PHOTOCURE ANNOUNCES NEW COMMERCIAL STRATEGY FOR HEXVIX(®), THE INNOVATIVE
PRODUCT FOR IMPROVED DETECTION OF BLADDER CANCER

* Strategic collaboration with Ipsen for marketing rights in Europe and the
rest of the world except Nordics and the US

* Photocure to commercialise the product directly in the US market

Oslo, Norway, September 27, 2011: Photocure ASA (OSE: PHO), a specialty
pharmaceutical company focused on photodynamic technologies in dermatology and
cancer, announces today the execution of a new commercial strategy for Hexvix,
its flagship product to aid in diagnosing bladder cancer. Photocure has
entered into a strategic collaboration with Ipsen, a global specialty-driven
biopharmaceutical company focused on four franchises, including uro-oncology, to
commercialise Hexvix worldwide, excluding the US and Nordic region.
Additionally, to capitalise on the untapped US market opportunity, Photocure
plans to launch the product, approved as Cysview(TM) in the US, through its own
commercial operations. The new strategy will maximise the potential of Hexvix
on a global basis.

Hexvix has been the first significant advance for the improved detection of
bladder cancer. It is designed to induce specific fluorescence in the malignant
cells in the bladder during a cystoscopic procedure, making it easier for the
urologist to detect bladder cancer. Hexvix, initially approved in Sweden in
2004, was approved across Europe by 2006 and as Cysview in the US in 2010. Since
2006, the product has been commercialized in Europe by GE Healthcare. Hexvix was
initially approved in the EU based on strong clinical data showing improved
detection of bladder cancer(1). More recently, new clinical data has shown that
improved detection using Hexvix makes local surgery more complete and leads to
significant reduction in the recurrence of bladder cancer(2). Based on this,
Hexvix has the potential to transform the diagnosis of bladder cancer and may
significantly improve patient outcomes.

Ipsen will be responsible for marketing and selling Hexvix worldwide, excluding
the US and Nordic region. Ipsen has a strong and well established uro-oncology
franchise and will commercialise Hexvix through its dedicated urology
salesforce. Photocure retains the rights to the product in the Nordics and the
US.

Photocure will receive an upfront payment of EUR 6.5 million related to the
successful completion of transition milestones, as well as double digit
royalties on all sales and milestones on specific sales achievements. In
addition, Photocure will manufacture the product for Ipsen. In 2012 and 2013
Photocure will invest with Ipsen in marketing and sales programs to drive
momentum and accelerate the sales growth of Hexvix. Detailed financial terms
were not disclosed but are in line with standard industry agreements for a
marketed product.

In the US, Photocure will commercialise Cysview through establishing its own
operations. The target market in the US is concentrated and can be addressed
with a niche salesforce. Photocure will leverage its knowledge and expertise in
marketing and selling Hexvix in the Nordics where it has achieved greater than
30% market share, to maximise the potential of Cysview in the US market. Timing
of launch is anticipated during the first quarter of 2012.

Kjetil Hestdal, President & CEO of Photocure, said:

"We are delighted to announce a new and focused commercial platform for our
Hexvix brand. Our strategy is to build Photocure into a profitable specialty
pharmaceutical company by maximising the potential of our products. This is a
major step forward in executing our strategy. Ipsen is an excellent partner with
its strategic focus on uro-oncology and a dedicated salesforce. We believe this
agreement, combined with establishing our own commercial operations in the US,
will maximise the potential of Hexvix/Cysview and provide long term value for
our shareholders."

Marc de Garidel, Ipsen's Chairman and CEO, said:

"The new strategy we announced on 9 June is based on an increased focus on our
key franchises. We are therefore proud to announce the in-licensing of an
innovative medical drug-device procedure to complement our offer in uro-
oncology. Hexvix will develop commercial synergies with Decapeptyl, our GnRh
analog indicated for the treatment of advanced prostate cancer and with
tasquinimod currently in phase III development by our partner Active Biotech for
asymptomatic or mildly symptomatic, chemotherapy-naive men with metastatic,
castration-resistant prostate cancer (mCRPC). Hexvix is a unique product which
considerably improves the detection of bladder cancers and ameliorates our offer
in uro-oncology for the benefit of patients, prescribers and all stakeholders".
GE Healthcare has held the licence to market, sell and distribute Hexvix since
2006. GE Healthcare continues to have the highest confidence in the product,
but since urology is not a core business area for the company, Photocure has
renegotiated the global licensing agreement enabling it to license the marketing
rights for Hexvix to Ipsen and to commercialise the product directly in the US.

