PhotoCure ASA - Results 2005
Oslo, Norway, 28 February 2006
PhotoCure ASA (Oslo Stock Exchange: PHO) presents today its results for 2005. The main items in the report are:
Hexvix approved in Europe and application submitted in the US
Hexvix for detection of bladder cancer was approved by 27 European countries. The application for marketing authorisation (NDA) was submitted to the US health authorities (FDA). Hexvix was introduced in the Nordic countries.
Increased Metvix sales
During 2005, Metvix tube sales increased by 18 % in the Nordic countries and by 77 % in the markets outside the Nordic region. Galderma S.A., PhotoCure's licencingpartner for Metvix outside the Nordic region, launched Metvix in Poland, Portugal, the Netherlands, and Spain in 2005.
Proof-of-concept study with Metvix in acne completed
PhotoCure's proof-of-concept study with Metvix PDT showed significant improvement in treatment of patients with moderate to severe inflammatory acne. PhotoCure has submitted a proposal for development of a new product for acne treatment to Galderma.
Financials
Total revenues in 2005 amounted to NOK 53,6 million compared to NOK 77,8 million in 2004. Net loss amounted to NOK 38,5 million in 2005, compared to NOK 45,3 million in 2004. Net cash flow from operations amounted to NOK - 70,5 million in 2005, compared to NOK - 50.2 million in 2004. Liquid funds amounted to NOK 72,3 million as of 31.12.2005.
Significant events in 2006
PhotoCure signed a licencing agreement with GE Healthcare for Hexvix utside the nordic region in January 2006. The agreement includes an exclusive option for the US. PhotoCure completed a rights issue of 4,396,051 new shares with a subscription price of NOK 46/share in February 2006.
President and CEO of PhotoCure, Dr. Kjetil Hestdal, says in a comment to the results: "We are pleased to see the growing sales of Metvix and extension of Metvix in new indications. We are proud of the fact that Hexvix was approved by all 27 European countries. This is an important step towards a significant extension of our commercial platform."
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.
Styrets årsberetning 2005 (in Norwegian) is available at the following link:
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
