Copenhagen, Denmark - 3 January, 2011 - Topotarget A/S (NASDAQ OMX: TOPO) has
issued 180,000 warrants to member of the management.

The programme comprises a total of 180,000 warrants, which will be issued to
the Chief Medical Officer, Dr. Axel Mescheder. The aim of the issue is to
provide an incentive 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 3.24. 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 programme can be calculated at DKK 2.41 perwarrant. The calculation is
based on a volatility of 82.9% and a risk-free interest rate of 1.73%.

The warrants vest in blocks of 25%, 25% and 50% on 30 December 2011, 2012 and
2013 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 2011, 2012 and
2013 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 2017.

In accordance with Section 28a of the Danish Securities Trading Act, the
company hereby makes public that the following managerial employee received
warrants:


Management:

Dr. Axel Mescheder, CMO
180,000 warrants


Topotarget A/S

For further information, please contact:

Francois Martelet, CEO: Direct: +45 39 17 94 99; Mobile: +45 51 32 83 41

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



Background information

About Topotarget

Topotarget (NASDAQ OMX: TOPO) is a Scandinavian based 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 chemotherapy, and is currently in a pivotal trial within PTCL
(peripheral T-cell lymphoma) and Phase 2 in cancer of unknown primary site
(CUP). Topotarget's key cancer drug targets are HDAC, NAD+, mTOR, Fas ligand
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. The European rights to Savene® were divested
in March 2010 as a consequence of the focus to develop and commercialise
belinostat. 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 enrolment 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 01-11 Topotarget issues warrants to Management.pdf