OSLO, Norway, Nov. 7, 2019 /PRNewswire/ -- Photocure ASA (OSE:
PHO), today reported a revenue growth of 42% in local currency for
the U.S. market in the third quarter of 2019, contributing to
Hexvix/Cysview revenues of NOK 51.1
million (Q3 2018: NOK 43.5)
and an EBITDA of NOK 8.3 million
(NOK -3.1 million). The company
entered into a license agreement with Asieris for the global
commercialization of Cevira® and reiterates the significant revenue
growth and profit opportunities in the U.S. market.
"The third quarter was a busy period for Photocure with
continued strong growth in the important U.S market and an increase
in the installed base of blue light cystoscopes to 211 at the end
of the quarter. This development provides a solid platform for
further growth in 2020 and beyond, as we see a large untapped
potential in the U.S. We will continue to develop the
significant commercial opportunities in the U.S. in order to
achieve our ambition to make Cysview the standard of care for
bladder cancer patients," says Daniel
Schneider, President & Chief Executive Officer of
Photocure.
Photocure reported total group revenues of NOK 60.8 million in the third quarter of 2019
(NOK 44.4 million), with an EBITDA of
NOK 8.3 million (NOK -3.1 million). Net result was NOK -0.6 million (NOK -4.8
million), while the cash position ended at NOK 95.9 million. The sales development in the
U.S. was strong with an accelerated unit sales increase of 34% in
the quarter. The revenues in the Nordics declined 7% to
NOK 9.9 million (NOK 10.6 million) in the third quarter. EBITDA
for the Hexvix/Cysview commercial franchise ended at NOK 2.6 million in the third quarter of 2019. At
the end of the period, the total installed base of permanent blue
light cystoscopes (BLCs) in was 189 the U.S. In addition, 22
flexible cystoscopes for the surveillance setting have been
installed, which represents an increase of 8 in the quarter.
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 a number of factors
including inclusion in the AUA-SUO guidelines, increased patient
awareness and the improved reimbursement of Cysview from 2020.
These drivers will significantly increase penetration in the U.S.
market. Furthermore, with the approval of Cysview to be used with
flexible cystoscopes, a significant market opportunity has opened
in the surveillance segment.
Given the large untapped market opportunities, the company has
invested in the U.S. commercial and medical infrastructure.
October 1, Geoffrey Coy joined Photocure as Vice President
and General Manager of U.S. operations to strengthen the growth
initiatives further. The company has a 2020 forecasted revenue
range of USD 20-25 million in the
U.S., up from USD 7.8 million in
2018, and sees significant continued revenue growth and profit
opportunities in the U.S. market beyond 2020. The company is fully
funded for this strategy.
During the third quarter, Photocure entered into a license
agreement providing Asieris Meditech Co., Ltd (Asieris) with a
world-wide license to develop and commercialize Cevira® for the
treatment of HPV induced cervical precancerous lesions.
Asieris plans to launch a global clinical development program
with an initial focus on the China
market based on Photocure's Phase 2b
data and the Phase 3 study design elements agreed with the U.S.
FDA. The development for the US and EU markets will follow when
clinical data from the China
focused Phase 3 study confirms the safety and efficacy, estimated
to be finished in 2022. Asieris will assume responsibility for the
manufacture of the Cevira® product while Photocure retains
responsibility for the manufacture of the active pharmaceutical
ingredient. Under the License Agreement, Photocure will receive a
total signing fee of USD 5 million
within 6 months after signing. In addition, the company may receive
a total of USD 18 million based upon
achievement of certain clinical and regulatory milestones in
China and up to USD 36 million for certain clinical and
regulatory milestones in USA and EU. Approval of a second
indication in China, the US and
the EU would result in payments of up to USD
14 million. Additionally, sales milestones and royalties of
10% to 20% will apply in all markets.
"We were proud to announce the agreement with Asieris during the
quarter. Aseris will have the world-wide license to develop and
commercialize Cevira for the treatment of HPV induced cervical
precancerous lesions. Under the agreement, Photocure will receive
signing fees, and potentially development and approval milestones
and sales milestones in total up to USD 250
million, in addition to sales royalties. The Cevira deal is
in line with our strategy of divest and maximize the value of
products that do not fit our strategic focus, and to build the
Bladder Cancer Company," Schneider concludes.
Please find the full financial report and presentation
enclosed.
Photocure will present its third quarter report on Thursday
7 November 2019 at Hotel Continental,
Oslo, Norway. The presentation
will begin at 08:30 (CET) and representatives from the company will
be Daniel Schneider, President &
CEO and Erik Dahl, CFO. The
presentation will be held in English.
It will be possible to follow the presentation through
https://webtv.hegnar.no/presentation.php?webcastId=9816440
A light snack will be served from 08:00 (CET). The presentation
is scheduled to conclude at 09:15 (CET).
For further information, please contact:
Dan Schneider
President and CEO
Photocure ASA
Tel: + 1-609 759-6515
Email: ds@photocure.com
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
About Photocure ASA
Photocure, The Bladder Cancer Company, delivers transformative
solutions to improve the lives of bladder cancer patients. Our
unique technology, which makes cancer cells glow bright pink, has
led to better health outcomes for patients worldwide. Photocure is
headquartered in Oslo, Norway, and
listed on the Oslo Stock Exchange (OSE: PHO). The US headquarters
for Photocure Inc., are in Princeton, New
Jersey. For more information, please visit us at
www.photocure.com, www.hexvix.com or www.cysview.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/photocure/r/photocure-asa--results-for-the-third-quarter-of-2019,c2955646
The following files are available for download:
https://mb.cision.com/Main/17498/2955646/1136995.pdf
|
Release
|
https://mb.cision.com/Public/17498/2955646/84bac36d870ce53a.pdf
|
3Q2019
Presentation
|
https://mb.cision.com/Public/17498/2955646/9088cac11faad22c.pdf
|
3Q2019
Report
|
View original
content:http://www.prnewswire.com/news-releases/photocure-asa-results-for-the-third-quarter-of-2019-300953565.html
SOURCE Photocure