Oslo, Norway, 25 February 2002.
PhotoCure ASA (Oslo Stock Exchange: PHO) publishes today its results for 2002. The main items in the report are:
- Metvix® PDT Increasing in the Nordic Countries
Metvix® sales are increasing in the Nordic countries, and today 130 of a total of about 400 clinics offer Metvix® PDT. - First Galderma Launch Started in Germany
In February, Galderma S.A., PhotoCure's marketing partner outside the Nordic region, hosted a scientific launch symposium in Berlin in connection with the launch of Metvix® PDT in Germany. Launch preparations are ongoing in several countries, and the next launch is planned to take place in Great Britain. - US and Australian Metvix® PDT Applications Approvable
In September 2002, PhotoCure received an approvable letter from FDA regarding the marketing authorisation application for Metvix® PDT for the treatment of AK (actinic keratosis). In February 2003, a similar statement was received from the Australian Drug Evaluation Committee. Applications for basal cell carcinoma (BCC) are pending in both countries. - Hexvix® Closer to Commercialisation
In December 2002, the first marketing authorisation application for Hexvix® for detection of bladder cancer was completed and submitted to Swedish authorities. Clinical studies show that Hexvix® enables a more accurate and earlier detection of bladder cancer than the current standard method, and thus covers a large medical need. In North-America and Europe, about 200 000 new cases of bladder cancer occur every year, and more than four million cystoscopies are performed in the same areas. - Ongoing Explorative Clinical Studies
PhotoCure has initiated several clinical pilot studies to explore the possibility of using the company's products to detect or treat other cancer diseases. These studies include cancer in the uterus, in the gastro-intestinal tract and treatment of bladder cancer. - Good Financial Freedom to Act
Operating revenues in 2002 amounted to NOK 28.7 million, an increase from NOK 5.4 million in 2001. The net loss amounted to NOK 96 million in 2002, compared to NOK 101.7 million in 2001. Net cash flow from operations amounted to NOK -50.9 million in 2002, compared to NOK -94.6 million in 2001. Liquid funds amounted to NOK 249.5 million as of 31.12.2002 and the equity ratio was 55.9%.
President and CEO of PhotoCure, Vidar Hansson, says in a comment to the results: " We are pleased to see that a large share of the Nordic clinics now offer Metvix® PDT and that Galderma has started the launch process in Germany. This, together with Galderma's scheduled launch in Great Britain, form a solid base for a substantial increase in future sales revenues. We are also pleased that the European marketing authorisation application for Hexvix® is submitted to the Swedish authorities. This is an important step towards a significant extension of our commercial platform."
Complete version of the Annual Report (Norwegian and English) is available at our web site (www.photocure.com) under "Investors".
Please find Directors report 2002 at the following link:
Please find accounts for 4Q02 at the following link: