Announcement of Financial Results 2009

Summary:
On 5th May, 2009, Affitech AS, a Norwegian antibody therapeutics research
company based in Oslo, and Pharmexa A/S, a publicly listed Danish vaccine
research and development company, based in Copenhagen, were combined in a
share-for-share transaction (the "Combination?).

After the Combination, Pharmexa A/S changed its name to Affitech A/S, and
Affitech AS changed its name to Affitech Research AS. Due to the relative values
of the companies, the former Affitech Research AS shareholders became the
majority shareholders of Affitech A/S and accordingly the substance of the
combination was that Affitech Research AS acquired Affitech A/S in a reverse
acquisition. The consolidated figures for 2009 therefore represent the
financial figures for Affitech Research AS for 12 months and the financial
figures for Affitech A/S are consolidated as from 5th May, 2009 when the
Combination occurred.

Affitech (the Group) reported a net loss of DKK 67.9 million in 2009, compared
to a net loss of DKK 36.3 million in 2008. The Group's balance sheet total at
31st December, 2009 was DKK 34.5 million. Compared to 2008, the balance sheet is
substantially influenced by the Combination in May, 2009 and the restructuring
announced in September, 2009. The consolidated net cash flow for 2009 is
negative at DKK 25.6 million, compared to negative cash flows of DKK 21.4
million in 2008. Cash flow in 2009 primarily relates to the loss on operations
of DKK 43.4 million and a net amount of DKK 20.2 million from a directed share
offering to a group of existing shareholders in July.

On 4th January, 2010 Affitech A/S announced that it had entered into a bridging
loan with three existing shareholders. On 22nd February, 2010, Affitech A/S
announced revenue from a restructuring of the remaining elements of a royalty
agreement with KAEL-Gemvax. These funds have enabled the Company to continue
operations in the first quarter of 2010 whilst discussions on a new financing
have been underway. Additionally, the Company is announcing today a
restructuring of its collaboration and licensing agreement with Omeros
Corporation, a US biopharmaceutical company. As a result of the restructuring,
Omeros made a payment to Affitech of $250,000 on 30th March, 2010 and will make
a second payment of $250,000 on 5th April, 2010.

At present, Affitech A/S has resources to fund its operations through the first
half of April, 2010 but will require further financing thereafter. The Company
is currently in the final stages of negotiation of an equity investment with
more than one party and the Board expects either to complete such investment in
the immediate future or to agree further bridging arrangements until completion
of such investment. If neither of these deals comes to fruition the Board will
need to consider alternative arrangements and such arrangements could have a
potentially significant negative impact on the current net asset value of the
Company.

While the planned financing has not yet been completed, the Board of Directors
believes it likely that a deal will be finalised in the early part of the second
quarter, and that the Company will have sufficient liquidity to enable it to
complete the financing. The Board currently expects that the projected proceeds
from the Company's anticipated financing will be adequate to fund the Company's
activities for at least the next 12 months and consequently the Board continues
to view the Company as a going concern.

affitech a_s _financial results09.pdf