Convertible debt issue in Bluefish Pharmaceuticals AB

• Convertible debt issue in Bluefish Pharmaceuticals AB aiming to raise approximately SEK 40 million • Repayment of loan on 30 June, 2012 with annual interest payment of 9% • Conversion of 50% of the convertibles until 31 December 2010 at share price of SEK 7.14, conversion of the remaining amount until 15 April 2012 at a share price of SEK 10 • Subscription period from 29 May until and including 11 June 2009 • The rights issue is subject to approval at an Extraordinary Shareholder's Meeting to be held on 10 June 2009 • The convertible debt issue is guaranteed by Färna Invest AB and Skirner AB, two major shareholders in Bluefish Pharmaceuticals AB up to an amount of SEK 35 million.

The Board of Directors of Bluefish Pharmaceuticals AB (“Bluefish”) has resolved to issue a convertible debt in Bluefish with the intention of raising approximately SEK 40 million to secure the increased need for working capital as the company is launching its product portfolio in additional EU markets. The new issue resolution by the Board of Directors is subject to approval at an Extraordinary Shareholder's Meeting to be held on 10 June, 2009. The aggregate amount of the convertible debt instrument is SEK 40 million. The loan is due for repayment on 30 June, 2012. Interest accrues by nine (9) percent annually and matures on 30 June every year, and for the first time on 30 June, 2010. The nominal amount of the debt obligations will be SEK 1 or multiples thereof. This means that one new class B share will be received for each full multiple of the conversion price of the principal amount. The convertible holder has the right to convert 50% of its convertibles up until 31 December, 2010 at a conversion price of SEK 7.14 per share. The convertibles which have not been converted by 31 December, 2010 are entitled to conversion at a conversion price of SEK 10 per share up until 15 April, 2012. Subscription for convertibles shall be made before and including 11 June, 2009. The resolution on convertible debt issue will increase the share capital with a maximum of SEK 960 224 through the issue of not more than 4 801 120 new B shares. An Extraordinary Shareholder's Meeting for the approval of the resolution of the Board of Directors is to be held on 10 June, 2009. Notice to attend the Extraordinary Shareholder's Meeting is made public in a press release and is advertised separately in the newspapers Post- och Inrikes Tidningar and Dagens Industri on 27 May, 2009. The convertible debt instrument has been guaranteed up to an amount of SEK 35 million by two major shareholders in Bluefish, Färna Invest AB and Skirner AB. Time schedule for the convertible debt issue: - Subscription period, 29 May until and including 11 June 2009 - Extraordinary Shareholder's Meeting approves the resolution of the Board of Directors regarding the new issue 10 June, 2009 - Payment for allotted convertibles until and including 18 June, 2009.