Topotarget A/S
Fruebjergvej 3
DK 2100 Copenhagen
Denmark
Tel: +45 39 17 83 92
Fax: +45 39 17 94 92
CVR-nr: 25695771
www.topotarget.com
s

Copenhagen, Denmark - 9 July 2010 - Topotarget A/S (NASDAQ OMX: TOPO) has
announced that 1,592,250 warrants have been issued to Employees, Management and
the Board of Directors in Denmark and US.

The programme comprises a total of 1,592,250 warrants, of which 585,000 will be
issued to employees, 857,250 to the company's executive management and 150,000
will be issued to the company's board of directors. The aim of the issue is to
give an incentive to individuals covered by the program to work towards a
positive business performance and, by extension, an increase in the company's
value and the market price of the company's shares.

Each warrant entitles the holder to subscribe one share of nominal DKK 1 in the
company against cash contribution of DKK 3.40. The exercise price corresponds
to the average price of the company's shares over the last ten trading days
prior to the issue. Using the Black-Scholes model, the market value of the
warrant program can be calculated at DKK 2.67 per warrant. The calculation is
based on a volatility of 89,9 % and a risk-free interest rate of 2.35 %.

The warrants vest in blocks of 25%, 25% and 50% on 9 July 2011, 2012 and 2013
respectively. Warrants may be exercised within a period of seven years from the
date of grant. The exercise period for each block is fixed at fourteen days
after the publication of the company's annual report for 2011, 2012 and 2013
and thereafter fourteen days after subsequent full-year and half-year reports.
The last exercise of the granted warrants has been fixed at fourteen days after
the publication of the company's annual report for 2017.

In accordance with Section 28a of the Danish Securities Trading Act, the
company hereby makes public that the following members of the company's board
of directors and managerial employees received warrants:

Board of Directors:

Bo Jesper Hansen (chair) 50,000 warrants
Jeffrey H. Buchalter 25,000 warrants
Ingelise Saunders 25,000 warrants
Anders Gersel Pedersen 25,000 warrants
Anker Lundemose 25,000 warrants

Management:
Francois Martelet, CEO 657,250 warrants
Anders Fink Vadsholt, CFO 200,000 warrants

Topotarget A/S

For further information, please contact:

Francois Martelet, CEO: Direct: +45 39 17 94 99; Mobile: +45 51 32 83 41
Anders Vadsholt, CFO: Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55


Background information

About Topotarget
Topotarget (NASDAQ OMX: TOPO) is a Svandinavia based international biotech
company headquartered in Denmark, dedicated to improve cancer therapies.
Topotarget currently focuses, in collaboration with Spectrum Pharmaceuticals,
Inc., on the development in pivotal studies of its lead drug candidate,
belinostat, which has shown proof-of-concept as monotherapy in treating
haematological malignancies and positive results in solid tumours. Belinostat
can be used in combination with full doses of chemotherapy, and is currently in
a pivotal trial within PTCL (peripheral T-cell lymphoma) and phase II in cancer
of unknown primary (CUP). Topotarget's key cancer drugs target HDAC, NAD+,
mTOR, Fas ligand and topoisomerase II. The company's first marketed product,
Savene®/Totect®, was approved by EMEA in 2006 and the FDA in 2007, and is
marketed by Topotarget's own sales force in the US. For more information,
please refer to www.topotarget.com.

Topotarget Safe Harbour Statement
This announcement may contain forward-looking statements, including statements
about our expectations of the progression of our preclinical and clinical
pipeline including the timing for commencement and completion of clinical
trials and with respect to cash burn guidance. Such statements are based on
management's current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Topotarget cautions investors that
there can be no assurance that actual results or business conditions will not
differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: The risk that any one or more of the drug development programs of
Topotarget will not proceed as planned for technical, scientific or commercial
reasons or due to patient enrolment issues or based on new information from
non-clinical or clinical studies or from other sources; the success of
competing products and technologies; technological uncertainty and product
development risks; uncertainty of additional funding; Topotarget's history of
incurring losses and the uncertainty of achieving profitability; Topotarget's
stage of development as a biopharmaceutical company; government regulation;
patent infringement claims against Topotarget's products, processes and
technologies; the ability to protect Topotarget's patents and proprietary
rights; uncertainties relating to commercialization rights; and product
liability exposure; We disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise, unless required by law.

announcement no 23-10 topotarget issues warrants to employees, management and the board of directors.pdf