Photocure Asa · OSL:PHO
Photocure Asa — Merger or Acquisition (June 2026)
17 slides from Photocure Asa's merger presentation, Jun 4, 2026
Slide 1: Photocure to Acquire Vesica Health
Building the Next-Generation Bladder Cancer Diagnostics Platform: Photocure to Acquire Vesica Health Transforming Bladder Cancer Care Through Integrated Diagnostic Solutions June 4, 2026
Slide 2: Disclaimer / Legal Information
Disclaimer / Legal Information ABOUT THIS PRESENTATION By reading this company presentation (the " Presentation") or attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations. The Presentation has b
Slide 3: Disclaimer / Legal Information, Cont.
Disclaimer / Legal Information, Cont. FORWARD LOOKING STATEMENTS AND THIRD PARTY SOURCES This Presentation contains certain forward-looking statements relating to, inter alia, the business, financial performance and results of the Company and the industry in which it operates. Forward- looking state
Slide 4: Transaction overview
Transaction overview Photocure ASA is acquiring 100% of Vesica Health, Inc. Transforming bladder cancer care by integrating an upstream Precision Dx1 solution into Photocure’s best-in-class detection and Key rationale treatment platform $30.5M total consideration Future milestones Net consideration
Slide 5: Photocure overview
Photocure overview Commercial Precision Dx company with global reach and strong growth trajectory Drug-device combination Revenue and adj. EBITDA margin2 Rigid Scope Capital 6% 9% 13% 8% 11% Blue Light (Surgical Resection) TURBT Procedures Equipment 530 Cystoscopy (BLC®) 488 443 Photocure’s drug pre
Slide 6: Photocure overview: defensible standard of care
Photocure overview Guideline-mandated, evidence-backed, and technology supported – a defensible standard of care Guidelines Science Technology Global and national guidelines Wealth of clinical evidence: Equipment manufacturers have been recommend BLC with Hexvix® / Cysview® upgrading their blue ligh
Slide 7: Strategic priorities & initiatives
Strategic priorities & initiatives Continue to grow Establish BLC® as the definitive Expand product portfolio/diversify Hexvix®/Cysview® sales and diagnostic standard in bladder global product offering in uro- increase Company profitability cancer care and improve access oncology Provide and deliver
Slide 8: Vesica Health
Vesica Health Pioneering non-invasive bladder cancer detection – the missing link in early-stage hematuria triage Patient presents Vesica Health (founded in 2022, CA, USA) offers AssureMDx, a patented non-invasive, multi-omic, urine-based test for Key technology with hematuria the early detection of
Slide 9: Investment thesis
Investment thesis Vesica Health delivers transformative value to Photocure Owning the full bladder • Extends Photocure’s footprint upstream, from point of confirmed diagnosis and treatment to first clinical 1 cancer continuum suspicion, enabling presence across the broader patient pathway Access to
Slide 10: Upstream expansion
1 2 3 4 5 Upstream expansion Diversifying across the bladder cancer care continuum A combination Expands effective Improves referral quality Offers scalability through Supports guideline-based that…. downstream funnel for for cystoscopy EMR integration care pathways cystoscopy workflows Vesi
Slide 11: Hematuria market access
1 2 3 4 5 Hematuria market access Expanding into a structurally large adjacent market The addition of AssureMDx extends Photocure’s positioning into the …with further potential upside from large U.S. hematuria diagnostics market… expansion into additional geographies U.S. bladder cancer market U.S.
Slide 12: Best-in-class validation
1 2 3 4 5 Best-in-class validation Strengthening portfolio with a highly competitive product Company Test Assay type Study basis and context Sensitivity Specificity NPV AuC Multiple prospective validation AssureMDx Multiomic: DNA methylation + mutations cohorts (n=1192)1-4 93-97% 73-92% 99-99.8% 0.9
Slide 13: Unique commercial advantage
1 2 3 4 5 Unique commercial advantage Owning the urology platform ASSUREMDx: DRIVING MARKET PROVEN UROLOGY COMMERCIAL ENGINE RESULTING COMPETITIVE ADVANTAGE READINESS TO ADOPTION • Dedicated urology-focused sales organization, including surgical sales Rapid adoption without incremental Clinical
Slide 14: Distinct value creation potential
1 2 3 4 5 Distinct value creation potential Clear reimbursement pathway enabling topline contribution from 2027 SeARCH trial3 – Randomized Health economics data presented at AUA Controlled Trial (RCT) providing Conference 20261 supports AssureMDx Level-A clinical evidence to as first-line triage low
Slide 15: Strong risk-reward profile
Strong risk-reward profile Vesica Health offers attractive upside with embedded downside protection Strong downside protected profile... ...with uncapped upside potential Base Case assumes <5% Of $28.5M net purchase price, only Attractive deal Low penetration penetration of U.S. hematuria 1 structur
Slide 16: Business outlook
Business outlook For full year 2026, Photocure continues to expect product revenue growth in the range of 7% to 11% on a constant currency basis, alongside continued expansion of adjusted EBITDA margins. Assuming Medicare reimbursement by mid-2028 and positive clinical readouts supporting commercial
Slide 17: © Photocure - Confidential
© Photocure - Confidential 17