Below please find the first part of NeurSearch's interim report for Q1 2009. The full text is available in the enclosed pdf file. ------------------ The Board of Directors of NeuroSearch A/S today considered and adopted the company's interim report for the period 1 January to 31 March 2009. The financial result for the period was a loss before financials and other shares of results of DKK 96.7 million (a loss of DKK 86.5 million in the same period of 2008). NeuroSearch retains its financial guidance for the full year 2009, expecting a loss before financials and other shares of results in the region of DKK 350 million. The company's capital resources totalled DKK 550.7 million at 31 March 2009 (DKK 823.5 million at 31 March 2008). These financial resources together with research revenues from existing partners are expected to be sufficient to fund NeuroSearch's drug discovery and drug development activities until the end of 2010 assuming that no new licence agreements are entered into and that no milestone payments are received. Key events in Q1 2009 and the subsequent period: • ACR16 - Huntington's disease: Successful completion of the patient recruitment in the European Phase III study, MermaiHD. In February 2009, NeuroSearch regained all commercial rights to ACR16, including worldwide rights for the treatment of Huntington's disease. • Tesofensine - obesity: Confirmation from the FDA regarding an End of Phase II meeting and with an agreed meeting date in the second quarter of 2009. • Development alliance with GSK: Expansion of the portfolio of development candidates under the alliance collaboration, potentially leading to milestone payments to NeuroSearch of a total of up to more than DKK 6 billion (more than EUR 805 million) plus double-digit royalties on GSK's global sales of any marketed product from the collaboration. In addition, NeuroSearch holds a conditional share put option to sell shares to GSK totalling up to DKK 149 million (EUR 20 million). • Discovery and development alliance with Eli Lilly (Lilly): New three-year drug discovery and development alliance with Lilly under which NeuroSearch has received DKK 29.5 million (USD 5 million) in cash payment and issued new shares to the amount of DKK 99.2 million (USD 17 million) to Lilly at a price of DKK 187 per share. In addition, NeuroSearch will receive research funding of DKK 45.0 million (USD 8 million) plus substantial milestone payments and sales royalties on new products developed under the alliance. • ACR343 - schizophrenia: Successful completion of clinical Phase I studies with ACR343. NeuroSearch expects to continue the clinical development of the product for the treatment of schizophrenia. • Phase II results with ABT-894 under development for neuropathic pain in collaboration with Abbott showed that ABT-894 is safe and well-tolerated but without sufficient effect on pain reduction to support the further development in this indication. ABT-894 is also in development for the treatment of ADHD. Phase II results with NS2359 for the treatment of depression in collaboration with GSK also did neither demonstrate sufficient effect to support the further development. In connection with the announcement of the Q1 report for 2009, Flemming Pedersen, CEO of NeuroSearch, comments: “During the first months of the year we have reached important milestones. With the completion of the patient recruitment in our European Phase III study with ACR16 for the treatment of Huntington's disease we have moved an important step closer to our aim of bringing our first product to the market. By entering new drug discovery and development agreements with international pharmaceutical companies, we have strengthened our capital resources and the basis for bringing new products into our pipeline.” Flemming Pedersen CEO Contact persons: Flemming Pedersen, CEO, telephone: +45 4460 8214 or +45 2148 0118 Hanne Leth Hillman, Vice President, Director of Investor Relations & Corporate Communications, telephone: +45 4460 8212 or +45 4017 5103 Presentation of the Q1 Report 2009 The Q1 2009 report will be reviewed at NeuroSearch's Annual General Meeting, which will be held today at 4.00 pm at the Radisson SAS Falconer Hotel. NeuroSearch - Company profile NeuroSearch (NEUR) is a Scandinavian biopharmaceutical company listed on Nasdaq OMX Copenhagen. The company's core business covers the development of novel drugs, based on a broad and well-established drug discovery platform focusing on ion channels and central nervous system (CNS) disorders. A substantial share of the activities is partner financed through strategic alliances with Eli Lilly and Company and GlaxoSmithKline (GSK) and a license collaboration with Abbott. The drug pipeline comprises seven clinical (Phase I-III) development programmes: ACR16 for Huntington's disease (Phase III), tesofensine for obesity (Phase III ready), ABT-894 for ADHD (Phase II) in partnership with Abbott, ACR325 to treat dyskinesias in Parkinson's disease (Phase II ready), ACR343 for schizophrenia (Phase I), ABT-560 for the treatment of various CNS disorders (Phase I) in collaboration with Abbott, and NSD-788 for anxiety/depression (Phase I). In addition, NeuroSearch has a broad portfolio of preclinical drug candidates and holds equity interests in several biotech companies.