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PhotoCure - Results 2004

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Oslo, Norway, 24 February 2005
PhotoCure ASA (Oslo Stock Exchange: PHO) presents today its results for 2004. The main items in the report are:


  • Increased Metvix® revenues
    During 2004, Metvix revenues increased by 65 % in the Nordic countries and by 52 % in the markets outside the Nordic region.
  • Galderma continues to launch Metvix in new markets
    Galderma S.A., PhotoCure's marketing partner outside the Nordic region, launched Metvix in Italy, Belgium, Australia and Switzerland in 2004.
  • First US approval for Metvix
    PhotoCure received approval from the FDA regarding the marketing of Metvix for the treatment of AK (actinic keratosis).
  • Hexvix® closer to commercialisation
    The first marketing authorisation for Hexvix for detection of bladder cancer was issued by Swedish authorities in 2004. Hexvix is more efficient than current methods and covers a large medical need for improvement in bladder cancer detection. Marketing applications are filed in 26 additional EU/EEA countries.
  • Ongoing explorative clinical ctudies
    PhotoCure has initiated several clinical pilot studies to explore the possibilities to use the company's products for new indications.
  • Increasing revenues
    Total revenues in 2004 amounted to NOK 82.4 million, an increase of 37 % or NOK 22.1 million compared to 2003. Net loss amounted to NOK 44.7 million in 2004, compared to NOK 42.8 million in 2003. One time costs of NOK 12.7 million were charged to the 4th quarter accounts. Net cash flow from operations amounted to NOK - 47,1 million in 2004, compared to NOK - 70.5 million in 2003. Liquid funds amounted to NOK 138 million as of 31.12.2004 and the equity ratio was 50%.


President and CEO of PhotoCure, Dr. Kjetil Hestdal, says in a comment to the results: "We are pleased to see the growing success of Metvix. Galderma's major investments in sales and marketing of Metvix form a solid base for a substantial increase in future sales revenues. We are also pleased that the European MRP application for Hexvix is submitted. This is an important step towards a significant extension of our commercial platform."
 
 
The full report for the Results 2004 and a presentation is available on www.photocure.com under Investors/Reports and presentations.
 
The report is also available at the following link:


The presentation is available at the following link:
 
 
 
PhotoCure ASA is a Norwegian pharmaceutical company founded in 1993 and 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 is currently testing both products for new indications and 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)
Hoffsveien 48
NO-0377 Oslo
 
Telephone: +47 22 06 22 10
Kjetil Hestdal mobile +47 913 19 535 - Christian Fekete mobile +47 916 42 938
Fax: +47 22 06 22 18

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