Company Announcement no. 19/2010

To: NASDAQ OMX Copenhagen A/S Hørsholm, Denmark, 28 October 2010

LifeCycle Pharma announces result for the first nine months of 2010 in line
with expectations

Highlights:

• LCP has dosed its first patient in its Phase 3 clinical study, for LCP-Tacro™
in patients, who have just received a kidney transplant (“de novo” transplant
patients). Patient enrollment is ongoing.

• On 25 October 2010 LCP held an Extraordinary General Meeting. At the meeting
LCP obtained authorization to issue up to 475 million new shares in the
Company.

• Shionogi Pharma, Inc. has terminated its North American license agreement for
Fenoglide®. The termination is effective 23 February 2011 or sooner if
requested by LCP. LCP assists Cowen Healthcare Royalty Partners in resumption
of manufacturing and commercialization of Fenoglide®.

• LCP reported a net loss of DKK 212.8 million for the first nine months of
2010 compared to a net loss of DKK 211.2 million for the same period in 2009.
The reported net loss is in line with the expectations for 2010, which were
announced in the annual report for 2009, published on 24 February 2010.

• For the first nine months of 2010, LCP's research and development costs
amounted to DKK 162.1 million compared to DKK 164.4 million for the same period
in 2009.

• On 30 September 2010, LCP had cash and cash equivalents of DKK 134.0 million.

William J. Polvino, president and CEO of LCP said: “We are very pleased that
the clinical development of LCP-Tacro™ is proceeding as planned and has moved
into pivotal Phase 3 studies for de novo kidney patients. Our primary focus is
clearly on the further clinical development LCP-Tacro™, including an expected
NDA/MMA filing in the US and EU, respectively, in the first quarter of 2013.”

Outlook for 2010
LCP maintains its 2010 outlook with an operating loss of DKK 260-290 million
and a net loss of DKK 260-290 million. The Company's cash position as at 31
December, 2010 is expected to be in the range of DKK 50-100 million.

The abovementioned outlook for 2010 is provided without assuming any effect of
a potential capital increase by the Company.



Research & development update

LCP-Tacro™ in kidney patients (stable patients, Study 3001)

The clinical Phase 3 program in stable kidney transplant patients was initiated
in December 2008, and full patient enrollment was finalized early January 2010
with 326 patients. The primary endpoint for the study is a comparison of the
traditional non-inferiority composite endpoint of: Biopsy Proven Acute
Rejection (“BPAR”), graft failure, loss to follow up or death. Secondary
endpoints includes assessments of pharmacokinetics and safety/tolerability
measures such as new onset diabetes, renal function and tremors. Patients will
be evaluated on treatment every few months over a 12-month treatment duration
plus a safety follow-up visit at month 13.

The clinical trial is progressing according to plan, and approximately 200
patients have currently completed their treatment. LCP expects to complete the
treatment in stable kidney patients and have topline results in mid 2011.

LCP-Tacro™ in kidney patients (de novo patients, Study 3002)

LCP has initiated the pivotal Phase 3 study, Study 3002, for LCP-Tacro™
(tacrolimus, modified release), and on 18 October 2010 the Company announced
the dosing of the first patient in the study. Patient enrollment is ongoing,
and will include approximately 540 patients in total.

The LCP Study 3002 is a randomized, double-blind, multicenter study that will
compare once-daily LCP-Tacro™ against twice-daily Prograf® in de novo adult
kidney transplant patients. The primary endpoint of the study, a composite
endpoint (BPAR, graft failure, loss to follow up or death), will be evaluated
after a 12-month treatment period to demonstrate the non-inferiority of
LCP-Tacro™ compared to Prograf®. Secondary endpoints will include safety,
tolerability and renal function assessments. The study will be conducted at
approximately 100 transplant centers, primarily in the U.S and Europe. Patients
will participate in a 12-month extension period on treatment for follow-up
safety assessments. The study is expected to be ready for filing in the U.S.
and EU in the first quarter of 2013.

LCP recently announced receipt of an agreement with the U.S. Food and Drug
Administration (FDA) on a Special Protocol Assessment (SPA) regarding Study
3002. The SPA process is a procedure by which the FDA provides official
evaluation and written guidance on the design and size of proposed protocols
that are intended to form the basis for a new drug application (NDA).



