Biotec Pharmacon ASA ("Biotec Pharmacon" or the "Company") today completed a successful private placement towards professional Norwegian investors of 3,500,000 new shares at the price of NOK 6.30 per share. The share issue represents approximately 14.81% of the shares outstanding prior to the placement. Total gross proceeds from the private placement amounted to approximately NOK 22.05 million.

New shares in the private placement will be issued in accordance with the Board proxy established at the Company's Annual General Meeting held on 4 May, 2010, but the new shares will not be tradable before the prospect is approved by the Norwegian financial authorities. The total number of outstanding shares after the issue will be 27,137,910 shares, each with a nominal value of NOK 1.00.

The Board of Directors will propose to the extraordinary general meeting to take place in the course of January 2011 to conduct a subsequent offering of 1,200,000 shares directed towards existing shareholders in Biotec Pharmacon that were not offered or invited to participate in the Private Placement. The subsequent offering issue price will be NOK 6.30, in line with the issue price in the Private Placement. The subsequent offering is subject to approval in the extraordinary general meeting. The shares in Biotec Pharmacon will trade excluding the right to participate in the subsequent offering from 23 December 2010.

SEB Enskilda is acting as sole lead Manager.