Photocure ASA. The world leader in photodynamic technology. Sept Ketil F. Widerberg, Director Business Development

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1 Brilliance in photodynamic technology Photocure ASA The world leader in photodynamic technology Sept 2011 Ketil F. Widerberg, Director Business Development

2 Photocure Mission Mission To bring innovative solutions to patients and consumers worldwide, through efficient development and commercialisation of photodynamic technology 2

3 Photocure - The World Leader in Photodynamic Technology (PDT) PDT is a unique technology where drugs combined with light effectively treat neoplastic tissue. Earlier and more accurate diagnosis Tumor tissue selective = > preserves normal tissue Excellent safety profile Well documented New standard for treatment of cancer Expanding technology applications into cosmetic field 3

Earlier and more accurate diagnosis Tumor tissue selective = > preserves normal tissue

4 Photocure was founded on research and close collaboration with DNR 4

5 Structured to maximize the potential of the Photodynamic Technology Platform Metvix Hexvix Lumacan Cevira Det Norske Radiumhospital University of Lausanne, Gothenburg, Quebec, Copenhagen, Berlin etc PCI Biotech Allumera Visonac Hexvix Speciality consultancies 5

Radiumhospital University of Lausanne, Gothenburg, Quebec,

6 Significant Milestones Achieved Marketing approval for Metvix Metvix/Aktilite approved in USA Lumacan licensed to Salix Start of Metvix clinical trials Metvix licensing agreement with Galderma Galderma s Metvix launch Hexvix approved in EU PCI Biotech spun out Cysview approved in USA Filed marketing application for Metvix Filed marketing application for Hexvix Marketing approval for Hexvix Hexvix licensing agreement with GE Healthcare Divested Metvix/Aktilite to Galderma Launched Allumera Listed on OSE Start of Hexvix clinical trials 6

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Filed marketing application for Metvix Filed marketing application for Hexvix Marketing approval for

7 Successful indication specific deal history -PHO chose an indication specific strategy with several deals based on the same IP/compound: Galderma - Skin cancer GE - Bladder cancer Salix - Colon cancer - Cervical cancer currently looking for partners -Which enables own commercialization in selected indication/markets 7

cancer - 2006 GE - Bladder cancer - 2010 Salix - Colon cancer - Cervical cancer

8 Metvix/Metvixia Treatment of skin cancer (AK/BCC)

9 Hexvix /Cysview - Bladder cancer diagnostics

10 Lumacan - Colorectal cancer Colorectal cancer is a large and growing health problem Among the most lethal cancers in men and women Estimated 15M colonoscopies performed annually in US Lumacan detects more polyps and tumors (i.e. small and flat) Fluorescence seen in all segments of the colon Leads to earlier local curative surgery Improves diagnosis and treatment 10

11 Cevira - HPV related disease No therapeutics available for HPV related disease Patients attend tedious follow up visits or require surgical procedures associated with severe morbidity Promising clinical results Positive market research Positive regulatory feed-back Looking for partner(s) 11

procedures associated with severe morbidity Promising clinical results

12 Commericialisation through indication specific partners have advantages - Benefits - Upfront/milestones dedicated to each indication higher valuation likely - Dedicated partners with strategic interests in the indication increases the chances for R&D and commercial success -Benefits to the licensee: - Lower price than whole - not paying for potential upsides never explored - De-risked asset, (e.g. Colon cancer API is already FDA approved when the product in phase 1/2) 12

chances for R&D and commercial success -Benefits to the licensee: - Lower price than whole - not paying for potential

13 and enables own commercialization in selected indications in selected markets >5,000 potential targets 1,500 in top 10 territories being targeted Managing white space with call center 13

14 Allumera - Photodynamic Cosmetic Allumera is the first Photodynamic Cosmetic specifically formulated to improve the overall appearance of skin, reduce outward signs of aging and minimize the appearance of pores with minimal down time and results that last 14 6 individually boxed $120/unit

skin, reduce outward signs of aging and minimize the appearance of pores

15 Visonac - Acne There is a medical need for new alternatives to oral antibiotics and isotretinoin FDA concerned about current off-label use of isotretinoin for non nodular cystic acne Intended use for Visonac is moderate to severe acne excluding nodular cystic acne Before treatment Aim to be the first PDT product for treatment of acne vulgaris 15 After treatment

cystic acne Intended use for Visonac is moderate to severe acne excluding nodular cystic