Financial Highlights

9 months ended 9 months ended Q3 Q3 Year
2010 2009 2010 2009 2009
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000

Income Statement
Revenue 1,496 2,294 3 447 2,476
Research and development costs (162,123) (164,400) (66,150) (43,986) (210,140)
Administrative expenses (38,759) (47,668) (12,829) (14,330) (62,381)
One-off restructuring cost (10,894) (9,489) - (9,489) (9,489)
Operating loss (210,280) (219,263) (78,976) (67,358) (279,534)
Net financial income / (expenses) (1,220) 8,024 (695) 394 8,540
Loss before tax (211,500) (211,239) (79,671) (66,964) (270,994)
Tax for the period (1,257) - (862) - -
Net loss for the period (212,757) (211,239) (80,533) (66,964) (270,994)

Balance Sheet
Cash and cash equivalents 134,022 392,133 134,022 392,133 333,429
Total assets 163,651 444,915 163,651 444,915 379,269
Share capital 56,568 56,568 56,568 56,568 56,568
Total equity 111,902 373,583 111,902 373,583 317,281
Investment in property, plant and equipment 1,035 10,555 441 890 11,043

Cash Flow Statement
Cash flow from operating
activities (192,579) (194,356) (67,109) (44,714) (251,158)
Cash flow from investing activities (1,110) (10,507) (281) (843) (11,011)
Cash flow from financing activities (4,506) 2,041 (2,059) (446) 729
Cash and cash equivalents at period end 134,022 392,133 134,022 392,133
333,429

Financial Ratios
Basic and diluted EPS (3.76) (3.75) (1.42) (1.19) (4.80)
Weighted average number of shares 56,567,810 56,401,877 56,567,810
56,467,878 56,443,701
Average number of employees (FTEs) 60 97 51 88 93
Assets/equity 1.46 1.19 1.46 1.19 1.20




Revenue
For the first nine months of 2010 LCP recognized DKK 1.5 million in revenues
compared to DKK 2.3 million in the same period of 2009. Revenue consists of
payments under LCP's collaboration agreements.

Research and development costs
For the first nine months of 2010, LCP's research and development costs totaled
DKK 162.1 million compared to DKK 164.4 million during the same period in 2009.
Although total research and development costs decreased only slightly between
the periods, the decrease in costs due to the reduction in the number of
employees that took place in August 2009 and in January 2010, was almost
completely offset by increased research and development costs related to the
Phase III clinical study for LCP-Tacro in stable kidney transplant patients.

Administrative expenses
For the first nine months of 2010, LCP's administrative cost totaled to DKK
38.8 million compared to DKK 47.7 million during the same period in 2009. The
reduction in cost is attributable to the continued focus of reducing overall
cost, combined with the effect of the reduction in number of employees that
took place in August 2009 and in January 2010.

One-off restructuring cost
One-off restructuring cost mainly includes salary payments to former employees
in connection with the reduction in January 2010.

Compensation costs
For the first nine months of 2010, a total of DKK 7.7 million was recognized as
share-based compensation. The cost is included in R&D and G&A. The comparable
cost for 2009 was DKK 10.4 million.

In the third quarter of 2010, a total of 372,000 warrants were granted to
members of the Board of Directors and to employees at a strike price of DKK
4.05. In the third quarter of 2010, a total of 44,084 warrants were cancelled.

As of 30 September 2010, there were a total of 4,673,833 warrants outstanding
at an average strike price of DKK 16.2. Members of the Board of Directors held
470,667 warrants at an average strike price of DKK 17.3. Members of the
Executive Management held 807,572 warrants at an average strike price of DKK
12.8, while other current and former employees held 3,395,594 warrants at an
average strike price of DKK 16.8.

Please refer to LCP's latest annual report for additional details on the
Company's warrant programs.

Operating loss
LCP's operating loss for the first nine months of 2010 was DKK 210.3 million
compared to DKK 219.3 million in the corresponding period of 2009.

Financial income
Net financial items showed an expense of DKK 1.2 million for the first nine
months of 2010 compared to an income of DKK 8.0 million for the first nine
months of 2009. This decrease was primarily related to a significantly lower
cash position.


Net loss
LCP's net loss for the first nine months of 2010 was DKK 212.8 million compared
to DKK 211.2 million in the corresponding period of 2009.

Cash flow
As of 30 September 2010, the balance sheet reflects cash and cash equivalents
of DKK 134.0 million as compared with cash and cash equivalents of DKK 333.4
million as of 31 December 2009. This decrease reflects the expenditures
associated with the Company's business activities, including costs related to
the progression of current and planned clinical studies for the Company's
product candidates.

