Aerocrine announces an expansion of the underwriting consortium in the pending rights issue

SOLNA, Sweden – Aerocrine AB (NASDAQ Stockholm: AERO).

Aerocrine has expanded the subscription undertakings and underwriting
commitments in the company’s pending rights issue.

The additional commitments combined with the previously announced subscription
undertakings and underwriting commitments represent at a minimum approximately
60% of the full amount of the rights issue – should no other shareholders or
investors participate. Taking the additional commitments into account, and as a
result of the prevailing allocation principles (including Novo’s and ATP’s
ownership restrictions), which are found in the notice of the EGM, a
subscription of approximately 25% of the shares that are not included in
existing shareholders’ subscription undertakings would make the rights issue
fully subscribed.

A market-conforming fee will be incurred for the new underwriting commitments.

”The company has further secured its financing with the additional commitments
to the previously announced rights issue. The proceeds will be used to finance
the company’s future growth plans and for the company to reach profitability,
which will create significant shareholder value. We are pleased to be able to
make this announcement ahead of the upcoming EGM”, stated Scott Myers, the
President and CEO of Aerocrine.

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
AUSTRALIA, HONG KONG, JAPAN, CANADA, SINGAPORE, SOUTH AFRICA, THE UNITED STATES,
OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OF THIS PRESS RELEASE WOULD
BE UNLAWFUL.

For further information:

Scott Myers, Chief Executive Officer, Aerocrine AB, Phone: +1 970 368 0336 or
+46 768 788 379

Marshall Woodworth, Chief Financial Officer, Aerocrine AB: +1 919 749 8748 or
+46 709 695 219

Or visit www.aerocrine.com

About Aerocrine

Aerocrine AB is a medical products company focused on the improved management
and care of patients with inflammatory airway diseases. As the pioneer and
leader in technology to monitor and manage airway inflammation, Aerocrine
markets NIOX MINO®and NIOX VERO®. Both products enable fast and reliable
management of airway inflammation and may therefore 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 U.S., Germany, Switzerland and the U.K. Aerocrine shares were listed on
the Stockholm Stock Exchange in 2007.

Aerocrine is 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 08.00 a.m. on December 22, 2014.

Important information

The information in this press release does not contain or constitute an offer to
acquire, subscribe or otherwise trade in shares, subscription rights or other
securities in Aerocrine. Any invitation to the persons concerned to subscribe
for shares in Aerocrine will only be made through the prospectus that Aerocrine
estimates to publish on or around 12 January 2015.

This press release may not be released, published or distributed, directly or
indirectly, in or into Australia, Hong Kong, Japan, Canada, Singapore, South
Africa, the United States or any other jurisdiction where such action is wholly
or partially subject to legal restrictions or where such action would require
additional prospectuses, registrations or other actions in addition to what
follows from Swedish law. Nor may the information in this press release be
forwarded, reproduced or disclosed in a manner that contravenes such
restrictions or would entail such requirements. Failure to comply with this
instruction may result in a violation of applicable securities laws.

No subscription rights, BTAs (interim shares) or new shares have or will be
registered under the United States Securities Act of 1933 (“Securities Act”) or
securities legislation in any state or other jurisdiction in the United States
and may not be offered, subscribed, sold or transferred, directly or indirectly,
within the United States, other than pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act
and in accordance with securities laws in relevant state or other jurisdiction
in the United States.

This press release may contain forward-looking statements which reflect
Aerocrine’s current view on future events and financial and operational
development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”,
“plan”, “estimate” and other expressions which imply indications or predictions
of future development or trends, and which are not based on historical facts,
are intended to identify forward-looking statements. Forward-looking statements
inherently involve both known and unknown risks and uncertainties as they depend
on future events and circumstances. Forward-looking statements do not guarantee
future results or development and the actual outcome could differ materially
from the forward-looking statements.