Company Announcement no. 11/2011


To: NASDAQ OMX Copenhagen A/S
Hørsholm, Denmark, 17 August, 2011



Veloxis Pharmaceuticals announces financial results for the first half 2011 in
line with expectations


Highlights:


-- The company's lead product candidate, LCP-Tacro™, has successfully
demonstrated non-inferiority compared to tacrolimus (Prograf®; Astellas
Pharma) in its Phase III trial, Study 3001 and patients met all primary
efficacy and safety endpoints.


-- The pivotal phase 3 study in de novo kidney patients, Study 3002, continues
active patient enrollment. Enrollment is ongoing in all four planned
geographic regions: EU, US, Latin America, Asia Pacific. Currently
enrollment is lagging behind projection. While it is possible that the
original target of full enrollment (540 patients) will be met by year-end
2011, it is possible that a delay of approximately 3 months may occur.


-- At an extraordinary general meeting on 7 July, 2011 it was approved to
change the name of the company from LifeCycle Pharma A/S to Veloxis
Pharmaceuticals A/S.


-- Ed Penhoet (co-founder of Chiron) has been elected as new member of the
Board of Directors for a period ending at the next annual general meeting
of the company.


-- Veloxis has received a grant of DKK 3.9 million from The Danish National
Advanced Technology Foundation to support collaborative work with Herlev
Hospital, Denmark on the development of an oral chemotherapeutic agent to
potentially replace an existing agent that requires intravenous
administration.


-- Veloxis reported a net loss of DKK 141.2 million for the first half of 2011
compared to a net loss of DKK 132.2 million for the same period in 2010.
The result is in line with expectations and the company maintains its full
year outlook.


-- For the first half of 2011, Veloxis' research and development costs
amounted to DKK 117.2 million compared to DKK 96.0 million during the same
period in 2010.


-- On 30 June, 2011, Veloxis had cash and cash equivalents of DKK 402.2
million.


William J Polvino, president and CEO said: “We are very pleased with the result
for the first half 2011, which is in line with expectations and the positive
phase III data in LCP-Tacro™ is a very significant achievement for the company.
The company is working very hard on meeting the timelines for the second Phase
3 study, Study 3002. The emerging profile for LCP-Tacro™ continues to suggest
that it will be a very competitive product in the multi-billion dollar
transplant immunosuppressant market“.


A conference call will be held tomorrow, 18 August, 2011 at 3:00 PM CET
(Denmark); 2:00 PM GMT (London), 9:00 AM ET (New York), 6:00 AM PT (San
Francisco).


To access the live conference call, please dial one of the following numbers:

+45 32 72 76 25 Denmark

+44 (0) 1452 555 566 UK

+1 631 510 7498 USA

Access code 90738320


Following the conference call, a recording will be available on the company's
website www.veloxis.com.


Outlook for 2011

Veloxis maintains its 2011 outlook which was announced in the annual report for
2010, published on 1 March 2011, with an operating loss of DKK 250-280 million
and likewise a net loss of DKK 250-280 million. The Company's position of cash
and cash equivalents as at 31 December, 2011 is expected to be in the range of
DKK 250-300 million.


Research & development update

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


The study was completed in June 2011, when positive data was published.


The study successfully demonstrated non-inferiority compared to tacrolimus
(Prograf®; Astellas Pharma) in the Phase III trial. The Phase III Open-label
conversion (switch) study in 326 stable kidney transplant recipients, with
Prograf® as the comparator, met all its primary efficacy and safety endpoints.
The study also showed a trend towards superior rejection rates based on central
laboratory pathology assessment.


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


The clinical Phase III program in de novo kidney transplant patients was
initiated in October 2010. Patient enrollment is ongoing, and will include
approximately 540 patients in total across all four planned geographic regions:
EU, US, Latin America, Asia Pacific. Currently enrollment is lagging behind
projection. While it is possible that the original target of full enrollment
(540 patients) will be met by year-end 2011, it is possible that a delay of
approximately 3 months may occur.


