Interim Report January-March 2008

Interim Report January-March 2008

Executing in line with the strategy to build a profitable company


Period in brief
•Net revenues amounted to MSEK 24.0 (6.4) 
•The loss after tax was MSEK 62.2 (loss: 37.9)
•Earnings per share amounted to a loss of SEK 2.88 (loss: 2.73)

Key events first quarter of 2008
•Potential new mechanism for treatment of asthma and COPD published.
•Rapinyl™/Abstral approved for marketing in Sweden.
•OX-NLA nasal spray shows excellent local tolerance for patients with hay fever.
•Report result confirms clinical effect of OX17 for treatment of GERD.

Key events after period end
•Orexo's Annual General Meeting held on April 3.
•Meda AB acquired the exclusive world rights to two of Orexo's patented drugs:
Sublinox™ (OX22) and OX-NLA.
•A Phase I study of OX19 confirms that Orexo´s new nasal spray formulation for
the administration of desmopressin, a peptide used for treatment of
incontinence, shows significantly better uptake than nasal sprays currently on
the market. Next step for Orexo is to seek partnership for further development
of the product.

Torbjörn Bjerke, President and CEO, comments:
“Our goal is to develop Orexo into a profitable pharmaceutical company.
Therefore, it is pleasing to note that Orexo has taken major strides in this
direction during the past quarter. 

The agreement we signed with Meda is a distinct step closer to our goal and is
added to the already successful cooperation we have with ProStrakan, Endo
Pharmaceuticals, Kyowa Haako and Boehringer Ingelheim. It is satisfying that the
agreement with Meda covers a product with its origin in Biolipox and a product
with its roots in Orexo. This further strengthens my conviction about the
benefit of the merger of the two companies last year.

During the period Rapinyl™/Abstral was approved for marketing in Sweden, which
was an important success for us. We are now looking forward to an EMEA decision
during the current half year to be able to launch the product in cooperation
with ProStrakan during the third quarter of the year. The product will be
marketed under the name Abstral.  

We are continuing to work at a high pace to capitalize on our valuable portfolio
of projects and to generate new commercial successes thereby creating long-term
profitability and shareholder value.”

For report in full format, see enclosed link to pdf.    

For more information, please contact: 
Torbjörn Bjerke, President and CEO, Orexo AB
Tel: +46 (0)708-66 19 90
E-mail: torbjorn.bjerke@orexo.com
Claes Wenthzel, Executive Vice President & CFO, Orexo AB 
Tel: +46 (0)18-780 88 44 
E-mail: claes.wenthzel@orexo.com