Report from Orexo AB's Annual General Meeting, April 3, 2008

Report from Orexo AB's Annual General Meeting, April 3, 2008

The Annual General Meeting resolved to re-elect Monica Caneman, Johan
Christenson, Staffan Lindstrand and Kjell Strandberg, and to elect for the first
time Ray Hill and Bengt Samuelsson, as members of the Board of Directors. Håkan
Åström was re-elected as Chairman of the Board of Directors for the period until
the end of the next Annual General Meeting.

Further, the Annual General Meeting resolved to re-elect PricewaterhouseCoopers
AB as the company's auditor, with Leonard Daun as the auditor in charge, for the
time until the end of the annual general meeting 2012.

At the statutory meeting of the Board of Directors following the Annual General
Meeting, Håkan Åström, Johan Christenson and Ray Hill were elected as members of
the Remuneration Committee and Johan Christenson, Bengt Samuelsson and Kjell
Strandberg as members of the Product Development Committee and Håkan Åström,
Monica Caneman and Staffan Lindstrand as members of the Audit Committee.

The Meeting resolved that the fees to the Board of Directors should amount to
SEK 1,850,000 to be allocated as follows: SEK 500,000 to the Chairman of the
Board of Directors, SEK 300,000 to Ray Hill, SEK 150,000 to each of the other
Board members who are not employed by the company and in total SEK 300,000 to be
equally allocated to the members of the Remuneration, Product Development and
Auditing Committee.

The Meeting resolved to adopt a board member share plan including the issuance
of warrants and approval of disposal of the warrants issued under the board
member share plan. Board members participating in Orexo's board member share
plan will receive 50 per cent of their board fee and their fee for committee
work, if any, in cash and will be allocated a number of board shares, which
value at the time of allocation shall correspond to 50 per cent of the
remuneration of the board fee and fee for committee work, if any. The right to
acquire new shares by using the board shares is contingent on whether the board
member remains as a board member during the whole or only part of the mandate.
Each board member share can be exercised to acquire one share in Orexo against
payment of an exercise price determined as the quota value of the Orexo share. A
total of 27,500 warrants shall be issued to the wholly owned subsidiary
Pharmacall AB as hedge for the program.

The Meeting approved the Board of Director's proposal regarding principles and
guidelines for remuneration and other terms of employment for the company's
management.

The Meeting approved the instructions for the Nomination Committee.

The Meeting resolved to authorize the Board of Directors to resolve to issue new
shares with payment in kind, provided however that such issue must not result in
the share capital as registered from time to time or the number of shares being
increased with more than in total 10 per cent.

The Meeting resolved to adopt a new employee stock option plan including the
issuance of warrants and approval of disposal of the warrants under the employee
stock option plan. The employee stock option plan consists of 470,000 employee
stock options. Each employee stock option can be exercised to acquire one share
in Orexo against payment of an exercise price determined as 110 per cent of the
market value of the Orexo's share at the time of allocation. A total of 470,000
warrants shall be issued to the wholly owned subsidiary Pharmacall AB as hedge
for the program. Full exercise of the employee stock options under the new
employee stock option plan results in dilution of approximately 1.97 percent of
the share capital and votes in the company.


For more information, please contact: 
Torbjörn Bjerke, President and CEO, Orexo AB
Tel: +46 (0)708-66 19 90
E-mail: torbjorn.bjerke@orexo.com

Claes Wenthzel, Executive Vice President & CFO, Orexo AB 
Tel: +46 (0)18-780 88 44 
E-mail: claes.wenthzel@orexo.com

TO THE EDITORS

About Orexo

Orexo is a specialty pharmaceutical company, focusing on development of new,
patented drugs by combining well-documented substances with innovative
technologies, and the development of new treatments for respiratory and
inflammatory diseases.

Orexo has a broad and competitive late-stage product portfolio, including two
marketed products, five products in clinical phase and two undergoing
registration. 

To date, Orexo have out-licensed the market rights for Rapinyl for the US, the
EU and Japan markets, and signed a research collaboration with Boehringer
Ingelheim regarding the development of a new class of drugs to treat pain and
inflammation. Also, Orexo has established a Nordic sales force by entering into
a joint venture with ProStrakan.

Orexo has head office in Uppsala and is listed on the OMX Nordic Exchange
Stockholm, Small Cap (ticker: ORX).  

www.orexo.com