Pyrosequencing finalizes acquisition of Biotage

UPPSALA, Sweden, Oct. 30, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROA) today announced that the Company has finalized the acquisition of Biotage, as announced on October 14, through a cash payment of 235 MSEK and taking over a mortgage of 36 MSEK, relating to the premises in Virginia, U.S. Pyrosequencing now owns 100 percent of the shares in Biotage.

Pyrosequencing now has a turnover of 427 MSEK, pro forma 2002. Biotage combined with Personal Chemistry, which was acquired earlier this year, forms business area Discovery Chemistry. This business area has a competitive product portfolio of systems for medicinal chemistry research. David Patteson, until now President of Biotage, will become head of this business area

"Through the acquisition of Biotage, we have strengthened our product offering and become one of the leading suppliers of systems within medicinal chemistry research. The acquisition also gives us the essential critical mass for this business area to reach profitability," said CEO Jeff Bork.

About the New Company

Pyrosequencing accelerates the drug discovery and development process and increases the knowledge of the importance of the genetic make-up by providing complete solutions for medicinal chemistry research and applied genetic analysis. Through its merger with Personal Chemistry the company has further strengthened its customer base of commercial and academic partners, which include the world's top 20 pharmaceutical companies and prestigious academic institutes such as the US National Institutes of Health, the US Centers for Disease Control and Prevention and Sweden's Karolinska Institute. Headquartered in Uppsala, Sweden, Pyrosequencing has facilities in Boston, USA, Cambridge, UK and Constance, Germany. After the acquisition of Biotage the company will have approx. 275 employees. Pro-forma the new group had sales of 427 MSEK in 2002. The company is listed on the Stockholm stock exchange. Website: www.pyrosequencing

For further information 
Jeff Bork CEO +46 734-22 16 60

Certain statements in this press release are forward-looking. These maybe identified by the use of forward-looking words or phrases such as"believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Pyrosequencing's current expectations.The Private Securities Litigation Reform Act of 1995 provides a "safeharbor" for such forward-looking statements. In order to comply with theterms of the safe harbor, Pyrosequencing notes that a variety of factorscould cause actual results and experience to differ materially from theanticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are notlimited to, risks associated with management of growth and internationaloperations (including the effects of currency fluctuations), variabilityof operating results, the commercial development of the DNA sequencingand genomics market, nucleic acid-based molecular diagnostics market,and genetic vaccination and gene therapy markets, competition, rapid orunexpected changes in technologies, fluctuations in demand forPyrosequencing's products (including seasonal fluctuations),difficulties in successfully adapting the Company's products tointegrated solutions and producing such products, and the Company'sability to identify and develop new products and to differentiate itsproducts from competitors.

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