Employee Share Options Exercised

Oslo, Norway, 24 August 2007

Based on previous allotment of employee options, employees in Photocure have now exercised share options. The Board of Directors has therefore decided to increase the share capital with NOK 10,316.00 through the issue of 20,632 shares at NOK 0.50 each. The share capital increase is based on an authorisation granted to the Board of Directors at the Annual General Meeting held on 25 April 2007.

The Articles of Association for Photocure are changed following the share capital increase and § 4 now reads as follows:

"The share capital of the company amounts to NOK 11,046,650.50 divided on 22,093,301 shares at NOK 0.50 each, registered by name and fully paid. All shares in the Company must be registered with the Norwegian Registry of Securities (VPS)."

Photocure ASA is a Norwegian pharmaceutical company listed on Oslo Stock Exchange. The company develops and sells pharmaceuticals and medical devices based on proprietary photodynamic technologies, targeting key dermatology and oncology markets.
Photocure has two products with sales and marketing approvals: Metvix®, which is a product developed for the treatment of skin cancer (basal cell carcinoma) and pre-cancerous skin lesions (actinic keratosis), and Hexvix®, which is developed for the detection of bladder cancer. Both products are based on the same photodynamic technology, combining the drug known as a photosensitiser with a light source that activates the photosensitiser. Photocure aims to develop a pipeline of follow-on products and technologies.
For further information, contact:
Photocure ASA                                                          
Attn. Kjetil Hestdal (President and CEO) or Christian Fekete (CFO)
Kjetil Hestdal (kh@photocure.no), Mobile: +47 913 19 535
Christian Fekete (cf@photocure.no), Mobile: +47 916 42 938