PHO: Cost neutrality of BLC versus WLC in a real-world setting demonstrated by new OPTUM study in the U.S.

Press Release - Oslo, Norway, August 11, 2026: Photocure ASA (OSE: PHO), the
Bladder Cancer Company, announces the publication of the "Healthcare Resource
Utilization and Costs Associated with Blue Light Versus White Light Cystoscopy
in Non-Muscle-Invasive Bladder Cancer: A Retrospective Cohort Study" in JU Open
Plus this week. The research objective was to evaluate the economic implications
of blue light cystoscopy (BLC[®]) versus white light cystoscopy (WLC) with
Hexvix[®]/Cysview[®] in a real-world setting, using claims data from the U.S.
Optum Research Database.

The study authors described the background as follows: "Bladder cancer remains
one of the most commonly diagnosed malignancies worldwide, ranking among the top
ten cancers in incidence and contributing significantly to morbidity and
mortality. Blue light cystoscopy improves detection of non muscle-invasive
bladder cancer (NMIBC), particularly carcinoma in situ (CIS), compared to white
light cystoscopy. However, the impact of BLC on healthcare resource utilization
and costs remains unclear. This study evaluates the economic implications of BLC
versus WLC in a real-world setting."

Methodology: A retrospective cohort analysis was conducted using claims data
from the Optum Research Database. Patients undergoing BLC or WLC between June 1,
2011, and May 31, 2023, were included, permitting. A total of 794 BLC patients
and 4,764 matched WLC patients were analyzed. Healthcare resource utilization
and total and bladder cancer specific costs were assessed using per-patient-per
-month (PPPM) measures in inflation-adjusted 2023 USD.

Key findings: During the baseline period, prior to index cystoscopy, BLC
patients had higher prevalence of CIS detection than WLC per reimbursement
claims. BLC patients also underwent more upper tract imaging and biomarker
testing. BLC patients were shown to have significantly higher bladder cancer
-related ambulatory visits compared to WLC. Despite increased ambulatory
utilization, total healthcare costs PPPM were not significantly different
between BLC and WLC cohorts for all cause costs ($2,987.93 vs. $2,886.16,
p=0.65) nor bladder cancer specific costs ($1,301.10 vs. $1,246.60, p=0.75).

The authors conclude that BLC increases detection of CIS and leads to more
frequent surveillance and interventions. However, these do not translate into
significantly higher healthcare costs in an Inverse Probability of Treatment
Weighting (IPTW) model with variable patient follow-up. Given its cost-neutral
profile, BLC remains a valuable diagnostic tool in NMIBC management. Further
research should assess its long-term oncologic and economic impact.

"These real-world results are encouraging. They contribute to the clinical
utility of blue light cystoscopy (BLC) for NMIBC patients - as the BRAVO real
world-study demonstrated - and demonstrate cost-neutrality of the procedure. BLC
will continue to play an important role in improving quality of NMIBC
diagnostics and care. Optimizing diagnostic strategies to maximize the accuracy
of initial diagnosis and follow-up can impact costs and lead to improved patient
outcomes," said Mark Tyson, the study's principal investigator.

Read the full publication here:
https://pmc.ncbi.nlm.nih.gov/articles/PMC13446911/


For more 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 and IR enquiries:

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

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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; 76(5): 639-657
[3 ]Sievert KD et al. World J Urol 2009;27:295-300
[4 ]Bladder Cancer. American Cancer Society.
https://www.cancer.org/cancer/bladder-cancer.html

About Hexvix[®]/Cysview[®] (hexaminolevulinate HCl)
Hexvix/Cysview is a drug that preferentially accumulates in cancer cells in the
bladder, making them glow bright pink during Blue Light Cystoscopy (BLC[®]). BLC
with Hexvix/Cysview, compared to standard white light cystoscopy alone, improves
the detection of tumors and leads to more complete resection, fewer residual
tumors, and better management decisions.
Cysview is the tradename in the U.S. and Canada, Hexvix is the tradename in all
other markets. Photocure is commercializing Cysview/Hexvix directly in the U.S.
and Europe and has strategic partnerships for the commercialization of
Hexvix/Cysview in China, Chile, Australia, New Zealand and Israel. Please refer
to https://photocure.com/partners/our-partners for further information on our
commercial partners.
The following safety information is solely included to comply with U.S.
regulatory requirements: Important Risk & Safety Information for Cysview[®]
(hexaminolevulinate HCl) (https://packageinsert.s3.us-east
-2.amazonaws.com/Cysview+PI+2020.pdf)

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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