Oslo, Norway, 23 May 2018: Photocure ASA (OSE:PHO), today reported a revenue
growth of 36% in local currency for the important U.S. market in the first
quarter of 2018, contributing to Hexvix/Cysview revenues of NOK 40.7 million (Q1
2017: NOK 36.5) and a recurring EBITDA of NOK -4.3 million (NOK -4.0 million).
With the reimbursement of Blue Light Cystoscopy with Cysview, FDA approval of
label expansion for Cysview and the launch of Cysview in combination with
flexible cystoscopes in the surveillance of bladder cancer patients, the company
expects a continued solid growth towards the 2020 ambitions.


"We are pleased to report strong growth in the U.S. sales with a year-over-year
increase of 36%. The increase follows the accelerated investments in our U.S.
commercial team, sales infrastructure and marketing. We believe these
organizational changes will continue to drive execution of our growth plans
throughout the year. Furthermore, we have this year received FDA approval of
label expansion for Cysview and launched Cysview in combination with flexible
cystoscopes in the surveillance of bladder cancer patients. With this as well as
publication of new clinical data and new reimbursement in the U.S., we have
significantly strengthened our ability to provide many more bladder cancer
patients with improved management," says Kjetil Hestdal, President and Chief
Executive Officer of Photocure.

Photocure reported total group revenues of NOK 41.6 million in the first quarter
of 2017 (36.5), with a recurring EBITDA of NOK -4.0 million (-4.3). Net profit
was NOK -3.0 million (-6.9), while the cash position ended at NOK 110.7 million.
The sales development in the U.S. was strong with a unit sales increase of 29%
in the quarter. Global in-market unit sales of Hexvix/Cysview decreased 3%,
impacted by the loss of reimbursement in France and large deliveries to
hospitals in Denmark in the fourth quarter of 2017. The EBITDA for the
Hexvix/Cysview commercial franchise ended at NOK 0.9 million in the first
quarter of 2018.

During the first quarter, Photocure experienced all time high increases in
permanent blue light cystoscopes (BLCs), with 9 installations bringing the total
to 113 at the end of the quarter. The company is gradually expanding the
commercial and medical organization in the U.S. to increase the penetration of
Cysview, and Photocure will continue this process throughout 2018.

In February 2018, the U.S. Food and Drug Administration (FDA) approved
additional indications for BLC with Cysview to include flexible cystoscopes,
which are used in the on-going surveillance of patients with bladder cancer.
After the closing of the quarter, Photocure launched Cysview in combination with
blue light enabled flexible video cystoscopes and the first bladder cancer
patients underwent surveillance examination performed with flexible BLC with
Cysview.

Photocure has built considerable experience in the bladder cancer market through
its Hexvix/Cysview franchise and sees significant long-term value creation
potential in this market segment. The company aims to capitalize on the
inclusion in the AUA guidelines, as well as the increased patient awareness and
the changes to reimbursement of Cysview in the outpatient TURBT procedures with
rigid cystoscopes, to significantly increase penetration in the U.S. market.
Furthermore, with the approval of the extension of the indication for BLC with
Cysview to include flexible cystoscopies, a significant market opportunity has
opened in the surveillance segment

"With 1.2 million surveillance cystoscopies performed annually in the US, this
represents a significant opportunity for the company. We have an ambition to
drive the US revenues in 2020 to a range of USD 20-25 million, however with
upside potential driven by added reimbursement and penetration of the
surveillance segment. The company will update the market on this outlook later
in 2018 when there is better visibility of effects of the new reimbursement and
initial market response in the surveillance segment", says Hestdal.