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 find the full
financial report and presentation enclosed.
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.
The presentations will be
publicly available at www.photocure.com.
Photocure will additionally host an audio webcast
and conference call
(http://webtv.hegnar.no/presentation.php?webcastId=36207441 ) 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
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
Trout International LLC
Lauren Williams
Tel: +44 20 3780 4972
Email:lwilliams@troutgroup.com
Notes to editors
About Photocure ASA
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
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