The Veloxis Study 3002 is a randomized, double-blind, multicenter study that
compares 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.





Financial
Highlights

YTD YTD Q2 Q2 Year
2011 2010 2011 2010 2010
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
--------------------------------------------------------------------------------

Income Statement
Revenue - 1,494 - 871 1,496
Research and (117,212) (95,973) (64,951) (39,625) (210,426)
development costs
Administrative (23,861) (25,930) (12,137) (12,773) (52,198)
expenses
One-off - (10,894) - - (10,894)
restructuring
cost
Operating loss (141,073) (131,303) (77,088) (51,527) (272,022)
Net financial 158 (526) 2,008 (313) (759)
income /
(expenses)
Loss before tax (140,915) (131,829) (75,080) (51,840) (272,781)
Tax for the period (300) (395) (300) (395) (1,425)
Net loss for the (141,215) (132,224) (75,380) (52,235) (274,206)
period
--------------------------------------------------------------------------------

Balance Sheet
Cash and cash 402,213 205,136 402,213 205,136 531,519
equivalents
Total assets 426,860 245,345 426,860 245,345 562,906
Share capital 452,543 56,568 452,543 56,568 452,543
Total equity 363,606 189,958 363,606 189,958 498,238
Investment in 1,256 594 635 101 2,583
property, plant
and equipment
--------------------------------------------------------------------------------

Cash Flow
Statement
Cash flow from (122,017) (125,471) (56,621) (55,659) (238,148)
operating
activities
Cash flow from (221,757) (829) 77,845 (246) (2,658)
investing
activities
Cash flow from (2,832) (2,446) (1,426) (1,351) 440,014
financing
activities
Cash and cash 402,213 205,136 402,213 205,136 531,519
equivalents at
period end
--------------------------------------------------------------------------------

Financial Ratios
Basic and diluted (0.31) (2.34) (0.17) (0.92) (2.84)
EPS
Weighted average 452,542,480 56,567,810 452,542,480 56,567,810 96,707,708
number of shares
Average number of 53 65 52 60 59
employees (FTEs)
Assets/equity 1.17 1.29 1.17 1.29 1.13
--------------------------------------------------------------------------------


The interim report is unaudited.



Revenue

For the first half of 2011 Veloxis had no revenue compared to DKK 1.5 million
in revenues in the same period of 2010. Revenue in 2010 consisted of payments
under Veloxis' collaboration agreements.


Research and development costs

For the first half of 2011, Veloxis' research and development costs amounted to
DKK 117.2 million compared to DKK 96.0 million during the same period in 2010.
Research and development costs are mainly attributable to the two phase III
trials in LCP-Tacro™. In the period cost is included to the finalization of the
phase III study in kidney transplant patients (stable patients, Study 3001),
along with costs associated with the ongoing phase III study in kidney
transplant patients (de novo patients, Study 3002).


Administrative expenses

For the first half of 2011, Veloxis' administrative cost amounted to DKK 23.9
million compared to DKK 25.9 million during the same period in 2010. The
reduction in cost reflects the cost reduction initiatives which took place
during 2010.


One-off restructuring cost

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


Compensation costs

For the first half of 2011, a total of DKK 6.3 million was recognized as
share-based compensation. The cost is included in R&D and G&A. The comparable
cost for 2010 was DKK 5.0 million.


In the second quarter of 2011, a total of 250,000 warrants were granted to
members of the Board of Directors at a strike price of DKK 1.16. In the second
quarter of 2011, a total of 181,283 warrants have been cancelled.


As of 30 June, 2011, there were a total of 28,580,415 warrants outstanding at
an average strike price of DKK 3.2. Members of the Board of Directors held
828,976 warrants at an average strike price of DKK 7.2. Members of the
Executive Management held 8,788,122 warrants at an average strike price of DKK
2.2, while other current and former employees held 18,963,317 warrants at an
average strike price of DKK 3.5.


