch Allumera during second quarter 2011.

In cancer, Photocure s strategy is to out-license its products before phase III development, and retain commercial rights in some regions. It has one marketed product, Hexvix® / Cysview for the detection of bladder cancer. Photocure is focused on expanding sales of Hexvix. Lumacan®, which is in phase I/II development for the detection of colon cancer, was licensed to Salix Pharmaceuticals (Salix) in October 2010. Cevira® is in phase II development as the first non-surgical therapeutic option for treating cervical HPV infection and precancerous lesions of the cervix.

** Please note the attached pdf for a full set of Photocure’s Q1 Results

For further information, please contact:

Photocure

President & CEO Kjetil Hestdal

Tel: + 47 913 19 535, Email: kh@photocure.no

CFO Christian Fekete

Tel: + 47 916 42 938, Email: cf@photocure.no

Capital MS&L

Mary Clark, Justine Lamond and Hollie Vile

Tel: +44 (0)20 7307 5337, Email: Photocure@capitalmsl.com

About Photocure ASA

Photocure ASA is a worldwide leader in photodynamic therapy. Listed on the Oslo Stock Exchange (OSE: PHO), Photocure develops and sells pharmaceuticals and medical devices for the photodynamic treatment and diagnosis of cancer and selected dermatology indications. The company strives to solve unmet needs by developing new and innovative solutions based on its patented Photocure Technology™. Photocure markets and sells its own products in selected markets and has developed strong partnerships with leading pharmaceutical companies on a regional and global basis. Photocure’s bladder cancer diagnostic product, Hexvix® is approved in the European Union and the US. Setting new standards for diagnosis and treatment of several different conditions, Photocure Technology™ is very selective, targeting only diseased cells and preserving healthy tissue. Photocure Technology™ is being tested for new products and indications including acne, improving the appearance of skin (Allumera™), diagnosing colon cancer (Lumacan® which is outlicensed to Salix Pharmaceuticals) and the treatment of pre-malignant cervical lesions (Cevira®).

Photocure, Inc. is the marketing and sales subsidiary of Photocure ASA in the US. It is located in Princeton, NJ. Justine Lamond

Senior Consultant

81 Whitfield Street, London, W1T 4HG, UK

T: +44 (0) 20 7307 5337

M: +44 (0)7 919 828 314

E: justine.lamond@capitalmsl.com

www.capitalmsl.com www.MSLGroup.com



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