Press Release - Oslo, Norway, May 4, 2026: Photocure ASA (OSE: PHO), the Bladder
Cancer Company, announces the publication in "The Journal of Medical Economics"
of a novel health economics methodology used to develop the cost-utility model
which compared blue light cystoscopy (BLC[®]) and Narrow Band Imaging (NBI),
developed for a health technology appraisal by the Danish Treatment Council last
year. The results of that analysis demonstrated that BLC is cost-effective
versus NBI, when assessed over the remaining lifetime of the patient.

The article "Addressing the challenges of health economic modelling in the
context of suboptimal evidence base - case study based on a comparison between
photodynamic diagnosis and narrow band imaging in non-muscle invasive bladder
cancer" outlines a novel method developed by health economic experts which
enables a valid comparison to be made between two technologies when data gaps
exist.

"The method outlined in this paper provides a credible approach to compare
technologies like BLC - which has a broad evidence base with long term follow up
data, including multiple randomized trials and meta-analyses - to those like NBI
where the evidence base is more limited, with shorter follow-up periods and
fewer robust studies. The approach outlined in the publication provides a
legitimate means to addressing cost effectiveness questions often posed by
health authorities, which in this instance showed that BLC is cost effective
compared to NBI. In parallel to this analysis, the results of a network meta
analysis, undertaken as part of the submission to the Danish authorities, was
commensurate with BLC reducing recurrence more effectively than NBI, consistent
with meta-analytic evidence. This aligns with the broader literature showing BLC
substantially improves detection of lesions and oncological outcomes, which
translate into long-term cost savings," said Anders Neijber, Chief Medical
Officer for Photocure.

The authors developed a new model which extracts and transforms key data points
from clinical studies to appropriately determine cost effectiveness. "The
challenge with this type of analysis is not simply just to compare two
technologies, but to do so responsibly and transparently in the absence of head
-to-head data," said Dr. Jonathan Belsey, lead author. "By using this novel
method, we were able to show that BLC is cost effective with an estimated ICER*
of DKK 70,707 per QALY** gained - well below the threshold that would normally
be considered cost-effective, aligning with outputs obtained using a more
traditional method," he added.

The study highlights that this new method provides a credible alternative to
determining comparative cost effectiveness when data is limited, while further
supporting the value of BLC as a cost-effective option versus NBI.

Read the full publication here:
https://www.tandfonline.com/doi/full/10.1080/13696998.2026.2661553

*ICER: Incremental Cost-Effectiveness Ratio
**QALY: quality-adjusted life year

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About Bladder Cancer
Bladder cancer ranks as the 8[th] most common cancer worldwide - the 5[th] most
common in men - with 1 949 000 prevalent cases (5-year prevalence rate)[1a],
614 000 new cases and more than 220 000 deaths in 2022.[1b]
Approx. 75% of all bladder cancer cases occur in men.[1] It has a high
recurrence rate with up to 61% in year one and up to 78% over five years.[2]
Bladder cancer has the highest lifetime treatment costs per patient of all
cancers.[3]
Bladder cancer is a costly, potentially progressive disease for which patients
have to undergo multiple cystoscopies due to the high risk of recurrence. There
is an urgent need to improve both the diagnosis and the management of bladder
cancer for the benefit of patients and healthcare systems alike.
Bladder cancer is classified into two types, non-muscle invasive bladder cancer
(NMIBC) and muscle-invasive bladder cancer (MIBC), depending on the depth of
invasion in the bladder wall. NMIBC remains in the inner layer of cells lining
the bladder. These cancers are the most common (75%) of all BC cases and include
the subtypes Ta, carcinoma in situ (CIS) and T1 lesions. In MIBC the cancer has
grown into deeper layers of the bladder wall. These cancers, including subtypes
T2, T3 and T4, are more likely to spread and are harder to treat.[4]

[1 ]Globocan. a) 5-year prevalence / b) incidence/mortality by population.
Available at: https://gco.iarc.fr/today, accessed [February 2024].
[2 ]Babjuk M, et al. Eur Urol. 2019