1st quarter 2010 results [Stock exchange notice]

Highlights for Photocure's first quarter 2010:
(numbers for 2009 are adjusted for sale of Metvix/ Aktilite)
- Hexvix revenues increased by 44% to NOK 14.0 million (9.7) in Q1 2010
- Total revenue of NOK 18.1 million (9.7) in the quarter, including NOK 4.1 million in milestone revenue
- Net result of NOK -13.9 million (-8.6) in Q1 2010
- Cash holding of NOK 369.9 million per 31 March 2010

Dermatology:
Visonac: Inclusion completed in the last phase II study in January, results from study expected in May 2010
Allumera: Second consumer trial starts in April 2010, results expected in Q4 2010

Cancer:
Hexvix: Reimbursement approval in Germany, triggering milestone payment of EUR 0.5 million from GE Healthcare
Cevira: Positive phase II results in April, efficacy and safety demonstrated for the Cevira treatment

Please find the full financial report enclosed:
Financial report 1Q 2010
Presentation 1Q 2010

Photocure ASA's results for the first quarter 2010 will be presented at Shippingklubben, Oslo, Norway, today at 5:00 pm CET by the President and CEO Kjetil Hestdal and CFO Christian Fekete. The presentation will be transferred live via webcast. The company will thereafter have its annual general meeting, starting from 6:00 pm at the same location.

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

About Photocure
Photocure is a Norwegian pharmaceutical company listed on the Oslo Stock Exchange (OSE: PHO). The company develops and sells pharmaceuticals and medical devices for the photodynamic treatment and diagnosis of cancer and selected dermatology indications.
Photocure's commercial activities includes own marketing and sales in selected markets as well as out-licensing on a regional or global basis prior to phase III.
Photocure has one proprietary pharmaceutical product on the market: Hexvix®, for the diagnosis of bladder cancer. Hexvix is approved in EU. In addition, the company has developed a proprietary light source, which is used in combination with the Visonac(TM) cream. Through worldwide studies, Photocure is continuously testing its products for new indications, and the aim is to develop a pipeline of follow-on products based on the Photocure Technology(TM) platform.
Photocure®, the Photocure logo and Hexvix® are registered trademarks of Photocure ASA.

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