Interim report January - March 2013

Aerocrine secures long-term financing. US clinical sales grew by 45%.
January – March 2013

  · Global Net sales decreased by 14% to SEK 33.7m (39.0)*. Adjusted for
currency fluctuations, net sales decreased by 10% Year over Year (Y-o-Y).
    · Net sales for clinical use of NIOX MINO increased by 12% and in the US by
45% (in local currency).
    · Strategic sales (sales to Pharmaceutical companies and CRO’s for clinical
trials) decreased by 60% to SEK 5.6 (13.8)m. These sales can and do fluctuate
between quarters as they are dependent upon when the trials start.

  · The worldwide number of NIOX MINO® repeat tests sold (in volume) increased
in total by 6%
    · For clinical use the volume in total increased by 15% and in the US with
10%.
    · Total number of tests sold (repeat and initial) reached almost 0.5 (0.5)
million tests, an increase of 3% Y-o-Y and in the US for clinical use by 44%.

  · Gross Margin has improved to 75% (70%) as a result of the business shifting
to more direct sales
  · The loss after tax amounted to SEK 54.3m (39.1), corresponding to a loss per
share before and after dilution of SEK 0.4 (0.4). The increased loss was
primarily driven by a decrease in strategic sales and an increase in investments
made in our commercial organization and reimbursement activities in the US.
  · Texas Medicaid announced it will begin reimbursing FeNO tests on April 1,
2013. Texas has the third largest Medicaid population in the U.S. after
California and New York, with more than 3.7 million beneficiaries.
  · Aerocrine entered into a license agreement with Medisoft S.A. The agreement
includes the withdrawal of all patent proceedings between the companies.

Significant events after the period

  · Through debt and a directed new share issue Aerocrine raises approximately
SEK 324m (USD 50m) before expenses. Based on its long term plan, the company
believes that this funding will be sufficient to reach positive cash flow and
profitability.
  · Georgia Medicaid became the 37th state to reimburse FeNO testing in the U.S.
  · Health Canada’s Therapeutic Products Directorate has authorized Aerocrine’s
latest NIOX MINO® for use in identifying allergic airway inflammation.
  · The Japanese Pharmaceuticals and Medical Devices Agency (PMDA), decided on
28 of March 2013, after a thorough review, to grant the 2008 version of the NIOX
MINO® marketing approval in Japan.

AEROCRINE IN BRIEF

+-----------------------------+-----+---------+-------------+---------+
|                             |January - March|Rolling-12   |Full year|
+-----------------------------+-----+---------+-------------+---------+
|SEKm                         |2013 |2012     |April - March|2012     |
+-----------------------------+-----+---------+-------------+---------+
|Net sales                    |33.7 |39.0     |141.7        |147.0    |
+-----------------------------+-----+---------+-------------+---------+
|-of which strategic sales    |5.6  |13.8     |27.5         |35.7     |
+-----------------------------+-----+---------+-------------+---------+
|Gross profit/loss            |25.2 |27.3     |104.1        |106,2    |
+-----------------------------+-----+---------+-------------+---------+
|Gross margin %               |75%  |70%      |73%          |72%      |
+-----------------------------+-----+---------+-------------+---------+
|Operating profit/loss        |-53.5|-35.7    |-214.9       |-197.1   |
+-----------------------------+-----+---------+-------------+---------+
|Net profit after tax         |-54.3|-39.1    |-216.8       |-201.6   |
+-----------------------------+-----+---------+-------------+---------+
|Cash flow, current operations|-64.1|-47.0    |-201.3       |-184.2   |
+-----------------------------+-----+---------+-------------+---------+
|Total cash flow              |-65.9|-47.0    |29.9         |48.8     |
+-----------------------------+-----+---------+-------------+---------+

For further information, please contact:

Scott Myers, CEO: +46 768 788 379 or +1 970 368
0336

Michael Colérus, CFO: +46 8 629 07 85

www.aerocrine.com or www.niox.com

*Note all numbers in ( ) are the corresponding period previous year and in the
same unit.

This is information that Aerocrine AB (publ) is required to publish in
accordance with the Swedish Securities Markets Act and/or the Swedish Financial
Trading Act. This information was submitted for publication on May 7, 2013, at
8.00 a.m.
About Aerocrine

Aerocrine is a medical products company focused on improved management and care
of patients with inflammatory airway diseases such as Asthma. Aerocrine is a
leader in this sector. Aerocrine markets NIOX® MINO®, which enables fast and
reliable point-of-care measurement of airway inflammation. This product plays a
critical role in more effective diagnosis, treatment and follow-up of patients
affected with inflammatory airway diseases. Aerocrine is based in Sweden with
subsidiaries in the US, Germany, Switzerland and the UK. Aerocrine shares have
been listed on the Stockholm Stock Exchange since 2007 (AERO-B.ST). For more
information please visit
www.aerocrine.com (http://file:///C:/Users/nno/AppData/Local/Microsoft/Windows/T
e 
mporary%20Internet%20Files/Content.Outlook/IBSG3G2H/www.aerocrine.com) and
www.niox.com.