Photocure ASA: Asieris counterclaim on milestone payment arbitration

Oslo, Norway, August 4, 2026 - Reference is made to Photocure ASA's (OSE: PHO) announcement dated 3 March 2026, in which Photocure noted that its partner, Asieris Pharmaceuticals (SSE: 688176), had announced receipt of the Drug Registration Certificate from China's National Medical Products Administration (NMPA) for its core product APL-1702 (trade name: CEVIRA^®). This approval enabled commercial launch in China. Photocure further confirmed in this announcement that with Cevira's regulatory approval in China it is entitled to a milestone payment.

Photocure had in accordance with its license agreement with Asieris invoiced the applicable milestone payment of $11M USD. As communicated in a stock exchange announcement on 20 April, 2026, Asieris made a partial payment of $6.6M USD and indicated that the partial payment reflected its position that the approved label obtained for Cevira in China is insufficient to trigger the full milestone amount. On 23 July, 2026 Photocure announced that it had commenced arbitration in the partial payment case with Asieris. Separately, Asieris had communicated receipt of the arbitration demand and supporting documents filed by Photocure.

On 3 August, 2026 after close of trading, Asieris filed its response to Photocure's arbitration demand in which it denied Photocure's claim to the full milestone payment of $11M USD. Asieris also filed a counterclaim in which it alleged that the milestone payment has not been triggered and seeks the return of the $6.6M USD.

Photocure maintains that the milestone has been achieved and will vigorously pursue full payment by Asieris in accordance with the license agreement.

For further information, please contact:

Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com

Priyam Shah
Vice President Investor Relations
Tel : +17176815072
Email: priyam.shah@photocure.com

Media enquiries:
Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no

About Photocure ASA

Photocure is a commercial diagnostic company with global reach, committed to driving progress in uro-oncology precision diagnostics, delivering meaningful advances for patients with urological cancers. Our unique core technology has led to better health outcomes for patients worldwide. The company aims to provide an array of transformative solutions that help physicians with timely diagnostic information, to inform more personalized decisions on how best to manage each individual patient. Photocure is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange (OSE: PHO). For more information, please visit www.photocure.com/news

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