To NASDAQ OMX Copenhagen A/S Topotarget A/S
Announcement No. 12-11 / Copenhagen, 1 July, 2011 Fruebjergvej 3
DK 2100 Copenhagen
Denmark
Tel: +45 39 17 83 92
Fax: +45 39 17 94 92
CVR-nr: 25695771
www.topotarget.com

Topotarget issues warrants to Employees, Management and the Board of Directors


Copenhagen, Denmark - 1 July 2011 - Topotarget A/S (NASDAQ OMX: TOPO) has
announced that 1,590,000 warrants have been issued to Employees, Management and
the Board of Directors in Denmark and US.


The programme comprises a total of 1,590,000 warrants, of which 375,000 will be
issued to employees, 1,090,000 to the company's executive management and
125,000 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 2.02. 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 1.53 per warrant. The calculation is
based on a volatility of 84% and a risk-free interest rate of 3%.


The warrants vest in blocks of 25%, 25% and 50% on 1 July 2012, 2013 and 2014
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 2012, 2013 and 2014
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 2018.


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

Anker Lundemose 25,000 warrants



Management:

Francois Martelet, CEO 800,000 warrants

Anders Vadsholt, CFO 200,000 warrants

Axel Mescheder, CMO 90,000 warrants





Topotarget A/S



For further information, please contact:

Francois Martelet, CEO: Direct: +45 39 17 83 41; Mobile: +45
51 32 83 41

Anders Vadsholt, CFO Direct: +45 39 17 83 45; Mobile: +45
28 98 90 55

Annette Lykke, IR Direct: +45 39 17 83 44; Mobile:
+45 23 28 98 14



Background information


About Topotarget

Topotarget (NASDAQ OMX: TOPO.CO) is an international biotech company
headquartered in Denmark, dedicated to improve cancer therapies. In
collaboration with Spectrum Pharmaceuticals, Inc. Topotarget currently focuses
on the development in pivotal studies of its lead drug candidate, belinostat,
which has demonstrated a clear anti-neoplastic effect in both hematological
malignancies and solid tumors. Belinostat can be used in combination with full
doses of other chemotherapeutic agents, and is currently in a pivotal trial
within PTCL (peripheral T-cell lymphoma) and phase II in cancer of other
unknown primary site (CUP). Topotarget's cancer drug targets are HDAC, NAD+,
and topoisomerase II. Totect® is a product on the market developed from
Topotarget's drug discovery technology. Totect® is marketed by the company's
own sales specialists 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 enrollment 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 12-11 Topotarget issues warrants to Employees Management and the Board of Directors.pdf