Release nr. 4/2011

Copenhagen and Oslo 31st March, 2011, 2011-03-31 19:15 CEST (GLOBE NEWSWIRE) --Summary

-- In 2010 Affitech achie­ved all goals in the development program for its
lead antibody drug candidate AT001/r84 which will enter clinical trials in
2011.
-- Affitech generated new GPCR antibodies and now have six different chemokine
receptor programs. The Company will select its first GPCR antibody drug
candidate in 2011.
-- Affitech (the Group) reported a net loss of DKK 71.7 million in 2010,
compared to a net loss of DKK 67.9 million in 2009.
-- The Group's balance sheet total at 31st December, 2010 was DKK 116.9
million. Compared to 2009, the balance sheet is substantially influenced by
the new equity financing in the direct offering in April 2010.
-- The consolidated net cash flow for 2010 is positive at DKK 78.5 million,
compared to negative cash flows of DKK 25.6 million in 2009. Cash flow in
2010 primarily relates to the cash flow from operating activities of DKK
-76.5 million and a net amount of DKK 153.1 million from the directed share
offering to Trans Nova Investments Ltd. in April, 2010.
-- The Company expects total operating expenses excluding royalty costs for
2011 to be in the range of DKK 85-95 million and the net loss to be in the
range of DKK 50-60 million.





Affitech AS is a publicly traded (NASDAQ OMX Copenhagen) human therapeutic
antibody company based in Copenhagen, Denmark with R&D facilities in Oslo,
Norway. The company utilizes a range of proprietary antibody technologies for
the discovery of fully human antibodies for application in oncology,
inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is
Affitech's premier discovery engine for the isolation of lead antibodies to
cell surface molecules in situ. Several of the Company's proprietary product
candidates were generated by CBAS™. Further information is available at
www.affitech.com.



Randi Krogsgaard, Director IR & Communications
Tel # +45 2320 1001, e-mail: [email protected]

Affitech_financial_statement_2010_310311 UK.pdf