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PhotoCure - Results 2003

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  • Improved annual financial results
    Operating revenues in the fourth quarter 2003 totalled NOK 11.3 million, compared to NOK 9.2 million fourth quarter of 2002. Operating expenses decreased to NOK 31.8 million compared to NOK 39.1 million in the fourth quarter of 2002. Net loss amounted to NOK 17.1 million compared to NOK 22.1 million in the fourth quarter of 2002.
    In 2003, operating revenues amounted to NOK 60.3 million, compared to 28.7 million in 2002. Net loss amounted to NOK 42.8 million in 2003, compared to NOK 96.0 million in 2002. Liquid funds amounted to NOK 185.8 million as of 31.12.2003 and the equity ratio was 56.5%.
  • Metvix® - the progress continues
    Metvix sales in the Nordic countries more than doubled in 2003 compared to 2002, and today there are 252 PhotoCure lamps at 171 clinics in the Nordic countries.
  • Galderma has initiated launch of Metvix in several countries
    Galderma S.A., PhotoCure's marketing partner outside the Nordic area, has in 2003 started to launch Metvix in Germany, United Kingdom and New Zealand. The clinical acceptance amongst doctors is high and sales are expected to increase substantially in 2004. Galderma is planning to initiate launch activities of Metvix in Italy, Spain, Belgium, Australia and Switzerland during 2004.
  • Metvix approvals
    In 2003, Metvix received marketing approval in Switzerland and Australia for the treatment of actinic keratoses (premalignant skin disorder, AK) and basal cell carcinoma (skin cancer, BCC). The product is now approved in 18 countries. Furthermore, Metvix is approvable for AK in the US and a final approval is expected in 1st half 2004. The US Food and Drug Administration (FDA) did not approve Metvix for the treatment of primary nodular BCC. However, PhotoCure are having discussions with FDA with the aim of receiving an approval for BCC.
  • New indications for Metvix
    Ongoing clinical studies with Metvix are showing encouraging results in the treatment of early squamous cell carcinoma. The Metvix treatment is also shown effective in the treatment, and prevention of, AK and skin cancer in organ transplant patients with suppressed immune system. The worldwide market for this indication is estimated to 400,000 patients. Pilot studies for treatment of acne and skin rejuvenation have shown promising results.
  • Hexvix® closer to launch
    Marketing approval for Hexvix is expected during 2004, based on the positive assessment PhotoCure received from the Swedish regulatory agency in September 2003. The only remaining issue, is that a limited pharmacokinetic study has to be performed. A phase III study is ongoing in the US as part of the preparation for a marketing application in the US. PhotoCure are negotiating with several potential partners for marketing and sales of Hexvix outside the Nordic market.


President and CEO of PhotoCure, Vidar Hansson, says in a comment to the results: "The acceptance for Metvix amongst health personnel is high in all markets and we are now seeing the results, also in sales revenues. Promising clinical results from Metvix in new indications increases the marked potential significantly. The positive feedback Hexvix has received at several international urology congresses, indicates that bladder cancer patients will significantly benefit from use of Hexvix for cancer detection".


The 4th quarter accounts is available at the following link:


The 4th quarter presentation is available at the following link:


The directors' report 2003 is available at the following link:

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