Interim report January – June 2012

Continued positive sales development, +88% in the quarter and closing of
successful new share issue.
January – June 2012

  · Global Net sales grew by 82% to SEK 76.0m (41.8). Adjusted for currency
fluctuations, net sales rose by 75% Year over Year (YoY)
  · The worldwide number of NIOX MINO® repeat tests sold increased by a total of
50% and for clinical use in the US by 75%
  · The loss after tax amounted to SEK 80.5m (56.2), corresponding to a loss per
share before and after dilution of SEK 0.7 (0.5). The increased loss was
primarily driven by increased commercial and reimbursement activities in the US
and costs related to the Long Term Incentive plans.

April – June 2012

  · Global net sales grew by 88% to 36.9 (19.6) MSEK
  · The worldwide number of NIOX MINO® repeat tests sold increased by a total of
52% and for clinical use in the US by 47%
  · The loss after tax amounted to SEK 41.4m (29.3), corresponding to a loss per
share before and after dilution of SEK 0.3 (0.3).
  · Successful completion of oversubscribed rights issue. In total, before
expenses related to the offering, 260 MSEK was raised. The extraordinary general
meeting resolved on April 10, 2012, to approve the board’s resolution to issue
new shares with pre-emptive rights for existing shareholders and the holders of
the company’s convertible bonds 2010/2015. The terms for the rights issue
entailed that four shares entitled to subscription of one new share at a
subscription price of SEK 9 per share
  · Conversion of convertible bond performed resulting in improved equity and
considerably reduced debt.
  · The American Academy and the American College of Allergy, Asthma and
Immunology (ACAAI and AAAAI), published a position statement in support of the
clinical practice guideline on Aerocrine’s FeNO test as published by the ATS
(American Thoracic Society)
  · Aerocrine reached a settlement with the Apieron Inc bankruptcy estate and
received 1.3 million USD.
  · NIOX MINO®, and the NIOX MINO® Test Kit, received marketing approval for the
Australian market.
  · Aerocrine announces the positive outcome of its complaint against Medisoft
S.A. filed at the Liège Commercial Court, Belgium.
  · Continued improvement in number of covered lives as, among others, BlueCross
BlueShield of Minnesota announces they will retire their negative medical policy
for FeNO testing effective August 27, 2012.
  · The annual general meeting was held on May 3rd.

Significant events after the period

  · A negative decision by the Federal Patent Court in Munich regarding the
validity of one of Aerocrine’s German patents was announced. Aerocrine has a
strong intention to appeal the German decision.

AEROCRINE IN BRIEF

+-----------------------------+-----+------+-----+--------+---------+
|                             |April - June|January - June|Full year|
+-----------------------------+-----+------+-----+--------+---------+
|SEKm                         |2012 |2011  |2012 |2011    |2011     |
+-----------------------------+-----+------+-----+--------+---------+
|Net sales                    |36.9 |19.6  |76.0 |41.8    |93.5     |
+-----------------------------+-----+------+-----+--------+---------+
|Gross profit/loss            |26.5 |12.6  |53.8 |27.7    |64.2     |
+-----------------------------+-----+------+-----+--------+---------+
|Gross margin %               |72%  |64 %  |71%  |66 %    |69 %     |
+-----------------------------+-----+------+-----+--------+---------+
|Operating profit/loss        |-41.7|-29.4 |-77.4|-55.4   |-132.8   |
+-----------------------------+-----+------+-----+--------+---------+
|Net profit after tax         |-41.4|-29.3 |-80.5|-56.2   |-138.7   |
+-----------------------------+-----+------+-----+--------+---------+
|Cash flow, current operations|-34.3|-18.6 |-81.3|-47.8   |-96,5    |
+-----------------------------+-----+------+-----+--------+---------+
|Total cash flow              |201.1|-18.7 |154.1|-53.3   |-102.8   |
+-----------------------------+-----+------+-----+--------+---------+

For further information, please contact:

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

Michael Colérus, CFO: +46 8 629 07 85

www.aerocrine.com
About Aerocrine

Aerocrine AB is a medical technology company focused on the improved management
and care of patients with inflammatory airway diseases. As the pioneer and
leader in the technology to monitor and manage airway inflammation, Aerocrine
markets NIOX® Flex and NIOX MINO®. Both products enable fast and reliable
management of airway inflammation and may therefore play a critical role in more
effective diagnosis, treatment and follow-up of patients with inflammatory
airway diseases such as asthma. Aerocrine is based in Sweden with subsidiaries
in the US, Germany and the UK. Aerocrine shares were listed on the Stockholm
Stock Exchange on 15 June 2007. Aerocrine discloses the information provided
herein pursuant to the Securities Markets Act and/or the Financial Instruments
Trading Act. The information was submitted for publication at 08:00 a.m.
on July 25, 2012.