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


Operating loss

Veloxis' operating loss for the first half of 2011 was DKK 141.1 million
compared to DKK 131.3 million in the corresponding period of 2010.


Financial income

During the first half of 2011, the Company recognized net financial income of
DKK 0.2 million compared to net financial expenses of DKK 0.5 million in the
corresponding period of 2010.


Net loss

Veloxis' net loss for the first half of 2011 was DKK 141.2 million compared to
DKK 132.2 million in the corresponding period of 2010.


Cash flow

As per 30 June, 2011, the balance sheet reflects cash and cash equivalents of
DKK 402.2 million compared to DKK 531.5 million as per 31 December, 2010. This
represents a decrease of DKK 129.3 million primarily related to the Company's
operating activities for the period.


Balance sheet

As per 30 June, 2011, total assets were DKK 426.9 million compared to DKK 562.9
million at the end of 2010.


Shareholders' equity equalled DKK 363.6 million as of 30 June, 2011, compared
to DKK 498.2 million at the end of 2010.







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 Veloxis
Pharmaceuticals group's annual report for 2010.


Financial review

Veloxis 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 June,
2011, which was EUR 1.00 = DKK 7.4587.





Grant of warrants





At a board meeting held on 17 August, 2011, the Board of Directors decided to
issue 1,603,239 warrants to employees of Veloxis.


Of the total number of warrants granted 324,323 warrants were granted to
Executive Management, with 183,814 warrants granted to William J. Polvino,
President and CEO and 140,509 warrants granted to Peter G. Nielsen, Executive
Vice President, Pharmaceutical Development & CMC.


By application of the Black-Scholes formula, the market value of the warrant
program can be calculated as DKK 0.43 per warrant assuming an exercise price of
DKK 1.03, equal to the closing price of the Company's share at the NASDAQ OMX
Copenhagen on 17 August, 2011, based on an interest rate of 1.47% and a
volatility of the Company's shares of 51%.


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 2055 3852

Email: [email protected]
Email: [email protected]













The forward looking statements and targets contained herein are based on
Veloxis Pharmaceuticals 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. Veloxis Pharmaceuticals 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 Veloxis Pharmaceuticals A/S (Veloxis)

Based in Hørsholm, Denmark, with an office in New Jersey, Veloxis is a
specialty pharmaceutical company. Clinical development is the core of Veloxis'
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.
Veloxis adapts new technologies on a fast commercial timetable. Veloxis'
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. Veloxis 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. Veloxis is
listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO. For
further information, please visit www.veloxis.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 Veloxis Pharmaceuticals 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, 17 August, 2011



Executive Management



Dr. William J. Polvino Peter G. Nielsen

President and CEO Executive Vice President



Board of Directors



Kim Björnstrup Thomas Dyrberg
Kurt Anker Nielsen

(Chairman) (Deputy Chairman)



Anders Götzsche Mette Kirstine Agger
Ed Penhoet



















Financ
ial
Highl
ights
Quarte
rly
Numbe
rs in
DKK

Q2 Q1 Q4 Q3 Q2 Q1
2011 2011 2010 2010 2010 2010
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
--------------------------------------------------------------------------------

Income
State
ment
Revenu - - - 3 871 623
e
Resear (64,951) (52,261) (48,302) (66,150) (39,625) (56,349)
ch and
devel
opment
costs
Admini (12,137) (11,724) (13,439) (12,829) (12,773) (13,157)
strati
ve
expen
ses
One-of - - - - - (10,894)
f
restr
ucturi
ng
cost
Operat (77,088) (63,985) (61,741) (78,976) (51,527) (79,777)
ing
loss
Net 2,008 (1,850) 461 (695) (313) (212)
finan
cial
incom
e /
(expe
nses)
Loss (75,080) (65,835) (61,281) (79,671) (51,840) (79,989)
befor
e tax
Tax (300) - (168) (862) (395) -
for
the
perio
d
Net (75,380) (65,835) (61,448) (80,533) (52,235) (79,989)
loss
for
the
perio
d
--------------------------------------------------------------------------------

