Photocure ASA: Market update

Oslo, Norway, 19 March 2020: The management of Photocure ASA (OSE:PHO) is following the Covid-19 situation closely and has implemented strict measures to ensure the safety of patients, customers, employees and business partners while maintaining an uninterrupted level of service and supply.

“The pandemic brings massive hardship to those affected by the virus, to families, communities and business. I would like to express our gratitude to all healthcare professionals fighting this disease around the globe. Our main priority is to ensure the uninterrupted supply of Hexvix^®/Cysview^®, in addition to maintaining our operations under a new framework. We are following the situation very closely and have implemented strict measure to ensure the safety of patients, customers, colleagues and partners. Scheduled bladder cancer treatments are vital to the patient care and most procedures are being performed as planned, with some postponements. However, we must expect this pandemic to affect the healthcare systems as the burden of managing the virus increases in the coming weeks and months,” says Daniel Schneider, President & Chief Executive Officer of Photocure.

Photocure’s production of Hexvix/Cysview is running at full capacity with no disruptions.

“There has been no disruption in our production schedules or shipments.  Should we experience a temporary disruption, we have current inventory of Hexvix/Cysview that will last us to the end of 2020.  Our key focus is to provide an uninterrupted service in treating patients with bladder cancer. In light of the seriousness of the current global health care crisis, the evolving circumstances will require a different way of working between our company and the health care providers we partner with. We intend to keep the lines of communications open and we plan to offer a variety of means to keep Blue Light Cystoscopy with Hexvix/Cysview in the forefront of patient care”, says Schneider.

Photocure has a strong cash position and carries no interest-bearing debt.

“Photocure has a strong underlying sales momentum in the U.S when returning to a normalized business environment, providing a solid platform for long-term growth. Short term business development and operations will be affected by this unprecedented crisis in various ways, but we remain confident in the significant commercial opportunities in the U.S. and reiterate our long-term ambitions”, Schneider concludes.

ENDS

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