Aerocrine completes issuance of shares and convertible bond raising a total of SEK 361 million

Aerocrine completes issuance of shares and convertible bond raising a
total of SEK 361 million

SOLNA, Sweden - 20 October 2010 - Aerocrine AB (OMX Nordic Exchange:
AERO B) today announces the results of the Company's rights issue.  The
rights issue increases Aerocrine's equity by a total SEK 136.1 million. 
Previously, Aerocrine announced a combined placement of equity and the
issuance of convertible notes to Novo A/S raising a total of SEK 225
million.  Overall, the Company's financial position has been
strengthened by approximately SEK 361 million.

Aerocrine announces that the Company's financing process has been
finalized and a total of SEK 361.1 million has been raised from:

i)  The previously announced offering in September to Novo A/S of new
shares at an offer price of SEK 7, raising SEK 112.5 million,

ii)  The issuance of a convertible note to Novo A/S raising a further
SEK 112.5 million (with a conversion price of SEK 8.75 per share), and

iii)  The October rights issue of SEK 136 million (before transaction
costs) to current shareholders with a subscription price of SEK 7 per
share.

Overall, this means that the number of shares outstanding increased by
35.5 million to 102.2 million shares. Upon full conversion of the
outstanding convertible loan, an additional 12.9 million shares would be
issued.

Over the past year Aerocrine has achieved several important strategic
objectives, including successful product and technology developments,
initiation of private payer reimbursement in the U.S. and strengthening
of the Company's patent portfolio.

The issue of shares and convertible notes was carried out to strengthen
Aerocrine's financial position and to provide the Company with a new
strategic shareholder.  The substantial bolstering of Aerocrine's
financial position and the addition of Novo A/S, a strong specialist
healthcare investor, as a major shareholder will enable Aerocrine to:

i)   Accelerate activities to achieve full reimbursement and generate
additional revenues in the clinical market

ii)  Exploit the Company's leading technology position and the
previously announced Panasonic collaboration to further the adoption of
exhaled nitric oxide monitoring as a routine clinical practice in the
doctor's office setting and take preparatory steps towards exploring the
potential for home use

iii) Capitalize on investments made in the development and enforcement
of the Company's intellectual property portfolio

Rights issue

The final outcome of Aerocrine's rights issue is that 19.4 million
shares have been subscribed to, corresponding to 87.5 per cent of the
shares offered. Of these, 18.2 million shares were placed through the
exercise of subscription rights and 1.3 million shares without
subscription rights. The rights issue increases Aerocrine's equity by
SEK 136.1 million before costs, of which SEK 88.1 million will be
received in cash and the remaining SEK 48.0 million used to offset an
existing shareholder loan.

Investor Growth Capital, HealthCap and Life Equity Sweden have, within
the framework of the rights issue, offset their respective outstanding
shareholder loan which, including accrued interest, totalled USD 7.2
million or SEK 48.0 million.

Those who have notified their interest in subscribing for shares without
subscription rights have been allotted shares in accordance with the
principles stated in Aerocrine's prospectus. On 21 October 2010,
settlement notes will be sent to the subscribers allotted shares and
payment must be made no later than 26 October 2010. Only holders of
those allotted shares will be notified.

Shares subscribed through exercise of subscription rights are expected
to be listed on NASDAQ OMX Stockholm on 28 October 2010. Shares
subscribed without subscription rights are expected to be listed on 8
November 2010.

The rights issue will increase Aerocrine's share capital by SEK
9,719,665.50 to SEK 51,081,678.50 and the number of shares by 19,439,331
to 102,163,357 shares.

Swedbank Corporate Finance is the financial advisor and Mannheimer
Swartling Advokatbyrå is the legal advisor to the Company in connection
with the rights issue.

For more information, contact: 

Paul de Potocki, CEO, telephone: +46 8 629 07 80

Michael Colérus, CFO, telephone: +46 8 629 07 85

This press release may not be made public, published or distributed,
directly or indirectly, in or into the United States, Canada, South
Africa, Australia, New Zeeland, Singapore, Hong Kong or Japan

About Aerocrine

Aerocrine AB is a medical technology company focused on the improved
management and care of patients with inflammatory airway diseases. The
pioneer and leader in the technology to monitor and manage airway
inflammation, Aerocrine markets NIOX MINO® and NIOX® Flex. Both products
enable the fast and reliable measurement of airway inflammation and may
thus 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 US, Germany and
the UK. Aerocrine shares were listed on the Stockholm Stock Exchange on
15 June 2007.

Aerocrine may be required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments
Trading Act. The information was submitted for publication at 11:00 [am]
on 20 October 2010.

IMPORTANT INFORMATION

In certain jurisdictions, publication or distribution of this press
release may be subject to legal restrictions and persons in those
jurisdictions where this press release has been published or distributed
should inform themselves about and abide by such legal restrictions.

This press release may not be made public, published or distributed,
directly or indirectly, in or into the United States, Canada, South
Africa, Australia, New Zeeland, Singapore, Hong Kong, Japan or in any
other country where such action is subject in full or in part to legal
restrictions, nor may the information in this press release be
forwarded, reproduced or disclosed in any way that is in conflict with
such restrictions. Failure to follow this instruction may involve a
breach of the United States Securities Act of 1933 ("Securities Act") or
applicable laws in other jurisdictions.

This press release does not contain or constitute an invitation or offer
to acquire, subscribe for or otherwise trade in shares, subscription
rights or other securities in Aerocrine. Invitation to persons concerned
to subscribe for shares in Aerocrine was made through the prospectus
that Aerocrine published in September 2010, which among other things
contains financial statements and information on the board of directors
and auditor of Aerocrine.

Neither the subscription rights, the paid subscription shares (BTA) or
the new shares will be registered in accordance with the Securities Act
or any provincial act in Canada, and may not be transferred or offered
for sale in the United States or Canada, or to persons resident there,
or on behalf of such persons, other than in such exceptional cases where
registration in accordance with the Securities Act or any provincial act
in Canada is not required.