Mr Per Walday has been appointed as new CEO of PCI Biotech starting in the second quarter of 2008. Mr Anders Høgset, current CEO will take the position as Chief Scientific Officer upon Mr Walday taking up his new position.

Mr Walday brings to PCI Biotech more than 20 years of senior management experience in the pharmaceutical sector. Mr Walday currrently holds the position as Global Head of Project Management at GE Healthcare. In this position he has been responsible for project management of all pharmaceutical development. Mr Walday brings deep insight and long experience in pharmaceutical development, ranging from preclinical research to registration and commercialization of new products. He has an extensive international network and a thorough understanding of critical success factors in drug development. Mr Walday holds a PhD from the Institute of Biology at the University of Oslo.

Photocure President and CEO, Kjetil Hestdal, said: "Today's announcement is an important step for PCI Biotech. By strengthening PCI Biotech's management team we will secure the necessary expertise to develop and commercialise its patented technology. I am confident that PCI Biotech's delivery technology has an important role to play in enhancing the effectiveness both of current and of emerging treatments for cancer.I will also take the opportunity to thank Mr Anders Høgset for taking on the additional responsibility of CEO in a very research intensive period. I wish Mr Høgset all the best in his new position as Chief Scientific Officer. "

About PCI Biotech:

PCI Biotech has developed a unique method for the light-directed drug delivery of therapeutic molecules directly into tumor cells. This internal delivery of drugs has the potential to enhance the efficacy of current approaches to the treatment of cancer. The technology, called photochemical internalisation (PCI), can be used both for existing anti-cancer drugs and for emerging treatments, such as gene therapy using siRNA, and as such is of increasing interest in the pharmaceutical and biotech industry.

PCI Biotech has been a subsidiary of Photocure since 2000, and the company has built a solid technology platform, generated significant preclinical documentation and established a strong intellectual property position. PCI Biotech plans to start the first clinical study in 2008 to evaluate the safety of PCI Biotech's technology in delivery of an anti-cancer agent into tumour cells.  

PCI Biotech's business strategy is to create value by improving the terapeutic profile of drugs, and capture value through licensing deals with pharmaceutical and biotechnology companies.

Photocure currently owns 91.4% of the shares in PCI Biotech AS. The remaining shares are owned by the Radium Hospital's Research Foundation 6.9%, and the employees of PCI Biotech AS 1.7%.

For additional information please contact:

President and CEO Kjetil Hestdal

E-mail: kh@photocure.no

Mobile: +47 913 19 535

CFO Christian Fekete

E-mail: cf@photocure.no

Mobile: +47 916 42 938

www.photocure.com