Balance sheet
As of 30 September 2010, total assets were DKK 163.7 million compared to DKK
379.3 million at the end of 2009.

Shareholders' equity equalled DKK 111.9 million as of 30 September 2010,
compared to DKK 317.3 million at the end of 2009.


Accounting policies
The interim report is prepared in compliance with International Accounting
Standard No. 34 (IAS 34), “Interim Financial Reporting” and in accordance with
the NASDAQ OMX Copenhagen's financial reporting requirements for listed
companies.

There have been no changes in accounting policies used for the interim report
compared to the accounting policies used in the preparation of LifeCycle Pharma
group's annual report for 2009.

The line “one-off restructuring cost” includes major restructuring costs,
mainly salary to former employees and is shown separately to facilitate the
comparability of the income statement between periods.

Financial review
LCP reports its financial statements in Danish Kroner (DKK), which is the
functional currency of the Company and the group. Solely for the convenience of
the reader, this Interim Report contains a conversion of certain DKK amounts
into Euro (EUR) at a specified rate. These converted amounts should not be
construed as representations that the DKK amounts actually represent such EUR
amounts or could be converted into EUR at the rate indicated or at any other
rate. Unless otherwise indicated, conversion herein of financial information
into EUR has been made using the Danish Central Bank's spot rate on 30
September 2010, which was EUR 1.00 = DKK 7.4519.



Grant of warrants

At a board meeting held on 28 October 2010, the Board of Directors decided to
issue 1,151,197 warrants to employees of LCP.
Of the total number of warrants granted, 187,354 warrants were granted to
William J. Polvino, President and CEO, 140,509 warrants were granted to Peter
G. Nielsen, Executive Vice President, Pharmaceutical Development & CMC, 116,821
warrants were granted to Timothy C. Melkus, Senior Vice President, Development
Operations and 83,333 warrants were granted to Johnny Stilou, Chief Financial
Officer.

By application of the Black-Scholes formula, the market value of the warrant
program can be calculated as DKK 1.3 per warrant assuming an exercise price of
DKK 3.13, equal to the closing price of the Company's share at the NASDAQ OMX
Copenhagen on 28 October 2010, based on an interest rate of 1.95% and a
volatility of the Company's shares of 48%.

The volatility is based on the Company's historical share prices since its IPO
in November 2006.



For more information, please contact:

William J. Polvino Johnny Stilou
President and CEO CFO
Mobile: +1 917 647 9107 Mobile: +45 20 55 38 52
Email: [email protected] Email: [email protected]




The forward looking statements and targets contained herein are based on
LifeCycle Pharma A/S' management's current view and assumptions. Such
statements involve known and unknown risks and uncertainties that may cause
actual results, performance or events to differ materially from those
anticipated herein. LifeCycle Pharma A/S expressly disclaim any obligation or
undertaking to update or revise any forward looking statements, targets or
estimates contained in this interim report to reflect any change in events,
conditions, assumptions, or circulations on which any such statements are based
unless required by applicable law.


About LifeCycle Pharma A/S (LCP)
Based in Hørsholm, Denmark, with an office in New Jersey, LCP is a specialty
pharmaceutical company. Clinical development is the core of LCP's efforts to
develop a product portfolio which includes the Company's lead product
candidate, LCP-Tacro™, for immunosuppression, specifically organ
transplantation, and products to combat certain cardiovascular diseases. LCP
adapts new technologies on a fast commercial timetable. LCP's unique, patented
delivery technology, MeltDose®, can improve absorption and bioavailability - at
low-scale up costs - not only for a broad spectrum of drugs already on the
market but also for new chemical entities. LCP has a lipid-lowering product,
Fenoglide®, currently on the U.S. market and a diversified near and medium-term
pipeline with three clinical stage product candidates and a number of projects
in preclinical development. LCP is listed on the NASDAQ OMX Copenhagen under
the trading symbol OMX: LCP. For further information, please visit
www.lcpharma.com




Executive Management's and the Board of Directors' Statement on the Interim
Report


The Executive Management and the Board of Directors have considered and adopted
the Interim Report of LifeCycle Pharma A/S.

The Interim Report is prepared in accordance with International Accounting
Standard No. 34 (IAS 34), “Interim Financial Reporting” and additional Danish
disclosure requirements for financial reporting of listed companies.

