Exiqon A/S - Interim Report for the Period 1 January - 31 March 2010 (unaudited)

Reported figures are for the full reporting period unless otherwise stated.
Figures for the comparable reporting period last year is stated in parenthesis
after realized figures. Comparative numbers in the statement of comprehensive
income does not include numbers from discontinued operations. Comparative
numbers in the statement of financial position include numbers from the
discontinued operations. 

Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for its first
quarter ending 31 March 2010. Revenue for the first quarter increased 29% to a
record DKK 20.7 million. Revenue grew 31% over the same period in the previous
year when excluding the negative impact from currency translation.  Operating
expenses decreased 30% to DKK 21.9 million. Earnings per share (EPS) grew 56%
to DKK -0.37 in the first quarter of 2010, versus DKK -0.84 in the same period
in 2009 (continued operations). 

Highlights

• Revenue increased 29% to DKK 20.7 million (DKK 16.0 million). The organic
growth in life science research product sales (including Pharma Services) was
45% in the first quarter of 2010, when excluding OEM sales and one-time reagent
sales associated with license agreements in the comparative quarter last year. 

• Operating expenses decreased 30% to DKK 21.9 million (DKK 31.3 million)
following the restructuring completed in 2009 to improve the company's cash
flow. 

• Gross profit improved 118% to DKK 11.1 million (DKK 5.1 million).

• EBIT increased 59% to DKK -10.8 million (DKK - 26.2 million). 

• Net loss from continued operations was DKK 11.1 million (DKK 25.4 million). 
EPS amounted to DKK -0.37 (DKK -0.84). 

• On 19 March 2010, Exiqon Life Sciences launched a new product line - miRCURY
LNA™ miRNA Inhibitors - for studying miRNA function. 

• On 22 March 2010, Exiqon Life Sciences launched its 5th generation microarray
that provides 100% coverage of all miRNAs listed in the latest miRBase 14.0 in
human, mouse, and rat together with a newly developed protocol for single color
microarray experiments. 

• Exiqon expects to conclude discussions on the divestment of Oncotech, Inc.
before end of the second quarter, 2010. 

CEO Lars Kongsbak says: “I am pleased with the first quarter record revenues
and strong organic growth on top of significantly improved gross margins and
overall reduced costs. It is clear that we have emerged from 2009 in good shape
and now benefit from the recent restructuring of Exiqon Life Sciences.” 

See the full interim report in the attached PDF or at
www.exiqon.com/investor/portal.