Q-Med trading update for the fourth quarter of 2008

In order to ensure that shareholders have up to date information to make their decision in relation to the public tender offer from Ivytan AB (the “Offer”) for the shares of Q-Med AB (publ) (“Q-Med” or the “Company”), the Company has deemed it appropriate to provide an interim trading update for the fourth quarter of 2008. However, it should be noted that there remains a high degree of uncertainty given the current economic environment.

Q-Med’s revenues in October and November to date have remained at comparable levels to the same period of 2007. If revenue development continues at the same rate as October and November to date, total revenues for the fourth quarter of 2008 will be in line with revenues reported for the same period of 2007.

In October, Q-Med increased the level of investment in marketing and sales relating to the continuing launch of Macrolane™ and Restylane Vital™, and increased its direct sales presence in a number of strategic markets. This has contributed to a lower overall operating profit margin for the month of October compared to the third quarter of 2008. Assuming that the operating profit margin for October is maintained, the overall operating profit margin for the fourth quarter (excluding restructuring costs and expenses relating to the Offer) will be in line with the level reported for the first three quarters of 2008.

In addition, the previously announced restructuring costs of 25-30 MSEK and expenses relating to the Offer will be charged in the fourth quarter of 2008.