We consider the applied accounting policies to be appropriate and, in our
opinion, the Interim Report gives a true and fair view of the assets and
liabilities, financial position, results of the operation and cash flow of the
group for the period under review. Furthermore, in our opinion the management
review includes a fair review of the development and performance of the
business and the financial position of the group, together with a description
of the material risks and uncertainties the group faces. The group does not
face any material risks or uncertainties relating to the financial statements.


Hørsholm, 28 October 2010

Executive Management

Dr. William J. Polvino Peter G. Nielsen
President and CEO Executive Vice President

Board of Directors

Paul Edick Thomas Dyrberg Kurt Anker Nielsen
(Chairman) (Deputy Chairman)



Jean Deleage Gérard Soula Anders Götzsche




Mette Kirstine Agger


Independent Auditors' Report
To the Shareholders of LifeCycle Pharma A/S
We have performed a review of the Interim Report of LifeCycle Pharma A/S for
the period 1 January - 30 September 2010, which comprises Management's
Statement, Management's Review, Summarised Income Statement, Statement of total
Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Cash
Flow Statement.

Management is responsible for the preparation of the Interim Report and the
true and fair view of this Report in accordance with IFRS as approved by the
EU, IAS No 34 and additional Danish disclosure requirements applying to interim
reports of listed companies. Our responsibility is to express an opinion on the
Interim Report based on our review.
Basis of Opinion
We conducted our review in accordance with the Danish Auditing Standard RS
2410. A review of interim financial statements comprises inquiries mainly to
employees responsible for finances and presentation of financial statements and
performance of analytical and other review procedures. The scope of a review is
significantly less than that of an audit performed in accordance with Danish
auditing standards and therefore provides less assurance that we become aware
of all material matters which could be disclosed by an audit. We have performed
no audit. Consequently, we express no audit opinion.
Opinion
Based on our review, nothing has come to our attention that causes us to
believe that the Interim Report does not give a true and fair view of the
Group's financial position at 30 September 2010 and of the Group's results of
operations and cash flows for the period 1 January - 30 September 2010 in
accordance with IFRS as approved by the EU, IAS No 34 and additional Danish
disclosure requirements applying to interim reports of listed companies.

Copenhagen, 28 October 2010
PricewaterhouseCoopers
Statsautoriseret Revisionsaktieselskab


Torben Jensen
State Authorised Public Accountant




Financial Highlights
Quarterly Numbers in DKK

Q3 Q2 Q1 Q4 Q3 Q2 Q1
2010 2010 2010 2009 2009 2009 2009
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000

Income Statement
Revenue 3 871 623 182 447 1,499 349
Research and development costs (66,150) (39,625) (56,349)
(45,740) (43,986) (57,604) (62,810)
Administrative expenses (12,829) (12,773) (13,157)
(14,713) (14,330) (16,357) (16,981)
One-off restructuring cost - - (10,894) - (9,489) - -
Operating loss (78,976) (51,527) (79,777) (60,271) (67,358) (72,462) (79,443)
Net financial income / (expenses) (695) (313) (212) 516 394 (2,105) 9,735
Loss before tax (79,671) (51,840) (79,989) (59,755) (66,964) (74,567) (69,708)
Tax for the period (862) (395) - - - - -
Net loss for the period (80,533) (52,235) (79,989)
(59,755) (66,964) (74,567) (69,708)

Balance Sheet
Cash and cash equivalents 134,022 205,136 261,918 333,429 392,133
439,809 520,228
Total assets 163,651 245,345 302,353 379,269 444,915 500,455 574,148
Share capital 56,568 56,568 56,568 56,568 56,568 56,439 56,439
Total equity 111,902 189,958 240,383 317,281 373,583 436,727 507,712
Investment in property, plant and equipment 441 101 493 489 890 7,149
2,515

Cash Flow Statement
Cash flow from operating activities (67,109) (55,659) (69,812)
(56,800) (44,714) (71,872) (77,772)
Cash flow from investing activities (281) (246) (583)
(504) (843) (7,064) (2,600)
Cash flow from financing activities (2,059) (1,351) (1,095)
(1,312) (446) 2,593 (105)
Cash and cash equivalents at period end 134,022 205,136 261,918 333,429
392,133 439,809 520,228

