Company Announcement no. 3/2012

To: NASDAQ OMX Copenhagen A/S

Hørsholm, Denmark, 7 March 2012


Veloxis Pharmaceuticals A/S (OMX: VELO) (‘Veloxis’) today published the annual
report of Veloxis Pharmaceuticals A/S for the financial year 2011. The annual
report has been prepared in accordance with International Financial Reporting
Standards as adopted by the EU and additional Danish disclosure requirements
for annual reports of listed companies.

This company announcement should be read in conjunction with Veloxis’ annual
report 2011 published separately today.

Full Year 2011 Highlights



-- Positive phase III results in the LCP-Tacro™ Trial in stable kidney
transplant patients which met all primary efficacy and safety endpoints.


-- Award of a DKK 3.9 million grant from The Danish National Advanced
Technology Foundation to support development of an oral chemotherapy agent.


-- Company name changed from LifeCycle Pharma.


-- Licensing of US commercial Fenoglide® (fenofibrate) rights to Santarus and
settlement of Impax patent litigation.


-- Veloxis and Athena Drug Delivery Solutions Pvt. Ltd. partnership to
develop, manufacture and commercialize Veloxis’ investigational drug
AtorFen™ (Fenofibrate-Atorvastin fixed dose combination) in certain
emerging markets.


-- During 2011, Veloxis had no revenue compared to DKK 1.5 million in 2010.
Revenue in 2010 consisted of payments under Veloxis’ collaboration
agreements.


-- Research and development costs increased by DKK 11.6 million, or by 5.5%,
from DKK 210.4 million in 2010 to DKK 222.0 million in 2011. Research and
development costs are mainly attributable to the two phase lll trials of
LCP-Tacro™. These costs include the finalization of the phase lll study in
kidney transplant patients (stable patients, Study 3001) along with costs
associated with the ongoing phase lll study in kidney transplant patients
(de novo patients, Study 3002).

-- Administrative expenses decreased by DKK 4.4 million or by 8.4%, from DKK
52.2 million in 2010 to DKK 47.8 million in 2011. The reduction in cost is
attributable to the continued focus on reducing overall cost.


-- During 2011, Veloxis recognized DKK 252.6 million in net loss compared to
DKK 274.2 million in 2010. The net loss is in line with management's
expectations for 2011, which projected a net loss of DKK 250 - 280 million.


-- As per 31 December 2011, the balance sheet reflects cash and cash
equivalents of DKK 297.7 million compared to DKK 531.5 million as per 31
December 2010. The decrease in cash position reflects the changes in
operating activities in 2011. The cash position is in line with
management's expectations for 2011, which projected a cash position at the
end of 2011 of DKK 250 - 300 million.


Conference Call
On 7 March, 2012, Veloxis’ Management will host a conference call, at 2:00 PM
CET (Denmark); 1:00 PM GMT (London), 8:00 AM ET (New York), 5:00 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 57134951

Following the conference call, a recording will be available on the company’s
website www.veloxis.com. A presentation will be available on Veloxis’ website
(under ‘Investors’) one hour prior to the scheduled time of the conference
call.

070312 Veloxis Annual Report 2011.pdf