Reported figures are for the full reporting period unless otherwise stated.
Figures for the comparable reporting period last year is stated in parenthesis
after realized figures. Comparative numbers in the statement of comprehensive
income and the statement of financial position do not include numbers from
discontinued operations.

Exiqon posts 36% growth in its third quarter products sales and significantly
improved EBITDA

Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the first
nine months of 2011 ending 30 September 2011. Revenue increased 24% to DKK 81.3
million. Total operating expenses were affected by one-time litigation costs
and increased 9% to DKK 70.5 million. EBITDA improved 13% to DKK -21.2 million.
Exiqon narrowed its full year revenue guidance from the interval DKK 105 to
115 million to revenue around DKK 110 million. Full year EBITDA guidance,
excluding special items, was narrowed from DKK +/-5 million to around DKK 0.00
when excluding total litigation costs of DKK -14 million.

Financial highlights

-- Revenue increased 24% to DKK 81.3 million (DKK 65.7 million). In the third
quarter of 2011, revenue increased 30% to DKK 27.1 million (DKK 20.9
million).

-- Organic growth in research product sales was 27% when excluding OEM sales
and reagent sales associated with license agreements. In the third quarter
of 2011, organic growth in life science research product sales was 36%,
when excluding OEM sales and reagent sales associated with license
agreements.

-- Total operating expenses increased to DKK 70.5 million (DKK 64.5 million)
due to one-time litigation costs. In the third quarter of 2011, total
operating expenses increased 30% to DKK 25.8 million compared to DKK 19.9
million in the same period last year. When excluding one-time litigation
costs, total operating costs decreased 13% in the first nine months and 9%
in the third quarter.

-- Gross profit improved 31% to DKK 42.7 million (DKK 32.7 million).

-- EBITDA improved 13% to DKK -21.2 million (DKK -24.4 million) including
non-cash cost of share-based payment of DKK 2.7 million. When excluding
one-time litigation costs recognized in the third quarter (DKK 7.8
million), EBITDA improved 82% to DKK -1.5 million.

-- Net loss was DKK 25.7 million (DKK 34.9 million). EPS amounted to DKK -0.76
(DKK -1.11).

Operational highlights

-- After end period, on 7 October 2011, Exiqon completed the remaining
litigation against Santaris Pharma a/s and established its right to sell
LNA products for any research. Exiqon launched LNA amidites and LNA oligos
for use in the research and clinical development of RNA targeted medicine
including LNA™ as the active pharmaceutical ingredient on 10 October 2011.

-- After end period, on 27 October 2011, Exiqon announced the presentation of
data at the 2011 EORTC-NCI-ASCO meeting in Brussels providing initial
validation of the company's blood plasma-based miRNA PCR test for early
detection of colorectal cancer and associated quality control criteria for
the multicenter blood samples used to develop the test.

In a comment, CEO Lars Kongsbak said: “We are excited about the continued
strong demand for our miRNA research products. We expect that the results
recently published on our blood plasma based miRNA diagnostics will help
support our continued growth towards profitability, and we look forward to
publish new validation data on our test for early detection of colorectal
cancer in the first quarter of 2012.”

See the full interim report in the attached PDF or at
www.exiqon.com/investor/portal.

Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)

Announcement_26_Q3_2011.pdf