16 Totally Photocure has a strong pipeline and IP Position Clinical pipeline: Technology Indication Pre- Clinical Phase I Phase II Phase III Market Status Hexvix Cevira PDD PDT Detection of bladder cancer Treatment of precursors of cervical cancer Marketed in Europe and US Phase IIb Lumacan PDD Detection of colon cancer Licensed to Salix Visonac Allumera PDT PDC Treatment of moderate to severe acne Cosmetic for improving the appearance of skin Phase IIb Marketed in the US by Photocure 16

cancer Marketed in Europe and US Phase IIb Lumacan PDD Detection of colon cancer Licensed to Salix Visonac Allumera PDT

17 And a strategy to maximize the return of assets and capabilities Objectives: 17 Build a profitable specialty pharma company Maximise potential of innovative Photodynamic Technology platform Strategy: Cancer: Leverage proven experience to develop, register and commercialise new products in dermatology and cancer Develop to Proof of Concept and partner before Phase III Retain rights to co-market selected products in selected territories Dermatology: Develop, register and commercialise own products Establish dermatology operation in the US

commercialise new products in dermatology and cancer Develop to Proof of Concept and partner before Phase III Retain rights to

18 Summary -Photocure founded on research and close collaboration with DNR -Structured to maximise the potential of the Photodynamic Technology Platform -Significant Milestones Achieved -Commercialisation through indication specific partners and own commercialization -Photocure - The World Leader in Photodynamic Technology (PDT) 18

-Significant Milestones Achieved -Commercialisation through indication specific

19 19

20 Profit & Loss First quarter 2011 Sales revenue up 21% in Q1 R&D expenses of NOK 13 million as Salix has assumed the clinical development for Lumacan M&S expenses increased to NOK 10.7 million as US business established Other comprehensive income relates to changes in value of shareholding in PCI Biotech Numbers in NOK million Q Q FY 2010 Sales revenue Signing fee & milestone revenues Total revenues Cost of products sold Gross profit Other income Indirect manufacturing expenses R&D expenses Marketing & sales expenses Business development & admin Operating profit/ (loss) (EBIT) (17.5) (15.7) 7.5 Net financial items Net profit/ (loss) (15.9) (13.9) 18.1 Other comprehensive income Comprehensive income (13.9)

5 Signing fee & milestone revenues 0.0 4.1 106.8 Total revenues 20.9 21.5 177.4 Cost of products sold 4.2 1.6 9.1 Gross profit 16.7 19.8 168.2 Other income 0.5 2.5 7.

21 Balance sheet NOK 362 million in cash & cash equivalents at 31 March 2011 Other investments includes NOK 72 million in shares in PCI Biotech Shareholder s equity of NOK 442 million Other paid-in capital includes own shares of NOK 43 million Equity ratio of 91% No interest bearing debt Numbers in NOK million Machinery & Equipment Other investments Total non-current assets Inventory Receivables Cash & cash equivalents Total current assets Total assets Share capital Other paid-in capital Retained earnings Shareholders equity Long-term liabilities Current liabilities Total liabilities Total equity and liabilities

22 Cash Flow First quarter 2011 Numbers in NOK thousand Q Q FY 2010 Profit/ loss before tax (15.9) (13.9) 18.1 Depreciation and amortisation Share-based compensation Net interests (2.1) (2.4) (10.1) Changes in working capital (4.3) (9.8) 11.8 Other operational items (2.8) (3.1) (11.0) Net cash flow from operations (22.7) (27.6) 15.6 Cash flow from investments (8.3) Cash flow from capital transactions (5.5) (8.1) (21.5) Net change in cash (27.3) (33.6) (14.3) Cash & cash equiv. start of period Cash & cash equiv. end of period

23 Segment information Q Q Q % vs. Cancer Cancer Derm (3) Total 2010 Derm (2) Numbers in NOK thousand Own Partner R&D (2) Own Partner R&D Total Sales Hexvix (1) % Milestone revenues Cost of goods sold % Gross profit % Gross profit % 93% 88% 56% 80% 94% 135% 100% 114% Operating expenses % Operating profit/loss (-) (7.6) (13.1) (17.5) 11% (12.0) (11.7) (15.7) Net finance Profit/loss (-) before tax (15.9) 15% (13.9) (1) Deferred revenue from Metvix divestment is included (2) Including share of administrative expenses (3) R&D Visonac / Allumera and share of administrative expenses 23

Presentation of second quarter 2010 results

Brilliance in photodynamic technology TM Building a Specialty Pharma company Presentation of second quarter 2010 results 19 August 2010 Kjetil Hestdal, President & CEO Christian Fekete, CFO Photocure is