Stephen Lightfoot, COO, Medical Diagnostics, GE Healthcare said:

"We have had a successful collaboration with Photocure and are proud to have
launched Hexvix/Cysview and to have worked with the product over the last six
years. Urology is not a core business area for GE Healthcare and we believe a
company that is dedicated to urology will be better placed to enable Hexvix to
reach its full market potential and benefit more patients."

About Hexvix

Hexvix/Cysview ((hexaminolevulinate hydrochloride) for intravesical solution),
is the first approved drug-device procedure for improved detection of bladder
cancer. It is designed to induce fluorescence in the malignant cells in the
bladder during a cystoscopic procedure, making it easier for the urologist to
detect non muscle invasive bladder cancer, as an adjunct to white light
cystoscopy. Clinical data show an up to 30% increase in detection of the
malignant cells in the bladder as compared to the white light system, bringing
the total detection rate to 96%(3,4). Hexvix also showed a 32% increase in
detection of carcinomas in situ, where tumor cells have not yet penetrated in
deep tissues, but carry high risk of progression(4). It is the first product in
a new diagnostic class known as photodynamic diagnostic (PDD) agents.

The product is used in combination with a blue light cystoscopy system. Blue
light cystoscopes are broadly available across Europe, where there are an
estimated 800 systems currently placed. In the US there are currently only a few
systems available. Karl Storz has submitted a supplement to the approved PMA to
the FDA for an improved blue light system. This system is similar to the model
sold in Europe. Karl Storz estimates that FDA will respond to this application
in the fourth quarter 2011.

In November, 2010, clinical results from a follow up of recurrence in patients
with Non Muscle Invasive Bladder Cancer were published(5). Results, based on
both EU and US clinical data, showed a long term benefit of the use of Hexvix
compared to patients who received white light cystoscopy alone. The number of
patients who have experienced recurrence of their bladder cancer is
significantly lower, and the time it takes before the recurrence occurs is
longer when they had Hexvix-guided fluorescence cystoscopy, although this has
not yet been approved by the relevant regulatory authorities.

Bladder cancer is the fourth most common type of cancer in men and the eighth
most common in women in the US. More than 70,000 people in the US were diagnosed
with cancer of the bladder in 2009, with an estimated 14,000 people dying from
the disease, according to the National Cancer Institute. In Europe, bladder
cancer is the seventh most common type of cancer in men and the fourteenth in
women[1]. Each year in Europe, approximately 36,500 men and 13,000 women die due
bladder cancer (Ferlay et al., 2001).It is notoriously difficult to detect. The
most common, initial sign is red-colored urine, which calls for urine cytology
and cystoscopy.

For further information, please contact:

Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email:kh@photocure.no

CFO Christian Fekete
Tel: + 47 916 42 938, Email:cf@photocure.no

M: Communications

Mary Clark, Amber Bielecka

Tel: +44 207920 2361, Email: photocure@mcomgroup.com

Ipsen

Media

Didier Véron

Director, Public Affairs and
Corporate Communications
Tel.: +33 (0)1 58 33 51 16
Fax: +33 (0)1 58 33 50 58
Email:didier.veron@ipsen.com

Financial Community
Pierre Kemula
Stéphane Durant des Aulnois

Investor Relations Officer Investor Relations Manager
Tel.: +33 (0)1 58 33 60 08 Tel.: +33 (0)1 58 33 60 09
Fax: +33 (0)1 58 33 50 63 Fax: +33 (0)1 58 33 50 63
Email:pierre.kemula@ipsen.com Email:stephane.durant.des.aulnois@ipsen.com

Important Risk and Safety Information about Cysview (hexaminolevulinate HCl)

