Mandatory notification of trade

1/29/2013 2:31 AM EST

(Oslo, 29 January 2013) As part of the employment agreement with Anker
Lundemose, newly appointed as President and CEO at Bionor Pharma, he has been
granted 1 million share options in Bionor Pharma.

The options are exercisable at a price of NOK 2.75 per share. The options vest
by 10% on 29 January 2014, 15% on 29 January 2015 and remaining 75% on 29
January 2016.  If a commercial partner agreement is signed, 50% of the unvested
options vest at time of such an agreement. If there is a change of control of
the company, the remaining options vest at time of such an agreement. Options
can be exercised from the day all options have been vested and until 29 January
2023.

The share options can be issued according to the power of attorney from the
General Meeting on 11 May 2012 to issue up to 10 million options to management
as part of the incentive system. The total number of outstanding share options
in Bionor Pharma is now 6.1 million.

Following the receipt of the options, Anker Lundemose holds 0 shares and 1
million share options in Bionor Pharma.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


[HUG#167374