Preliminary result of Aerocrine’s rights issue

The subscription period for Aerocrine AB’s (Nasdaq Stockholm: AERO) rights issue
ended on January 28, 2015 and according to the preliminary result the rights
issue is oversubscribed. The company will thereby receive approximately SEK 445
million before transaction costs.
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AUSTRALIA, HONG KONG, JAPAN, CANADA, SINGAPORE, SOUTH AFRICA, THE UNITED STATES,
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“With full subscription of the rights offering we have financial strength to
realize long-term value creation for Aerocrine’s shareholders. We thank our
shareholders for their firm belief in Aerocrine’s future success and
profitability.” said Michael Shalmi, interim Chairman of the Board of Directors.

“The bulk of the capital injection will be targeted towards driving penetration
in the US professional segment and achieving profitability. We will continue to
establish FeNO as a standard of care, finalize our home device product and go-to
market model.” said Scott Myers, CEO at Aerocrine.

In total, approximately 94 percent of the rights issue was subscribed for with
the exercise of preferential rights. These subscriptions include certain larger
shareholders, including Novo A/S, which have committed to subscribe for their
respective pro rata shares, corresponding to, in aggregate, approximately 26
percent of the total rights issue.

Additionally, applications for subscription without the exercise of preferential
rights have been received, corresponding to in aggregate approximately SEK 105
million, representing approximately 24 percent of the total rights issue
proceeds.

Shares that have not been subscribed for with the exercise of preferential
rights will be allotted to Arbejdsmarkedets Tillægspension (ATP) in accordance
with the guarantee commitment agreement entered into with the Company as well as
the principles outlined in the prospectus which was published on January 12,
2015.

Under the terms of the rights issue, each share in Aerocrine entitled the holder
to seven (7) subscription rights and two (2) subscription rights entitled the
holder to subscribe for one (1) new share at a subscription price of SEK 0.82
per share. Through the rights issue, Aerocrine's share capital will increase by
SEK 271,360,533.50 to SEK 349,068,727.50. The number of shares will increase by
542,721,067 to 698,137,454.

The last day of trading in paid subscribed shares (BTA) at Nasdaq Stockholm is
expected to be February 20, 2015. The new shares are expected to start trading
at Nasdaq Stockholm on February 24, 2015.

ABG Sundal Collier is acting as financial advisor and Mannheimer Swartling
Advokatbyrå is acting as legal advisor to Aerocrine in connection with the
rights issue.

For further information:

Scott Myers, Chief Executive Officer, Aerocrine AB, Phone: +1 970 368 0336 or
+46 768 788 379

Marshall Woodworth, Chief Financial Officer, Aerocrine AB: +1 919 749 8748 or
+46 709 695 219

Or visit www.aerocrine.com

About Aerocrine

Aerocrine AB is a medical products company focused on the improved management
and care of patients with inflammatory airway diseases. As the pioneer and
leader in technology to monitor and manage airway inflammation, Aerocrine
markets NIOX MINO® and NIOX VERO®. 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 U.S., Germany, Switzerland and the U.K. Aerocrine shares were listed on
the Stockholm Stock Exchange in 2007.

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Important information

The information in this press release does not contain or constitute an offer to
acquire, subscribe or otherwise trade in shares, subscription rights or other
securities in Aerocrine.

This press release may not be released, published or distributed, directly or
indirectly, in or into Australia, Hong Kong, Japan, Canada, Singapore, South
Africa, the United States or any other jurisdiction where such action is wholly
or partially subject to legal restrictions or where such action would require
additional prospectuses, registrations or other actions in addition to what
follows from Swedish law. Nor may the information in this press release be
forwarded, reproduced or disclosed in a manner that contravenes such
restrictions or would entail such requirements. Failure to comply with this
instruction may result in a violation of applicable securities laws.

No subscription rights, BTAs (interim shares) or new shares have or will be
registered under the United States Securities Act of 1933 (“Securities Act”) or
securities legislation in any state or other jurisdiction in the United States
and may not be offered, subscribed, sold or transferred, directly or indirectly,
within the United States, other than pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act
and in accordance with securities laws in relevant state or other jurisdiction
in the United States.

This press release may contain forward-looking statements which reflect
Aerocrine’s current view on future events and financial and operational
development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”,
“plan”, “estimate” and other expressions which imply indications or predictions
of future development or trends, and which are not based on historical facts,
are intended to identify forward-looking statements. Forward-looking statements
inherently involve both known and unknown risks and uncertainties as they depend
on future events and circumstances. Forward-looking statements do not guarantee
future results or development and the actual outcome could differ materially
from the forward-looking statements.