INDICATIONS: Cysview is an optical imaging agent for use in the cystoscopic
detection of non-muscle invasive papillary cancer of the bladder in patients
with known or suspected lesion(s) on the basis of a prior cystoscopy. Cysview is
used with the Karl Storz D-Light C Photodynamic Diagnostic (PDD) system for blue
light cystoscopy as an adjunct to the white light setting. Limitations - Cysview
is not a replacement for random biopsies or other procedures used in the
detection of bladder cancer. It is not for repeat use; the potential risks
associated with repetitive exposure have not been studied. CONTRAINDICATIONS:
Cysview is contraindicated in patients with porphyria, gross hematuria, BCG
immunotherapy or intravesical chemotherapy within 90 days prior, or with known
hypersensitivity to hexaminolevulinate or any derivative of aminolevulinic acid.
WARNINGS AND PRECAUTIONS: Anaphylaxis: Anaphylaxis, including anaphylactoid
shock, has been reported following administration of Cysview. Failed Detection -
Cysview may fail to detect some bladder tumors, including malignant lesions.
False Fluorescence: Fluorescent areas detected during blue light cystoscopy may
result from inflammation, cystoscopic trauma, scar tissue or bladder mucosal
biopsy from a previous cystoscopic examination. Urine and/or blood within the
bladder may interfere with the detection of tissue fluorescence. ADVERSE
REACTIONS: Clinical Study Experience: The most common adverse reactions were
bladder spasm, dysuria, hematuria, and bladder pain. Postmarketing Experience:
Anaphylactoid shock, hypersensitivity reactions, bladder pain, cystitis and
abnormal urinalysis have been reported. USE IN SPECIFIC POPULATIONS: Pregnancy:
Cysview should be used during pregnancy only if the potential benefit justifies
the potential risk to the fetus. Nursing Mothers: It is not known whether
hexaminolevulinate is excreted in human milk. Because many drugs are excreted in
human milk, exercise caution when Cysview is administered to nursing mothers.
Pediatric Use: Safety and effectiveness in pediatric patients have not been
established. Geriatric Use: No clinically important differences in safety or
efficacy have been observed between older and younger patients.

Prior to Cysview administration, please read the Full Prescribing Information

About Photocure ASA
Photocure ASA is a worldwide leader in photodynamic technology. Listed on the
Oslo Stock Exchange (OSE: PHO), Photocure is focused on photodynamic
technologies in dermatology and cancer. The company strives to solve unmet needs
by developing new and innovative solutions based on its patented Photocure
Technology(TM). Photocure markets and sells its own products in selected markets
and has developed strong partnerships with leading pharmaceutical companies on a
regional and global basis. Photocure's bladder cancer diagnostic product, Hexvix
is approved in Europe and the US. In addition, the company markets Allumera®, a
photodynamic cosmetic in the US. Setting new standards for diagnosis and
treatment of several different conditions, Photocure Technology(TM) is
continuously being tested for new products and applications in cancer and
dermatology.
Allumera®, Photocure® and Hexvix® are registered trademarks of Photocure ASA.
For more information about Photocure, visitwww.photocure.com.

About Ipsen

Ipsen is a global specialty-driven pharmaceutical company with total sales
exceeding EUR1.1 billion in 2010. Ipsen's ambition is to become a leader in
specialty healthcare solutions for targeted debilitating diseases. Its
development strategy is supported by four franchises: neurology / Dysport®,
endocrinology / Somatuline®, uro-oncology / Decapeptyl® and hemophilia.
Moreover, the Group has an active policy of partnerships. R&D is focused on
innovative and differentiated technological patient-driven platforms, peptides
and toxins. In 2010, R&D expenditure totaled more than EUR220 million, above 20%
of Group sales. The Group has total worldwide staff of close to 4,500 employees.
Ipsen's shares are traded on segment A of Euronext Paris (stock code: IPN, ISIN
code: FR0010259150) and eligible to the "Service de Règlement Différé" ("SRD").
The Group is part of the SBF 120 index. Ipsen has implemented a Sponsored Level
I American Depositary Receipt (ADR) program, which trade on the over-the-counter
market in the United States under the symbol IPSEY. For more information on
Ipsen, visit www.ipsen.com.

References

1) Jichlinski P et al. J Urol 2003; 170: 226-9
2) Stenzl. J Urol, 2010; 184: 1907-1914
a. Jichlinski P et al. J Urol 2003; 170: 226-9
b. Jocham D et al. J Urol 2005; 174: 862-6
c. Stenzl A et al. J Urol 2010; 184: 1907-1914

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This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

[HUG#1550068]

Photocure ASA - New commercial strategy for Hexvix