Release no. 16/2011

Copenhagen and Oslo, 31st August, 2011, 2011-08-31 17:00 CEST (GLOBE NEWSWIRE)
--

-- First payment of DKK 18.6m received under Russian strategic alliance
-- AT001/r84 GMP manufacturing completed for clinical trials
-- AT008/anti CCR4 development candidate identified
-- Affitech generated human antibody LC06 targeting angiopoietin-2 combined
with Avastin® in Roche's bi-specific antibody program
-- Net loss for the first six months DKK 32 million
-- Cash reserves of DKK 37 million as per 30th June 2011
-- Unchanged estimated net loss for 2011 of DKK 50-60 million
-- Danish High Court found in favor of Affitech in minority shareholder case


Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, today
announced that in the second quarter of 2011 the Company received its first
payment under the Russian Strategic alliance, and that its two most advanced
research and development programs continue to make strong progress. The Company
generated a loss for the period of DKK 32 million. Affitech had cash of DKK 37
million as of 30th June 2011.


Martin Welschof, Managing Director of Affitech A/S commented on the interim
report:

“I am very pleased that in the first six months of 2011 Affitech continued to
make significant progress. It was a major milestone for the Company when our
Russian partner IBC Generium exercised the license for AT001/r84 in June 2011
and thereby confirmed their confidence in our lead antibody therapeutic
program. We expect further material revenues from license fees and milestone
payments from the cooperation with IBC Generium over the remaining part of
2011. We share with IBC Generium the excitement about the clinical and
commercial potential of our human anti-VEGF antibody AT001/r84 and we are
currently finalizing the Investigational New Drug enabling package for the
clinical trial application in Russia.”


About Affitech

Affitech A/S 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
programs AT001/r84 and AT008/CCR4 with Russian partner IBC Generium. The
Company's initial focus is on rapid and cost effective development by
partnering clinical trials in emerging markets. Further information is
available at www.affitech.com.


Disclaimer
This announcement may contain forward-looking statements including statements
about Affitech's expectations of the progression of its 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. Affitech 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: 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]

110831_2ndQuarter 2011 Report_final_UK.pdf