Interim report January – March 2012

Record sales and continued increase of covered lives in the US.

January – March 2012

• Global Net sales grew by 76% to SEK 39.0m (22.2). Adjusted for currency fluctuations, net sales rose by 72%
• The worldwide number of NIOX MINO® repeat tests sold increased by a total of 47% and for clinical use in the US by 112%
• The loss after tax amounted to SEK 39.1m (26.9), corresponding to a loss per share before dilution of SEK 0.4 (0.3). The increased loss was primarily driven by increased commercial and reimbursement activities in the US and costs related to the Long Term Incentive plans.
• Aerocrine launched a fully underwritten new share issue of approximately 260 MSEK before issue cost.
• The revised reimbursement strategy continued to show positive momentum with a further increase of covered lives by public and private payers in the US as several payers changed their coverage policies for FeNO. United Healthcare (UHC), the single largest payer in the US, was among the companies announcing a positive change in its coverage policy.
• The latest version of the NIOX MINO® received market clearance in both South Korea and Taiwan.

Significant events after the period

• The American Academy and the American College of Allergy, Asthma and Immunology (ACAAI and AAAAI), published a position statement in support of the clinical practice guideline on Aerocrine’s FeNO test as published by the ATS (American Thoracic Society)
• The extraordinary general meeting resolved on April 10, 2012, to approve the board’s resolution to issue new shares with pre-emptive rights for existing shareholders and the holders of the company’s convertible bonds 2010/2015. The terms for the rights issue entail that four shares entitle to subscription of one new share at a subscription price of SEK 9 per share, which means that the rights issue will provide Aerocrine with approximately MSEK 260 before transaction costs.
• Aerocrine reached a settlement with Apieron, Inc estate and received 1.3 million USD.

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AEROCRINE IN BRIEF

For further information, please contact:

Scott Myers, CEO                                                                                                                       Michael Colérus, CFO

Tel: +46 8 6290780                                      www.aerocrine.com                                              +46 8 6290785

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 the technology to monitor and manage airway inflammation, Aerocrine markets NIOX® Flex and NIOX MINO®. 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 US, Germany and the UK. Aerocrine shares were listed on the Stockholm Stock Exchange on 15 June 2007. Aerocrine discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:00 a.m. on May 3, 2012.