Balanc
e
Sheet
Cash 402,213 462,319 531,519 134,022 205,136 261,918
and
cash
equiv
alents
Total 426,860 490,578 562,906 163,651 245,345 302,353
asset
s
Share 452,543 452,543 452,543 56,568 56,568 56,568
capit
al
Total 363,606 436,200 498,238 111,902 189,958 240,383
equit
y
Invest 635 621 1,548 441 101 493
ment
in
prope
rty,
plant
and
equip
ment
--------------------------------------------------------------------------------

Cash
Flow
State
ment
Cash (56,621) (65,396) (45,568) (67,109) (55,659) (69,812)
flow
from
opera
ting
activ
ities
Cash 77,845 (299,602) (1,548) (281) (246) (583)
flow
from
inves
ting
activ
ities
Cash (1,426) (1,407) 444,519 (2,059) (1,351) (1,095)
flow
from
finan
cing
activ
ities
Cash 402,213 462,319 531,519 134,022 205,136 261,918
and
cash
equiv
alents
at
perio
d end
--------------------------------------------------------------------------------

Financ
ial
Ratio
s
Basic (0.17) (0.15) (0.64) (1.42) (0.92) (1.41)
and
dilut
ed EPS
Weight 452,542,480 452,542,480 96,707,708 56,567,810 56,567,810 56,567,810
ed
avera
ge
numbe
r of
share
s
Averag 52 54 54 51 60 69
e
numbe
r of
emplo
yees
(FTEs
)
Assets 1.17 1.12 1.13 1.46 1.29 1.26
/equit
y
--------------------------------------------------------------------------------



Financ
ial
Highl
ights
Quarte
rly
Numbe
rs in
EUR

Q2 Q1 Q4 Q3 Q2 Q1
2011 2011 2010 2010 2010 2010
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
--------------------------------------------------------------------------------

Income
State
ment
Revenu - - - 117 84
e
Resear (8,708) (7,007) (6,476) (8,869) (5,313) (7,555)
ch and
devel
opment
costs
Admini (1,627) (1,572) (1,802) (1,720) (1,713) (1,764)
strati
ve
expen
ses
One-of - - - - - (1,461)
f
restr
ucturi
ng
cost
Operat (10,335) (8,579) (8,278) (10,589) (6,908) (10,696)
ing
loss
Net 269 (248) 62 (93) (42) (28)
finan
cial
incom
e /
(expe
nses)
Loss (10,066) (8,827) (8,216) (10,682) (6,950) (10,724)
befor
e tax
Tax (40) - (22) (116) (53) -
for
the
perio
d
Net (10,106) (8,827) (8,238) (10,797) (7,003) (10,724)
loss
for
the
perio
d
--------------------------------------------------------------------------------

Balanc
e
Sheet
Cash 53,925 61,984 71,262 17,969 27,503 35,116
and
cash
equiv
alents
Total 57,230 65,773 75,470 21,941 32,894 40,537
asset
s
Share 60,673 60,673 60,673 7,584 7,584 7,584
capit
al
Total 48,749 58,482 66,800 15,003 25,468 32,229
equit
y
Invest 85 83 208 59 14 66
ment
in
prope
rty,
plant
and
equip
ment
--------------------------------------------------------------------------------

Cash
Flow
State
ment
Cash (7,591) (8,768) (6,109) (8,997) (7,462) (9,360)
flow
from
opera
ting
activ
ities
Cash 10,437 (40,168) (207) (38) (33) (78)
flow
from
inves
ting
activ
ities
Cash (191) (189) 59,597 (276) (181) (147)
flow
from
finan
cing
activ
ities
Cash 53,925 61,984 71,262 17,969 27,503 35,116
and
cash
equiv
alents
at
perio
d end
--------------------------------------------------------------------------------

