Year-end Report 2011

Record sales in fourth quarter totalling 29.1 MSEK. Continued increase of covered lives in the US.

January – December 2011

• Global Net sales grew by 10% to SEK 93.5m (84.7). Adjusted for currency fluctuations, net sales rose by 18%
• The worldwide number of NIOX MINO® repeat tests sold increased by a total of 20% and for clinical use in the US by 138%
• The loss after tax amounted to SEK 138.7m (85.8), corresponding to a loss per share before dilution of SEK 1.4 (1.2). The increased loss was primarily driven by investments in the US, the cost of the Long Term Incentive plans and expenses related to the appointment of the new CEO.

October – December 2011

• Net sales grew by 35% to SEK 29.1m (21.6). Adjusted for currency fluctuations, sales grew by 39%
• The worldwide number of NIOX MINO® repeat tests sold grew by a total of 36%, and for clinical use in the US by 107%
• The loss after tax amounted to SEK 50.7m (23.4), corresponding to a loss per share before dilution of SEK 0.5 (0.2)
• Aerocrine’s FeNO technology is standard practice in NHANES data by the CDC, Center of Disease Control, to define airway inflammation in US population.
• An EGM was held on November 16th where it was decided to implement a new incentive program as well as electing Thomas Eklund as a new member of the board.

Significant events after the period

• The revised reimbursement strategy continued to show positive momentum with a continued increase of covered lives by public and private payers in the US as several payers changed their policies and are now reimbursing doctors for using FeNO.
• NIOX MINO received market clearance in both South Korea and Taiwan.

AEROCRINE IN BRIEF

Comment by the CEO

“As the ATS guidelines begin to take hold, we are implementing several major initiatives to capitalize on this important event. First we have doubled the sales force in the US from eight (8) to sixteen (16). These reps have been positioned strategically based on data determining where asthma is present and treated. We also have added a contract reimbursement field force that will specifically call on regional and local insurance offices to share our information in an effort to convince private and public insurers to reimburse physicians for the use of the NIOX MINO. We have also created a Health Economic Model where payers can clearly see the economic as well as clinical benefits associated with the use of the MINO. This model has also been adapted for use in Europe. We have added additional field resources and management in the EU to take advantage of sales opportunities and optimize our existing distributor relationships. We are cautiously optimistic regarding increasing sales as we must first convert the payers from either negative policies to positive ones or convince them of the value of beginning to cover the test, all of which takes time. We are pleased to see these latest results, but our company is now focused on the sustainability and growth of our commercial operations. We want to continue this trend and are putting the necessary investments in place to accomplish that objective. We remain encouraged by our main shareholders support of increased investment to take advantage of the recent momentum but are keenly aware of the need to show profitability in a reasonable timeframe. The Company has seen dramatic changes from being an interesting scientific method sold primarily to research facilities and high level specialists to a patient-focused company that sells high value products to a larger scope of doctors in many geographies. We ended the year with 84 people, up from around 60 at the beginning of 2011, which shows growth in human capital and our focus on building a strong company for the future”," says Aerocrine's CEO, Scott Myers.

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 February 24, 2012.