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UPDATE 1-Photocure sees upside potential to U.S. growth, fully financed (08/08)
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UPDATE 1-Photocure sees upside potential to U.S. growth, fully financed

Innkommet 08.08.2018 11:59

(Adds quotes from interim CEO, more after presentation)
OSLO, Aug 8 (Reuters) - Norwegian bladder cancer drug maker
Photocure sees significant growth potential in the U.S.
requiring continued investments in 2018, but says growth
strategy is fully financed.
* "We do not need more capital to finance growth going
forward;
the U.S. investment plan is fully funded," interim Chief
Executive Erik Dahl told Reuters, adding that the second half of
the year normally is more capital positive and that he "sees no
cash problems"
* "We will update the market later this year on the guidance
for
U.S. revenues in 2020 of USD 20-25 million," he said
* "We wish to gather experiences particularly from how the
surveillance market develops as this segment is new to us and
has a significant potential," he added
* "We need to know more about this segment to give a solid
guidance for 2020, but we see an upside potential," the CEO said
* Photocure reported Q2 revenues of NOK 45.7 million (39.3
million), with a recurring EBITDA of NOK 0.7 million (-4.4
million)
* "Future growth in Nordics will have to come mostly from
Sweden
and we focus on developing that market", the CEO said, adding
that "in the largest market, Denmark, we have a very high
penetration rate and limited growth opportunities"
* The company has no plans to invest more in its non-urology
assets Visonac and Cevira, and is in discussions with potential
partners as well as evaluating strategic alternatives for those
segments
* Photocure shares traded up 7.4 percent at a 15-month high
of
NOK 38.4 at 0957 GMT

source text for Eikon:
further company coverage:

(Reporting By Camilla Knudsen)
((camilla.knudsen@thomsonreuters.com;))

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