Financ
ial
Ratio
s
Basic (0.02) (0.02) (0.09) (0.19) (0.12) (0.19)
and
dilut
ed EPS
Weight 452,542,480 452,542,480 96,707,708 56,567,810 56,567,810 56,567,810
ed
avera
ge
numbe
r of
share
s
Averag 52 54 54 51 60 69
e
numbe
r of
emplo
yees
(FTEs
)
Assets 1.17 1.12 1.13 1.46 1.29 1.26
/equit
y
--------------------------------------------------------------------------------

Statements of comprehensive income



Income Statement Consolidated

(DKK'000) YTD YTD Q2 Q2 Year
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------

Revenue - 1,494 - 871 1,496
Research and (117,212) (95,973) (64,951) (39,625) (210,426)
development costs
Administrative (23,861) (25,930) (12,137) (12,773) (52,198)
expenses
One-off - (10,894) - - (10,894)
restructuring
cost
--------------------------------------------------------------------------------

Operating loss (141,073) (131,303) (77,088) (51,527) (272,022)
--------------------------------------------------------------------------------

Financial income 10,253 1,183 8,608 485 3,635
Financial expenses (10,095) (1,709) (6,600) (798) (4,394)
--------------------------------------------------------------------------------

Loss before tax (140,915) (131,829) (75,080) (51,840) (272,781)
--------------------------------------------------------------------------------

Tax for the period (300) (395) (300) (395) (1,425)
--------------------------------------------------------------------------------

Net loss for the (141,215) (132,224) (75,380) (52,235) (274,206)
period
--------------------------------------------------------------------------------




Basic and diluted (0.31) (2.34) (0.17) (0.92) (2.84)
EPS
--------------------------------------------------------------------------------

Weighted average 452,542,480 56,567,810 452,542,480 56,567,810 96,707,708
number of shares
--------------------------------------------------------------------------------




Statements of Consolidated
comprehensive
income

(DKK'000) YTD YTD Q2 Q2 Year
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------

Net loss for the (141,215) (132,224) (75,380) (52,235) (274,206)
period
Other
comprehensive
income:
Currency 307 (56) 37 (68) 136
translation
differences
--------------------------------------------------------------------------------

Other 307 (56) 37 (68) 136
comprehensive
income for the
period
--------------------------------------------------------------------------------

Total (140,908) (132,280) (75,343) (52,303) (274,070)
comprehensive
income for the
period
--------------------------------------------------------------------------------

Balance sheet



Assets Consolidated

(DKK'000) 30 June 30 June 31 Dec.
2011 2010 2010
-------------------------------------------------------------

Patent rights and software 2,120 812 1,938
-------------------------------------------------------------

Intangible assets 2,120 812 1,938
-------------------------------------------------------------


Property, plant and equipment 10,131 15,225 11,950
Leasehold improvements 4,937 6,688 5,858
-------------------------------------------------------------

Property, plant and equipment 15,068 21,913 17,808
-------------------------------------------------------------

Non-current assets 17,188 22,725 19,746
-------------------------------------------------------------


Other receivables 6,204 6,590 8,590
Prepayments 1,255 10,894 3,051
-------------------------------------------------------------

Receivables 7,459 17,484 11,641
-------------------------------------------------------------

Securities 221,939 - -
Cash 180,274 205,136 531,519

-------------------------------------------------------------
Cash and cash equivalents 402,213 205,136 531,519
-------------------------------------------------------------

Current assets 409,672 222,620 543,160
-------------------------------------------------------------

Assets 426,860 245,345 562,906
-------------------------------------------------------------

Balance sheet



Equity & Liabilities Consolidated

(DKK'000) 30 June 30 June 31 Dec.
2011 2010 2010
---------------------------------------------------------

Share capital 452,543 56,568 452,543
Share premium - 131,488 43,601
Translation reserves 2,401 1,902 2,094
Retained earnings/loss (91,338) -
---------------------------------------------------------

