Photocure ASA - Third quarter 2011 results

Oslo, Norway, 26 October 2011.

The main highlight in the third quarter was the creation of a new commercial
strategy for Hexvix®, Photocure's flagship product to aid in diagnosing bladder
cancer. Photocure has entered into a strategic collaboration with Ipsen, a
global specialty-driven biopharmaceutical company to commercialise Hexvix
worldwide, excluding USA and Nordic region. Additionally, to capitalise on the
untapped market opportunity in USA, Photocure plans to launch the product,
approved as Cysview(TM) in USA, through its own commercial operations. The new
strategy will maximise the potential of Hexvix on a global basis.

Additional highlights include:

* Continued launch of Allumera® on the US market by Photocure's dedicated
commercial organization
* Started recruitment in phase IIb study for Visonac®, creating the platform
for phase III
* Sales revenues growing 41% to NOK 20.6 million (NOK 14.6 million) in Q3 2011
* Net loss NOK 6.8 million (NOK 11.6 million) in Q3 2011
* Cash holding of NOK 336.1 million per 30 September 2011

Key figures

+-------------------------------+-------+-------+-------+-------+--------------+
|Figures in NOK millions |Q3 2011|Q3 2010|YTD2011|YTD2010|Full year 2010|
+-------------------------------+-------+-------+-------+-------+--------------+
|Sales revenues | 20.6| 14.6| 60.8| 49.9| 70.5|
+-------------------------------+-------+-------+-------+-------+--------------+
|Signing fee & milestone| 11.7| 0| 11.7| 83 .4| 106.8|
|revenues | | | | | |
+-------------------------------+-------+-------+-------+-------+--------------+
|Total revenues | 32.3| 14.6| 72.5| 133.4| 177.4|
+-------------------------------+-------+-------+-------+-------+--------------+
|Gross profit | 30.4| 13.1| 64.1| 127.8| 168.2|
+-------------------------------+-------+-------+-------+-------+--------------+
|Research and development| 13.8| 13.0| 45.0| 52.3| 90.2|
|expenses | | | | | |
+-------------------------------+-------+-------+-------+-------+--------------+
|Sales and marketing expenses | 12.1| 9.4| 33.7| 24.9| 35.4|
+-------------------------------+-------+-------+-------+-------+--------------+
|Operating result (EBIT) | -10.6| -15.9| -48.9| 27.2| 7.5|
+-------------------------------+-------+-------+-------+-------+--------------+
|Net profit/loss | -6.8| -11.6| -41.2| 34.8| 18.1|
+-------------------------------+-------+-------+-------+-------+--------------+
|Earnings per share, diluted| -0.31| -0.52| -1.91| 1.57| 0.83|
|(NOK) | | | | | |
+-------------------------------+-------+-------+-------+-------+--------------+

Please find the full report enclosed.

Photocure ASA will present its third quarter 2011 report on Wednesday 26th of
October 2011 at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway.
The presentation will begin at 11.30 (CET) and representatives from the company
will be Kjetil Hestdal, President & CEO and Christian Fekete, CFO.

The presentation will be publicly available at www.photocure.com. It will be
possible to follow the presentation through a live webcast.

For more information, please contact:

Kjetil Hestdal, President and CEO
E-mail:kh@photocure.no
Mobile: +47 913 19535

Christian Fekete, CFO
E-mail:cf@photocure.no
Mobile: +47 916 42 938

www.photocure.com

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1557921]

Photocure ASA : Third Quarter 2011 results