Not for release, publication or distribution in Australia, Canada, Japan or the
United States
This announcement does not constitute an offer to sell or the solicitation of
an offer to buy the securities of NeuroSearch A/S (the “Securities”) in
Australia, Canada, Japan or the United States or in any other jurisdiction.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended. The issuer of the Securities has not registered, and does not intend
to register, any portion of the Offering in the United States, and does not
intend to conduct a public offering of the Securities in the United States.

Notice to UK residents
This announcement is only being distributed to, and is only directed at,
persons in the United Kingdom that are qualified investors as that term is
defined in the Prospectus Directive that are also (i) “investment
professionals” falling within article 19(5) of the Financial Service and
Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii)“high
net worth entities” and other persons to whom it may lawfully be communicated,
falling within the meaning of Article 49(2)(a) to (d) of the Order (all such
persons being “relevant persons”). The offered shares of NeuroSearch A/S are
only available to relevant persons and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such offered shares will be engaged in
only with relevant persons. Any person who is not a relevant person should not
act or rely on this document or any of its content.

-----------------------------------------------

Copenhagen, 11 November 2009 - NeuroSearch A/S (NEUR) (“NeuroSearch”) today
announced that its rights issue with preemptive rights for the company's
existing shareholders has been successfully completed. The preemptive rights
issue resulted in a subscription percentage of 96.7% with 7,141,678 new offered
shares with a nominal value of DKK 20 each, subscribed out of the maximum
number of 7,387,641 offered shares. A small amount of the offered shares (3.3%)
was not subscribed primarily due to technical aspects related to the structure
of the offering. The new offered shares were subscribed at a price of DKK 60
per share, resulting in gross proceeds from the offering of DKK 428.5 million
(EUR 57.6 million). After deduction of costs related to the offering, net
proceeds to NeuroSearch are approximately DKK 402 million (EUR 54 million).

Flemming Pedersen, CEO, comments:
”We are very pleased to announce the successful completion of our share
offering, which shows broad support for our offensive strategy from our
shareholders - existing as well as new. NeuroSearch stands in a unique
situation with two promising drugs in Phase III and the near-term potential of
transforming into a fully integrated and profitable biopharmaceutical company.
Including the proceeds from the offering, NeuroSearch's capital resources now
total more than DKK 1 billion (EUR 134 million), which shall support an optimal
preparation of Huntexil® for market registration and launch as well as ensure a
broad based value creation in our entire product pipeline.”

The new shares carry the same rights as NeuroSearch's existing shares and are
eligible for dividends from the date of the registration of the capital
increase with the Danish Commerce and Companies Agency, which has taken place
today.

Following registration of the 7,141,678 new shares with a nominal value of DKK
20 each, the total nominal value of NeuroSearch's share capital is DKK
487,590,160 corresponding to 24,379,508 shares with a nominal value of DKK 20
each.

The new shares will be officially listed and traded on the NASDAQ OMX
Copenhagen A/S as of Friday, 13 November 2009 under the ISIN code for
NeuroSearch's existing shares (DK0010224666).


Flemming Pedersen
CEO


Contact persons:
Flemming Pedersen, CEO, telephone: +45 4460 8214 or +45 2148 0118
Hanne Leth Hillman, Vice President, Director of Investor & Capital Market
Relations,telephone: +45 4460 8212 or +45 4017 5103
 

About NeuroSearch - Company profile
NeuroSearch (NEUR) is a Scandinavian biopharmaceutical company listed on NASDAQ
OMX Copenhagen A/S. The core business of the company covers the development of
novel pharmaceutical agents, based on a broad and well-established drug
discovery platform focusing on ion channels and central nervous system (CNS)
disorders. A substantial share of the activities is partner financed through
strategic alliances with Janssen Pharmaceutica, Eli Lilly and Company and
GlaxoSmithKline (GSK), and a license collaboration with Abbott. The drug
pipeline comprises eight clinical (Phase I-III) development programmes:
Huntexil® (pridopidine) for Huntington's disease (Phase III), tesofensine for
obesity (Phase III ready), ABT-894 for ADHD (Phase II) in partnership with
Abbott, ACR343 for schizophrenia (Phase II ready), ACR325 to treat dyskinesias
in Parkinson's disease (Phase Ib), ABT-560 for the treatment of cognitive
dysfunctions (Phase I) in collaboration with Abbott, NSD-788 for
anxiety/depression (Phase I) and NSD-721 for social anxiety disorder (Phase I)
in partnership with GSK. In addition, NeuroSearch has a broad portfolio of
preclinical drug candidates and holds equity interests in several biotech
companies.


Forward looking statement disclaimer
This announcement contains certain forward-looking statements, including
statements about the Company's business and the Offering. Such forward-looking
statements are based on data, assumptions and estimates that the Company
considers to be reasonable. They may change or be amended owing to
uncertainties related to the economic, financial, competitive and regulatory
environment, and market conditions. In addition, the Company's business
activities and its ability to meet its goals may be adversely affected if one
or more of the risks that are set forth in the offering circular prepared by
the Company for the purposes of the Offering materialise, or if other risks,
currently unforeseen or considered insignificant, materialise. The Company
does not undertake to meet or give any guarantee that it will meet its goals.
Investors are urged in particular to pay careful attention to the risk factors
described in the offering circular before making their investment decision.

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