Financial Ratios
Basic and diluted EPS (1.42) (0.92) (1.41) (1.06) (1.19) (1.32) (1.24)
Weighted average number of shares 56,567,810 56,567,810 56,567,810
56,443,701 56,467,878 56,438,320 56,297,561
Average number of employees (FTEs) 51 60 69 77 88 99 102
Assets/equity 1.46 1.29 1.26 1.20 1.19 1.15 1.13


Financial Highlights
Quarterly Numbers in EUR

Q3 Q2 Q1 Q4 Q3 Q2 Q1
2010 2010 2010 2009 2009 2009 2009
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000

Income Statement
Revenue 117 84 24 60 201 47
Research and development costs (8,876) (5,318) (7,561)
(6,138) (5,903) (7,730) (8,429)
Administrative expenses (1,722) (1,714) (1,766)
(1,974) (1,923) (2,195) (2,279)
One-off restructuring cost - - (1,462) - (1,273) - -
Operating loss (10,598) (6,915) (10,705) (8,088) (9,039) (9,724) (10,661)
Net financial income / (expenses) (93) (42) (29) 69 53 (282) 1,307
Loss before tax (10,691) (6,957) (10,734) (8,019) (8,986) (10,006) (9,354)
Tax for the period (116) (53) - - - - -
Net loss for the period (10,807) (7,010) (10,734)
(8,019) (8,986) (10,006) (9,354)

Balance Sheet
Cash and cash equivalents 17,985 27,528 35,148 44,744 52,622 59,020
69,811
Total assets 21,961 32,924 40,574 50,896 59,705 67,158 77,047
Share capital 7,591 7,591 7,591 7,591 7,591 7,574 7,574
Total equity 15,017 25,491 32,258 42,577 50,133 58,606 68,132
Investment in property, plant and equipment 59 14 66 66 119 959 338

Cash Flow Statement
Cash flow from operating activities (9,006) (7,469) (9,368)
(7,622) (6,000) (9,645) (10,437)
Cash flow from investing activities (38) (33) (78) (68) (113) (948) (349)
Cash flow from financing activities (276) (181) (147) (176) (60) 348 (14)
Cash and cash equivalents at period end 17,985 27,528 35,148 44,744
52,622 59,020 69,811

Financial Ratios
Basic and diluted EPS (0.19) (0.12) (0.19) (0.14) (0.16) (0.18) (0.17)
Weighted average number of shares 56,567,810 56,567,810 56,567,810
56,443,701 56,467,878 56,438,320 56,297,561
Average number of employees (FTEs) 51 60 69 77 88 99 102
Assets/equity 1.46 1.29 1.26 1.20 1.19 1.15 1.13

Statements of comprehensive income

Income Statement Consolidated

(DKK'000) 9 months ended 9 months ended Q3 Q3 Year
2010 2009 2010 2009 2009

Revenue 1,496 2,294 3 447 2,476
Research and development costs (162,123) (164,400) (66,150) (43,986) (210,140)
Administrative expenses (38,759) (47,668) (12,829) (14,330) (62,381)
One-off restructuring cost (10,894) (9,489) - (9,489) (9,489)

Operating loss (210,280) (219,263) (78,976) (67,358) (279,534)

Financial income 2,548 19,733 1,364 1,889 21,391
Financial expenses (3,768) (11,709) (2,059) (1,495) (12,851)

Loss before tax (211,500) (211,239) (79,671) (66,964) (270,994)

Tax for the period (1,257) - (862) - -

Net loss for the period (212,757) (211,239) (80,533) (66,964) (270,994)




Basic and diluted EPS (3.76) (3.75) (1.42) (1.19) (4.80)

Weighted average number of shares 56,567,810 56,401,877 56,567,810
56,467,878 56,443,701




Statements of comprehensive income Consolidated

(DKK'000) 9 months ended 9 months ended Q3 Q3 Year
2010 2009 2010 2009 2009

Net loss for the period (212,757) (211,239) (80,533) (66,964) (270,994)
Other comprehensive income:
Currency translation differences 340 356 328 (12) 215

Other comprehensive income for the period 340 356 328 (12) 215

Total comprehensive income for the
period (212,417) (210,883) (80,205) (66,976) (270,779)

Balance sheet

Assets Consolidated

(DKK'000) 30 Sept. 30 Sept. 31 Dec.
2010 2009 2009

Patent rights and software 1,079 642 860

Intangible assets 1,079 642 860


Property, plant and equipment 13,319 20,835 18,753
Leasehold improvements 6,252 7,942 7,506

