Extraordinary General Meeting in Bluefish Pharmaceuticals AB

The shareholders in Bluefish Pharmaceuticals AB (publ), 556673-9164, are hereby notified of the extraordinary general meeting scheduled for 10 June 2009, 14:00 at Wistrand Advokatbyrå, Regeringsgatan 65, floor 7, Stockholm.

A. Right to participate Shareholders who wish to participate in the general meeting must be registered in the shareholders´ register maintained by Euroclear Sweden AB on 3 June 2009. Shareholders who have their shares registered by a nominee must temporarily register themselves as shareholders in the shareholders´ register at Euroclear Sweden AB to be entitled to participate in and vote at the general meeting. The shareholder must notify the nominee hereof in good time before the previously mentioned date. The notification to participate should be made to the company on 3 June 2009 at the latest. The notification should be made by e-mail addressed to anmalan@bluefishpharma, at the website www.bluefishpharma.com, by post to Bluefish Pharmaceuticals AB, Att. ”Extra bolagsstämma”, Torsgatan 11, 111 23 Stockholm or by phone to 08-519 116 00. B. Proposed agenda 1. Election of chairman of the meeting. 2. Establishing and approval of voting list. 3. Approval of agenda. 4. Election of one or two persons to check the minutes. 5. Examination of the summons for the meeting. 6. Decision regarding approval of the board’s resolution regarding new issue of convertible debentures etc. 7. Decision regarding authorization of the board to make decisions regarding new issue of convertible debentures. 8. Decision regarding new issue of warrants. 9. Decision regarding amendment of the warrants as per 2007. 10. Closing of the meeting. C. Decision regarding approval of the board’s resolution regarding new issue of convertible debentures etc. (item 6) The board has, on the board meeting 22 May 2009, decided to raise a loan of maximum SEK 40,000,000 by new issue of convertible debentures. The convertible debentures may be subscribed for at the latest 11 June 2009. The board has the right to prolong the subscription period. For each convertible debenture of SEK 1 shall be paid the nominal amount and payment shall be made at the latest 18 June 2009. The convertible debentures accrue by 9 percent interest and mature on 30 June 2012. Conversion may be made to shares of series B. The holder of a convertible debenture may convert half of its held convertible debentures up to and including 31 December 2010 at a conversion price of SEK 7.14 per share, and the convertible debentures which are not converted before, up to and including 15 April 2012 with a conversion price of SEK 10 per share. If all of the convertible debentures are fully utilized the share capital can be increased with maximum SEK 960,224. This decision is conditional upon the subsequent approval of the general meeting. D. Decision regarding authorization of the board to make decisions regarding new issue of convertible debentures (item 7) The board proposes that the general meeting extends the authorization which the board received at the annual general meeting 22 April 2009 to also include issuing of convertible debentures. The authorization is proposed to have the following wording. The board proposes that the general meeting shall give the board the authorization to, with or without the deviation from the shareholders’ preferential rights, at one or several occasions until the next annual general meeting rule decisions regarding new issue of in all maximum 8,000,000 shares or the corresponding amount of warrants or convertible debentures entailing the right to the corresponding amount of shares. New shares may be of series A or series B, however the use of the authorization may not result in the number of shares of series A increases in proportion to the number of shares of series B in relation to the current proportion. The decision regarding new issue may also include provisions that the new issue of shares, warrants or convertible debentures may be paid with assets contributed in kind, by set-off or in other way be subscribed in accordance with conditions. E. Decision regarding new issue of warrants (item 8) The board proposes that the general meeting shall decide to issue maximum 1,000,000 warrants entailing the right to subscribe for maximum 1,000,000 shares of series B in the company. The warrants shall be issued without consideration. The subscription of the warrants shall be made at the latest 30 June 2009. Subscription for the warrants shall be made by Bluefish Pharma Incentive AB, a wholly owned subsidiary of the company, with the right and the obligation for the subsidiary to transfer these to employees, board members and consultants who are considered key employees of the Bluefish-group of companies. The price for transferred warrants shall be the market value at the transfer date, calculated in accordance with Black & Scholes valuation principle. Subscription of shares due to warrants can be made up to and including 31 December 2012 at a subscription price of SEK 9.60 per share. If all the warrants of this decision are fully utilized the share capital can be increased with maximum SEK 200,000. If all of the warrants are not allocated and transferred in connection with the issuing, the remaining warrants might be transferred at a later occasion. The proposal also entails that the general meeting approves the subsidiary’s transfer of the warrants in accordance with the previously stated. The board is also proposed to be authorized, if the board finds it suitable, to cancel such warrants which are not transferred in connection with the issuing or thereafter and to file this to the Swedish Companies Registration Office for registration. The intention with the proposal is that the board considers warrants for employees and other key persons to be an important step in the Bluefish-group’s long-term competence supply and incentive structure. Any taxes or social security fees which this decision might give rise to in relation to the subscribers of these warrants will in some parts be paid by the company up to a maximum amount of in all SEK 1,500,000. To be valid the decision regarding the issue of warrants requires support by shareholders representing at least nine tenths of both the casted votes and the shares represented at the general meeting. F. Decision regarding amendment of the warrants as per 2007 (item 9) The board proposes that the terms of the warrants of the series 2007:1, which were decided upon during 2007, are amended as follows. The subscription period stated in the terms shall be amended to include the period 1 October 2012 – 31 December 2012. Any taxes or social security fees which this decision might give rise to in relation to the holders of these warrants will in some parts be paid by the company up to a maximum amount of in all SEK 1,500,000. To be valid the decision regarding the amendment of warrants requires support by shareholders representing at least nine tenths of both the casted votes and the shares represented at the general meeting. The intention with the proposal is that the board considers that the original wording of the terms of the warrants does not give the holders the desired incentive effect. The amendment of the subscription period also entails conformity with the proposal of new issue of warrants as provided in item 8 above. _________________________________ The board’s complete proposals to decisions regarding issue of convertible debentures and warrants together with documents required by Chapter 14 § 8 of the Swedish Companies Act will be available at the company’s office at Torsgatan 11 Stockholm at the latest 27 May 2009. The documents will also be sent to the shareholders who so requires to the address the shareholder states in connection with such request. Stockholm in May 2009 Bluefish Pharmaceuticals AB (publ) The board of directors