NeuroSearch issues new shares in connection with exercise of warrants

Announcement                                                                    



NeuroSearch issues new shares in connection with exercise of warrants           

Today, NeuroSearch has increased its share capital by DKK 31,060 nominal value  
equivalent to 1,553 new shares of DKK 20 nominal value each as a consequence of 
the exercise of warrants awarded in 2004 to the company's employees, executive  
management and the board of directors. The number of outstanding warrants in the
2004 program is now 96,392.                                                     

The new shares subscribed under the warrant program are issued without any      
pre-emption rights for the company's existing shareholders or others and the    
subscription price is DKK 248.39 per share of DKK 20 nominal value each. The new
shares carry the right to dividend as of the date of subscription and will be   
listed on the OMX Nordic Exchange Copenhagen A/S after registration with the    
Danish Commerce and Companies Agency.                                           

Following the capital increase, NeuroSearch A/S' share capital amounts to DKK   
314,865,700 nominal value equivalent to 15,743,285 shares of DKK 20 nominal     
value each.                                                                     


Thomas Hofman-Bang                                                              
Chairman of the board                                                           



Contact persons:                                                                
Flemming Pedersen, CEO, telephone: +45 4460 8214 or +45 2148 0118               
Hanne Leth Hillman, Vice President, Director of IR & Corporate Communications,  
telephone: +45 4460 8212 or +45 4017 5103                                       



NeuroSearch (NEUR) is a Scandinavian biopharmaceutical company listed on the OMX
Nordic Exchange Copenhagen A/S. 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 CNS disorders. A substantial share of its 
activities is partner financed through a broad alliance with GlaxoSmithKline    
(GSK) and collaborations with, among others, Abbott and Astellas. NeuroSearch's 
drug pipeline comprises 14 clinical (Phase I-III) development programmes: ACR16 
for Huntington's disease (Phase III), tesofensine for obesity and in Type 2     
diabetes (Phase III in preparation), NS2359 for depression (Phase II) and ADHD  
(Phase II) in partnership with GSK, ABT-894 for ADHD (Phase II) and pain (Phase 
II) in partnership with Abbott, ACR16 for schizophrenia (Phase I) in partnership
with Astellas, ACR325 for Parkinson's disease (Phase II in preparation) and     
bipolar disorder (Phase II in preparation), ABT-107 and ABT-560 for the         
treatment of various CNS disorders - both (Phase I) in collaboration with       
Abbott, NSD-644 for pain (Phase I) in partnership with GSK, ACR343 for          
Parkinson's disease (Phase I) 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.