Equity 363,606 189,958 498,238
---------------------------------------------------------

Finance lease 5,932 11,441 8,532
---------------------------------------------------------

Non-current liabilities 5,932 11,441 8,532
---------------------------------------------------------

Finance lease 5,510 5,590 5,742
Trade payables 21,244 12,462 23,528
Other payables 30,568 25,894 26,866
---------------------------------------------------------

Current liabilities 57,322 43,946 56,136
---------------------------------------------------------

Liabilities 63,254 55,387 64,668
---------------------------------------------------------

Equity and liabilities 426,860 245,345 562,906
---------------------------------------------------------

Cash flow statements



Cash Flow Statement Consolidated

(DKK'000) YTD YTD Q2 Q2 Year
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------

Operating loss (141,073) (131,303) (77,088) (51,527) (272,022)

Share-based payment 6,276 4,957 2,750 1,878 9,810
Depreciation and 3,793 5,006 1,894 2,513 9,957
amortization
Changes in working capital 7,422 (3,798) 14,071 (7,855) 14,835
--------------------------------------------------------------------------------

Cash flow from operating (123,582) (125,138) (58,373) (54,991) (237,420)
activities before interest

Interest received 3,344 962 2,298 351 1,689
Interest paid (1,479) (532) (246) (256) (992)
Corporate tax paid (300) (763) (300) (763) (1,425)
--------------------------------------------------------------------------------

Cash flow from operating (122,017) (125,471) (56,621) (55,659) (238,148)
activities
--------------------------------------------------------------------------------


Purchase of property, plant (1,256) (594) (635) (101) (2,583)
and equipment
Investments in bonds (377,668) - (1,637) - -
Sale of bonds 155,729 - 78,737 - -
Cash transfer to restricted 1,438 (235) 1,380 (145) (75)
security deposit
--------------------------------------------------------------------------------

Cash flow from investing (221,757) (829) 77,845 (246) (2,658)
activities
--------------------------------------------------------------------------------


Installments on bank (2,832) (2,446) (1,426) (1,351) (5,203)
borrowings and finance
lease
Proceeds from issuance of - - - - 445,217
shares, net
--------------------------------------------------------------------------------

Cash flow from financing (2,832) (2,446) (1,426) (1,351) 440,014
activities
--------------------------------------------------------------------------------


Increase/(decrease) in cash (346,606) (128,746) 19,798 (57,256) 199,208
Cash at beginning of period 530,081 332,066 161,902 260,466 332,066
Exchange gains/(losses) on (3,201) 219 (1,426) 329 (1,193)
cash
--------------------------------------------------------------------------------

Cash at end of period 180,274 203,539 180,274 203,539 530,081
--------------------------------------------------------------------------------


Cash and cash equivalents
at end of period comprise:

Restricted bank deposit - 1,597 - 1,597 1,438
Securities 221,939 - 221,939 - -
Deposit on demand and cash 180,274 203,539 180,274 203,539 530,081
--------------------------------------------------------------------------------

402,213 205,136 402,213 205,136 531,519
--------------------------------------------------------------------------------

Statement of changes in equity



Consol
idated
Equit
y
Number of Share Share Translation Retained Total
Shares Capital Premium Reserves Earnings
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000
--------------------------------------------------------------------------------

Equity 56,567,810 56,568 1,080,263 1,958 (821,508) 317,281
as of
1
Janua
ry
2010
--------------------------------------------------------------------------------

Total (56) (132,224) (132,280)
compr
ehensi
ve
incom
e

Share- 4,957 4,957
based
payme
nt
Transf (948,775) 948,775 -
er of
retai
ned
earni
ngs
--------------------------------------------------------------------------------

Equity 56,567,810 56,568 131,488 1,902 - 189,958
as of
30
June
2010
--------------------------------------------------------------------------------

Total 192 (141,982) (141,790)
compr
ehensi
ve
incom
e

Issuan 39

170811 LifeCycle Pharma Result First Six Months 2011.pdf