Release no. 12/2011

Copenhagen and Oslo, 16th June, 2011, 2011-06-16 14:54 CEST (GLOBE NEWSWIRE) --

-- First payment under Russian strategic alliance
-- Lead antibody drug AT001/r84 in good progress, expected to begin phase I
trials in Russia in 2011

Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced
today that IBC Generium has exercised the license to Affitech's lead anti-VEGF
antibody drug candidate AT001/r84. The license grant triggered a payment of
Euro 2.5 million by IBC Generium to Affitech A/S and provides IBC Generium with
the exclusive rights to develop and market AT001/r84 in Russia and CIS while
Affitech maintains the rights for the rest of the world.


Managing Director of Affitech Martin Welschof said: “I am very pleased that our
Russian partner has exercised the license for AT001/r84. We have made good
progress with our lead antibody candidate and we share with IBC Generium the
excitement about the clinical and commercial potential of our human anti-VEGF
antibody. IBC Generium is committed to proceed with the development of
AT001/r84 and initial clinical development is scheduled this year.”


Affitech and NauchTekhStroy Plus recently amended their R&D and Licensing
Agreement signed in April 2010, and the rights and obligations under this
agreement, including the license to AT001/r84, were transferred from NTS Plus
to the newly established Russian company International Biotech Center Generium
(IBC Generium). IBC Generium is owned by Aleksandr Shuster and Victor
Kharitonin, who through TransNova Investments Ltd. are majority shareholders in
Affitech A/S.


AT001/r84 is a novel, proprietary therapeutic antibody to vascular endothelial
growth factor (VEGF) being developed by Affitech and IBC Generium as a
potential alternative to bevacizumab (Avastin®) for the treatment of certain
human cancers. The Russian health authorities have identified cancer therapy
based on anti-VEGF antibodies as one of the top priority areas of
pharma-innovation in Russia. Affitech's AT001/r84 has the potential to satisfy
patient needs in this area. The rights to develop and commercialize AT001/r84
outside Russia and the CIS remain with Affitech.


About Affitech

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. Affitech co-develops its two lead antibody drug
candidates AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. Further
information is available at www.affitech.com.



About International Biotech Center Generium (IBC Generium) and NauchTekhStroy
Plus (NTS Plus)

With reference to the Russian Pharma 2020 plan, which aims to increase national
production of innovative therapeutics, NauchTekhStroy Plus (NTS Plus) was
established as a construction company that should build a modern research park
in Pocrov/Russia. NTS Plus is controlled by the Russian biotech entrepreneur
Aleksandr Shuster and Russia's leading pharmaceutical company Pharmstandard
(LSE/MICEX/RTS: PHST), which is partly owned and chaired by Victor Kharitonin.
An important and central activity was to scout for an innovative therapeutic
product development portfolio for the new research park. In 2009/2010 Aleksandr
Shuster identified Affitech A/S as a collaboration partner and a collaboration
agreement was signed successfully in April 2010 between Affitech A/S and NTS
Plus as the only legal entity at the time. Having finalized the construction of
the research park the shareholder group decided to separate the construction
activities from the research and development activities and established a new
company called International Biotechnology Center Generium (IBC Generium). IBC
Generium, which is controlled by Aleksandr Shuster and Victor Kharitonin, will
drive the science park's research and development activities. Through TransNova
Investments Ltd. owned by Aleksandr Shuster and Victor Kharitonin, the two
biotech and drug development entrepreneurs are majority shareholders in
Affitech A/S.


About the License Agreement for AT001/r84

In July 2009, Affitech licensed exclusive worldwide rights from Peregrine
Pharmaceuticals, Inc. to develop and commercialize certain products under
Peregrine's anti-VEGF (Vascular Endothelial Growth Factor) antibody technology
platform, including the fully human antibody AT001/r84, a selective blocker of
VEGF binding to VEGF receptor 2 (VEGFR2). AT001/r84 was discovered by Affitech
and jointly developed by the companies under an ongoing collaboration. In 2010,
the companies agreed to amend certain terms of their worldwide license
agreements for Brazil, Russia and other countries of the Commonwealth of
Independent States (CIS) to expedite the development of AT001/r84 for these
territories. Under the amended terms, Peregrine and Affitech will reinvest
their respective portions of any future milestone payments to be received under
the agreements for the countries of Brazil, Russia and the CIS toward the
further advancement of AT001/r84. As part of Affitech's recent Russian
strategic partnership,initial clinical trials will be conducted in Russia. In
the event Affitech enters into a licensing deal for AT001/r84 in a major
pharmaceutical market, Affitech has agreed to reimburse Peregrine for its
milestone payments that were applied to the program while Affitech will be
eligible to be reimbursed for up to 50% of its development costs in Brazil,
Russia and CIS territories.


Disclaimer
This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of the financial condition and operations of Affitech A/S. There are many
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements and
forecasts. These factors include, among other things, risks associated with
technological development, the risk that research & development will not
yield new products that achieve commercial success, the impact of competition,
the ability to transact viable and profitable commercial deals, the risk of
non-approval of patents not yet granted, and difficulties of obtaining relevant
governmental approvals for new products.

No expressed or implied representations or warranties are given concerning
Affitech A/S or the accuracy or completeness of the information provided
herein, and no claims shall be made by the recipient of this news release by
virtue of the information contained herein.





Contact:

Randi Krogsgaard, Director IR & Corporate Communications

Tel # +45 2320 1001, e-Mail: [email protected]

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