LONDON, UK / ACCESSWIRE / November 13, 2017 / Photocure (OTC PINK: PHCUF, OSE: PHO) is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer. Recently, the company announced that the US Centers for Medicare & Medicaid Services (CMS) issued a final rule that would improve reimbursement for a large number of procedures. Also, following positive Phase III results in the surveillance setting, the company filed a supplemental New Drug Application (sNDA) which, if approved, would dramatically increase the addressable market for Hexvix/Cysview.
We have adjusted our valuation to NOK908m or NOK42 per basic share from NOK949m or NOK44 per basic share, mainly due to pushing back expected launch dates for Cevira and Visonac from 2020 to 2021 as well as a lower cash balance, which was mitigated by rolling forward our NPV model to Q317. With NOK123.1m in cash, Photocure should have enough capital to meet its needs.
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