Release no. 24/2011

Copenhagen and Oslo, 28 November, 2011, 2011-11-28 13:27 CET (GLOBE NEWSWIRE)
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Affitech A/S, (NASDAQ OMX: AFFI), the antibody medicines company, announced
today that IBC Generium has exercised the license to Affitech’s AT008 anti-CCR4
antibody program. The license grant involves a payment of Euro 2 million by IBC
Generium to Affitech A/S and provides IBC Generium with the exclusive rights to
develop and market anti-GPCR antibodies under the AT008 program in Russia and
CIS while Affitech maintains the rights for the rest of the world.

General Manager of Affitech, Martin Welschof said: “We have made good progress
with our anti-CCR4 program AT008. We are very pleased that our Russian partner
IBC Generium has now exercised the license for AT008, which one of the two
antibody drug programs included in our research, development and license
agreement. Earlier this year IBC Generium exercised the license for the
anti-VEGF antibody AT001/r84.”

The AT008 antibody program comprises novel, proprietary therapeutic antibodies
directed against CCR4, an important G-protein coupled receptor (“GPCR”) on the
surface of many cancer cells and cells of the immune system. The AT008 program
includes several different antibodies with multiple potential mechanisms of
action targeting a variety of cancers including hematological cancers.

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]

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