Aerocrine’s rights issue oversubscribed

Not for publication, release or distribution, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, Singapore, South Africa, Japan or New Zealand.

Aerocrine’s rights issue with pre-emptive rights for the company's shareholders and the holders of the company’s convertible bonds 2010/2015 has been oversubscribed and the underwriting commitments will, accordingly, not be utilized. The subscription period of the rights issue ended on May 11, 2012. Approximately 98.6 per cent of the issued shares were subscribed for with subscription rights and an additional approximately 1.4 per cent were subscribed for without subscription rights. Applications for subscription without subscription rights have been received corresponding to approximately 9.9 per cent of the total number of new shares. Accordingly, the total subscription rate was 108.6 per cent.

The shares that were subscribed for without subscription rights have been allocated according to the principles outlined in the prospectus that was published on April 17, 2012. Notification regarding allocation of shares that have been subscribed for without subscription rights will be communicated to those who have been allocated shares around May 18, 2012.

The rights issue provides Aerocrine with proceeds of approximately SEK 260 million before issue expenses. As a result of the rights issue, Aerocrine's share capital increases by SEK 14,441,258 to SEK 72,206,292. The number of shares increases by 28,882,516 to a total of 144,412,584 shares.

Trading in the new shares on NASDAQ OMX Stockholm is expected to start around June 4, 2012.

For more information, contact:

Scott Myers, CEO, Aerocrine AB, Phone: +46 768-788 379

Michael Colérus, CFO, Aerocrine AB, Phone: +46 8-629 07 85

About Aerocrine

Aerocrine AB is a medical technology company focused on the improved management and care of patients with inflammatory airway diseases. As the pioneer and leader in technology to monitor and manage airway inflammation, Aerocrine markets NIOX MINO® and NIOX Flex®. Both products enable fast and reliable management of airway inflammation and may therefore play a critical role in more effective diagnosis, treatment and follow-up of patients with inflammatory airway diseases such as asthma. Aerocrine is based in Sweden with subsidiaries in the U.S., Germany and the U.K. Aerocrine shares were listed on the Stockholm Stock Exchange in 2007.

Aerocrine discloses the information provided in this press release pursuant to the Securities Markets Act. The information was provided for public release on 16 May 2012 at 08:00 CET.

This press release does not constitute an offer of any securities of Aerocrine. The rights issue is not directed to shareholders or other investors domiciled in the United States, Canada, Australia, Hong Kong, Singapore, South Africa, Japan or New Zealand, or in any other country where participation in the issue would require additional prospectuses, registration or other measures other than those pursuant to Swedish law or would conflict with regulations in such country. No shares, interim shares, subscription rights or other securities issued by Aerocrine have been or will be registered in accordance with the United States Securities Act of 1933, or in accordance with any securities legislation in any state of the United States or any province in Canada. Accordingly, no new shares, interim shares, subscription rights or other securities issued by Aerocrine may be transferred or offered for sale in the United States or Canada, other than in such exceptional cases that do not require registration. The rights issue is directed only at (i) persons who are outside the United Kingdom; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended); or (iii) persons to whom it can otherwise lawfully be directed at.