The offering made by Pharmexa A/S (“Pharmexa”) with preemptive rights for the company's existing shareholders was completed on February 5, 2008. The number of new shares with a nominal value of DKK 5 each subscribed in the offering was18,237,545. The new shares were subscribed at DKK 5 per share, so the gross proceeds to Pharmexa from the rights issue will be DKK 91.2 million, and the net proceeds will be approximately DKK 80.2 million net of expenses related to the offering. The new shares will have the same rights as Pharmexa's existing shares and will be eligible for dividends as from the date the capital increase is registered with the Danish Commerce and Companies Agency, which will take place today. Following registration of the 18,237,545 new shares with a nominal value of DKK 5 each, Pharmexa's nominal share capital is DKK 298,459,700 corresponding to 59,691,940 shares with a nominal value of DKK 5 each. It is expected that the new shares will be listed on the OMX Nordic Exchange Copenhagen on Wednesday, February 6, 2008, under the securities code of the existing shares, DK0015966592. Danske Markets (division of Danske Bank A/S) has notified the company that no stabilization has taken place in relation to the preemptive rights issued by Pharmexa. As described in the offering circular dated January 9, 2008, given the size of the proceeds, Pharmexa's management will initiate specific investigations of the strategic alternatives available to the company. Any decision to sell, merge or otherwise substantially change Pharmexa's strategy will be based on a thorough evaluation of the options with a view to protecting the assets of the shareholders in the best possible way. Moreover, management expects to initiate a number of measures to best protect the assets of the shareholders, including the introduction of cost-saving initiatives and prioritizations in the project portfolio. Pharmexa's management will present a specific plan for these initiatives on February 18, 2008. Hørsholm, February 5, 2008 Jakob Schmidt Chief Executive Officer Additional information: Jakob Schmidt, CEO, tel +45 4516 2525 Claude Mikkelsen, Vice President, Corporate Affairs and Communication, tel +45 4516 2525 or +45 4060 2558 For the editors: Pharmexa A/S is a leading company in the field of active immunotherapy and vaccines for the treatment of cancer and serious chronic and infectious diseases. Pharmexa's proprietary technology platforms are broadly applicable, allowing the company to address critical targets in cancer, arthritis, bone degeneration and Alzheimer's disease, as well as infectious diseases such as HIV, influenza, hepatitis and malaria. Company programs include GV1001, a peptide vaccine that has entered Phase III trials in pancreatic cancer and Phase II trials in liver cancer, and a number of HIV and hepatitis vaccines in Phase I/II. Collaborative agreements include H. Lundbeck, Innogenetics, IDM Pharma and Bavarian Nordic. With operations in Denmark, Norway and USA, Pharmexa employs approximately 105 employees and is listed on the OMX Nordic Stock Exchange Copenhagen under the trading symbol PHARMX.