Photocure ASA - Results 2006

Oslo, Norway, February 28, 2007

 

Photocure ASA (Oslo Stock Exchange: PHO) presents today its results for full year 2006 including fourth quarter 2006. The main items in the report are:

 

	Strong financial results Total revenue was NOK 210.3 million in 2006, compared to NOK 53.6 million in 2005. Profit after tax was NOK 84.7 million in 2006, compared to NOK - 38.5 million in 2005. Cash flow from operations was NOK 66.2 million in 2006, compared to NOK - 70.4 million in 2005. Liquid funds amounted to NOK 335.1 million as of 31.12.2006.
	Total revenue was NOK 98.5 million in the fourth quarter 2006, compared to NOK 16.9 million in the fourth quarter 2005. Profit after tax was NOK 54.5 million in the fourth quarter 2006 compared to NOK - 13.4 million in the fourth quarter 2005.
	Increased Hexvix sales Revenue from Hexvix increased to NOK 10.1 million in 2006, split on NOK 2.1 million in the Nordic region and NOK 8.0 million outside the Nordic region. Comparable figures for 2005 are NOK 1.4 million, NOK 0.5 million and NOK 1.0 million respectively. In addition to this, Photocure received NOK 133.0 million in milestone revenue from GE Healthcare in 2006.
	The revenue from Hexvix increased to NOK 5.3 million in the fourth quarter 2006, of which NOK 0.4 million in the Nordic region and NOK 4.9 million outside the Nordic region. Comparable figures for 2005 are NOK 0.8, 0.1 and 0.7 million respectively. In addition to this, Photocure received NOK 72.5.0 million in milestone revenue from GE Healthcare in the fourth quarter 2006.
	Increased Metvix sales Revenue from Metvix/Aktilite increased 42% to NOK 51.6 million in 2006 compared to 2005. Revenue from Metvix/Aktilite in the Nordic region increased by 25% to NOK 19.9 million and revenue outside the Nordic region increased by 55% to NOK 31.6 million in 2006.
	Revenue from Metvix/Aktilite increased 41% to NOK 16.9 million in the  fourth quarter 2006 compared to the same period for 2005. Revenue from Metvix/Aktilite in the Nordic region increased 35% to NOK 7.2 million and the revenue outside the Nordic region increased 46% to NOK 9.7 million in the fourth quarter 2006.
	Significant progress in the clinical programs Photocure's first clinical study of MAL PDT for treatment of moderate to severe acne showed significant better response than the placebo-group. Based on this, Photocure initiated a confirmatory multi-centre phase II study with 200 patients in the US in January 2007.
	Photocure completed two phase III studies with Metvix/Aktilite in EU/US in February 2007. These studies will form the scientific basis for the application for Aktilite approval in the US. Photocure plan to submit the application in 2007.

 

President and CEO of Photocure, Dr. Kjetil Hestdal, says in a comment to the results: "We are pleased to see the growing sales of Hexvix and Metvix. With the licensing of Hexvix to GE Healthcare in 2006, Photocure is now a multi-product company. In addition, milestone payments related to the Hexvix-agreement combined with the successful share issue in February 2006 have given Photocure financial resources to develop new and innovative products."