Photocure ASA: Exercise of employee share options and share capital increase

Oslo, Norway, 25 March 2021: Participants in Photocure ASA's ("Photocure" or the "Company") share option program have on 25 March 2021 exercised a total of 102,533 options distributed as follows:

• 6,533 options exercised according to the option program for 2017 at a strike price of NOK 38.06;
• 73,500 options exercised according to the option program for 2019 at a strike price of NOK 50.72; and
• 22,500 sign-on options exercised at a strike price of NOK 56.83.

Each option gives a right to receive one share in the Company. The share options are described in note 7 and 20 in Photocure's annual financial statements for 2019.

Following the exercise, the Board of Directors, pursuant to authorisation granted by the Company's Annual General Meeting, has decided to increase the Company’s share capital by NOK 51,266.50 by issuing 102,533 new shares, of par value NOK 0.50. Subsequent to the transaction, Photocure's share capital will be NOK 13,410,034.50 divided into 26,820,069 shares, each share having a par value of NOK 0.50 and carrying one vote in the Company’s general meeting.

The following options are exercised by primary insiders:

• Dan Schneider, CEO, has exercised 50,000 options.
• Erik Dahl, CFO, has exercised 10,000 options.
• Geoffrey Coy, VP and General Manager of U.S. Operations, has exercised 22,500 options.
• Grete Hogstad, VP Global Strategic Marketing & Business Development, has exercised 6,250 options.
• Kari Myren, VP Global Medical Affairs and Clinical Development, has exercised 6,250 options.

Primary insider notifications pursuant to the market abuse regulation article 19 are attached.

The primary insiders mentioned above have transferred their rights to receive shares resulting from the exercise of options to a third party. Following a sale of shares, the primary insiders will receive the net proceeds after deduction of the strike price and accrued tax. The primary insiders will use the full net proceeds to purchase shares in Photocure. The sales amount and the number of shares purchased will be finally determined on the basis of the price subsequently obtained by the third party in the market. The results of the sales process will be announced in a separate stock exchange notice when known.

For further information, please contact:

Photocure
CFO Erik Dahl
Tel: +47 450 55 000
Email: ed@photocure.com

About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative solutions to improve the lives of bladder cancer patients. Our unique technology, making cancer cells glow bright pink, has led to better health outcomes for patients worldwide. Photocure is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (OSE: PHO). For more information, please visit us at www.photocure.com, www.hexvix.com or www.cysview.com

All trademarks mentioned in this release are protected by law and are registered trademarks of Photocure ASA.

This information is subject to the disclosure requirements pursuant to the market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading Act.