Aerocrine completes USD 50 million Debt and Equity Financing

SOLNA, Sweden – April 30, 2013 – Aerocrine AB (NASDAQ OMX Nordic Exchange: AERO) (“Aerocrine”) announces that it has completed a financing with an affiliate of the U.S. investment firm OrbiMed Advisors LLC (“OrbiMed”) and with Novo A/S (“Novo”) consisting of USD 35 million of debt. Aerocrine also raises SEK 95 million (approx. USD 15 million) of equity from OrbiMed and a number of institutional investors through a directed share issue. Aerocrine will utilize the proceeds to continue funding growth and expanded commercialization of its current product as well as its pipeline of new devices for diagnosis and management of airway inflammation. Based on its long term plan, the company believes that this funding will be sufficient to reach positive cash flow and profitability.

“Aerocrine has worked closely with OrbiMed over the last several months to craft a financing structure that funds the company through its next stages of growth and towards profitability”, said Scott Myers, CEO, Aerocrine.

“We are very pleased to partner with Aerocrine and offer a minimally dilutive capital solution to help the company continue to deliver valuable respiratory diagnostic products” said Tadd Wessel, a Managing Director at OrbiMed. “Aerocrine has made substantial progress with the commercialization of NIOX® MINO® and we look forward to working with Scott and his team to help the company achieve its full potential”, added Matthew Rizzo, also a Managing Director at OrbiMed.

Aerocrine has been focusing its commercialization efforts in the United States and other key international markets. These efforts require sustained funding to support this expansion. The combination of debt and equity should provide a proper capital structure for a growth company like Aerocrine.

ABG Sundal Collier acted as sole lead manager and bookrunner in the equity financing. Mannheimer Swartling and Reed Smith acted as Aerocrine’s legal advisers in the financing.

Credit facility

Aerocrine has entered into a senior secured term loan (the “Term Loan”) in the amount of USD 35 million (approx. SEK 229 million) with OrbiMed and Novo. OrbiMed is the administrator of the loan and provided USD 25 million with Novo providing the remaining USD 10 million. The Term Loan matures in seven years.

Directed issue of new shares

As part of the financing, the Board of Aerocrine has resolved, by virtue of the authorization by the Annual General Meeting on May 3, 2012, to increase Aerocrine’s share capital by SEK 4,312,500 through a directed issue of 8,625,000 new shares to OrbiMed and a number of other institutional investors through a book building process. OrbiMed leads the directed issue with a USD 5 million investment (approx. SEK 32 million). The new shares will be issued at a price of SEK 11.00 per share, providing the company with a total of approximately SEK 95 million (approx. USD 15 million) before transaction costs.

The reason for the deviation from the shareholders’ preferential rights is to enable external fund raising for the financing of the company’s operations, commercialization and development of the company’s products and intellectual property rights. The subscription price corresponds to a discount of 2.0 percent to the volume weighted average share price on April 29, 2013. The directed share issue will result in an equity dilution of approximately 5.6 percent after completed issue.

Asthma – a growing health care problem

Asthma is a fast growing health care problem, which is caused by a chronic inflammation in the airways. Between eight and ten per cent of the world population suffer from asthma and this number is rising. World-wide, deaths from this condition have reached over 180,000 annually according to statistics from WHO.

For more information, contact:

Scott Myers, Chief Executive Officer, Aerocrine AB, Phone +46 768 788 379, +1 970 368 0336

Michael Colerus, CFO, Aerocrine AB, Phone +46 8 629 07 85

Tadd Wessel, Managing Director, OrbiMed Advisors LLC, Phone +1 212 739 6400

Matthew Rizzo, Managing Director, OrbiMed Advisors LLC, Phone +1 212 739 6400

About Aerocrine

Aerocrine is a medical products company focused on improved management and care of patients with inflammatory airway diseases such as Asthma. Aerocrine is a leader in this sector. Aerocrine markets NIOX® MINO®, which enables fast and reliable point-of-care measurement of airway inflammation. This product plays a critical role in more effective diagnosis, treatment and follow-up of patients affected with inflammatory airway diseases. Aerocrine is based in Sweden with subsidiaries in the US, Germany, Switzerland and the UK. Aerocrine shares have been listed on the Stockholm Stock Exchange since 2007 (AERO-B.ST). For more information please visit www.aerocrine.com and www.niox.com.

About OrbiMed

OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately USD 7 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed’s team of over 60 professionals manages a series of private equity funds, public equity funds, royalty and debt funds, and other investment vehicles. www.orbimed.com

About Novo A/S

Novo A/S is a Danish private limited liability company wholly owned by the Novo Nordisk Foundation, and the holding company of the Novo Group and as such the majority shareholder in the publicly listed companies Novo Nordisk A/S and Novozymes A/S. Novo was established in 1999 prior to the demerger of Novo Nordisk A/S, where Novozymes A/S was established as a stand-alone publicly listed company. Novo's purpose and objectives are to manage the Foundation's financial assets and to ensure the Novo Nordisk Foundation sufficient dividends to cover its grant obligations for medical and scientific research etc. in Scandinavia. www.novo.dk

Aerocrine may be required to disclose the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:30 am on April 30, 2013.