Release No 18/2010 CEO Replaced by COO Affitech Retains Focus on GPCR Targets and Speedy Development of Pipeline Programmes with Russian Partner NTS Plus Copenhagen and Oslo May 19th, 2010 Affitech A/S, (Nasdaq OMX: AFFI), the antibody medicines company, today announced organisational changes. CEO Dr Robert Burns is leaving the Company and will be replaced by Dr Martin Welschof as Managing Director of Affitech A/S. Integration of Development Plans with NTS Plus Affitech recently announced a Research and Development Collaboration and Licensing Agreement with Russian NTS Plus (NauchTekhStroy Plus - a biotechnology company 50% owned by Pharmstandard, Russia's leading pharmaceutical company, and 50% owned by Dr Aleksandr Shuster, a leading Russian drug development entrepreneur). Under the Collaboration Agreement, Affitech will receive license fees of €4.5 million and up to a further €18.5 million in development and regulatory milestone and advance royalty payments as well as high single figure percentage royalties on all net product sales of the Affitech licensed products in CIS territories. Commercialisation of pharmaceutical products in Russia and CIS will be provided by Pharmstandard, the leading pharmaceutical company in Russia. The collaboration focuses on two potential therapeutic antibody products: AT001 (also known as r84), a novel, patented therapeutic antibody to vascular endothelial growth factor (VEGF) which is being developed as a potential competitor to bevacizumab (Avastin®) for the treatment of certain human cancers. AT008, a novel, patented therapeutic antibody directed against CCR4, an important G-protein coupled receptor (“GPCR”) on the surface of many cancer cells and cells of the immune system. AT008 is expected to have clinical application in the treatment of cancer and certain other diseases. With the immediate focus of the company being the speedy implementation of the two leading development programmes in the collaboration with NTS Plus as well as the continued development of Affitech's anti-GPCR discovery pipeline, Dr Robert Burns is leaving the company as CEO and is being replaced by Dr Martin Welschof as Managing Director Affitech A/S. Dr Welschof was formerly Chief Operating Officer and before that Managing Director of Affitech AS in Oslo, Norway. Commenting on the changes, Aleksandr Shuster, Affitech's Chairman of the Board, said: “Robert has successfully led the repositioning of Affitech through to the transaction with Trans Nova and the collaboration agreement with NTS Plus and now leaves the company in the capable hands of Martin Welschof as Affitech begins the next stage of its transformation - the building of a powerful and innovative development pipeline of novel therapeutic antibody products.” “The speedy and efficient development of the anti-VEGF and anti-CCR4 programmes with NTS Plus is expected to fuel the next stage of the Company's growth. Developing these programmes in Russia is expected to produce human clinical data faster than we could otherwise achieve and this provides a rapid path to value creation for our shareholders” Strategic Focus on GPCR Targets The Affitech business strategy is focused on the discovery and development of novel therapeutic antibodies targeting GPCR molecules (G protein coupled receptors). Many of the most clinically and commercially significant drugs in the pharmaceutical marketplace target GPCRs. Within the broad family of GPCR targets, Affitech has selected initially the chemokine receptor sub-group against which to develop therapeutic antibodies and the company currently has multiple pre-clinical programmes in this novel anti-chemokine receptor arena. -------------------------------------------------------------------------------- | For more information please contact: | -------------------------------------------------------------------------------- | | | Affitech A/S: | | | | Randi Krogsgaard, Corporate Communications and IR | | Tel # +45 2320 1001 | -------------------------------------------------------------------------------- About Affitech Affitech A/S is a publicly traded (NASDAQ OMX Copenhagen) therapeutic antibody company headquartered in Copenhagen, Denmark with R&D facilities in Oslo, Norway. The company utilises a range of proprietary antibody technologies for the discovery of therapeutic antibodies for application in oncology, inflammation and other disease areas. CBAS™ (Cell Based Antibody Selection) is Affitech A/S's premier technology platform for the isolation of lead antibodies to cell surface targets. Several of the Company's proprietary drug candidates were generated by CBAS™. Further information is available at www.affitech.com. Disclaimer This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of the financial condition and operations of Affitech A/S. There are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. These factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to transact viable and profitable commercial deals, the risk of non-approval of patents not yet granted, and difficulties of obtaining relevant governmental approvals for new products. No expressed or implied representations or warranties are given concerning Affitech A/S or the accuracy or completeness of the information provided herein, and no claims shall be made by the recipient of this news release by virtue of the information contained herein.