Property, plant and equipment 19,571 28,777 26,259

Non-current assets 20,650 29,419 27,119


Trade receivables - 448 302
Other receivables 6,016 4,824 4,390
Prepayments 2,963 18,091 14,029

Receivables 8,979 23,363 18,721

Cash and cash equivalents 134,022 392,133 333,429

Current assets 143,001 415,496 352,150

Assets 163,651 444,915 379,269

Balance sheet

Equity & Liabilities Consolidated

(DKK'000) 30 Sept. 30 Sept. 31 Dec.
2010 2009 2009

Share capital 56,568 56,568 56,568
Share premium 1,079,573 1,080,263 1,080,263
Translation reserves 2,298 2,099 1,958
Retained earnings/loss (1,026,537) (765,347) (821,508)

Equity 111,902 373,583 317,281

Provisions - 10,492 -
Finance lease 9,997 15,465 14,091

Non-current liabilities 9,997 25,957 14,091

Finance lease 5,665 5,316 5,387
Trade payables 12,656 14,683 19,794
Deferred revenue - - 120
Other payables 23,431 25,376 22,596

Current liabilities 41,752 45,375 47,897

Liabilities 51,749 71,332 61,988

Equity and liabilities 163,651 444,915 379,269

Cash flow statements

Cash Flow Statements Consolidated

(DKK'000) 9 months ended 9 months ended Q3 Q3 Year
2010 2009 2010 2009 2009

Operating loss (210,280) (219,263) (78,976) (67,358) (279,534)

Share-based payment 7,728 10,350 2,771 2,995 13,934
Depreciation and amortization 7,517 7,664 2,511 2,772 10,455
Changes in working capital 3,477 (2,974) 7,275 16,552 (3,188)

Cash flow from operating activities before
interest (191,558) (204,223) (66,419) (45,039) (258,333)

Interest received 1,173 21,679 210 1,820 8,366
Interest paid (770) (11,812) (238) (1,495) (1,191)
Corporate tax paid (1,424) - (662) - -

Cash flow from operating
activities (192,579) (194,356) (67,109) (44,714) (251,158)


Purchase of property, plant and equipment (1,035) (10,555) (441) (890) (11,043)
Cash transfer to restricted security deposit (75) 48 160 47 32

Cash flow from investing activities (1,110) (10,507) (281) (843) (11,011)


Installments on bank borrowings and finance lease (3,816) 248
(1,369) (1,285) (1,055)
Proceeds from issuance of shares, net (690) 1,793 (690) 839 1,784

Cash flow from financing activities (4,506) 2,041 (2,059) (446) 729


Increase/(decrease) in cash and cash
equivalents (198,195) (202,822) (69,449) (46,003) (261,440)
Cash and cash equivalents at beginning of period 332,066 598,735 203,539
438,415 598,735
Exchange gains/(losses) on cash and cash
equivalent (1,287) (5,128) (1,506) (1,627) (5,229)

Cash and cash equivalents at end of period 132,584 390,785 132,584 390,785
332,066


Cash and cash equivalents at end of period comprise:

Restricted bank deposit 1,438 1,348 1,438 1,348 1,363
Deposit on demand and cash 132,584 390,785 132,584 390,785 332,066

134,022 392,133 134,022 392,133 333,429

Statement of changes in equity

Consolidated Equity
Number of Shares Share Capital Share Premium Translation
Reserves Retained Earnings Total
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000

Equity as of 1 January 2009 56,287,507 56,288 1,078,740 1,743
(564,448) 572,323

Total comprehensive income 356 (211,239) (210,883)

Warrant exercises 280,303 280 1,523 1,803
Share-based payment 10,340 10,340

Equity as of 30 September 2009 56,567,810 56,568 1,080,263 2,099
(765,347) 373,583

Total comprehensive income (141) (59,755) (59,896)

Share-based payment 3,594 3,594

Equity as of 31 December 2009 56,567,810 56,568 1,080,263 1,958
(821,508) 317,281

Total comprehensive income 340 (212,757) (212,417)

Share-based payment 7,728 7,728
Costs related to capital increases (690) (690)

Equity as of 30 September 2010 56,567,810 56,568 1,079,573 2,298
(1,026,537) 111,902

The share capital is not available for distribution, while other reserves are
distributable for dividend purposes subject to the provision of the Danish
Public Company Act.

281010 lifecycle pharma result first nine month 2010.pdf