Aerocrine Sales Grow to Record Levels Again for 1st Quarter, NIOX VERO Launch in the US Off to A Strong Start

January – March 2015

  · Net sales increased by 52% to SEK 53.2m (35.0)*. Adjusted for exchange
rates, net sales increased by 31%.

         - Clinical sales were SEK 38.9m, an increase of 32%.

         - Global Research† sales were SEK 12.4m, an increase of 192%.

  · The launch of NIOX VERO in the US is progressing very well and the company
projects to have phased out the majority of NIOX MINO devices before end of this
year.  Quarter to date the US converted 310 NIOX VERO installations, but more
importantly, the rate of conversions has been steadily accelerating with January
at 23%, February at 83%, and March at 139% of target, as more customers become
aware of the new device.

  · Total tests sold (repeat and initial) were 732k (560)* tests, an increase of
31%. Total repeat test volume increased by 30%.
  · The Gross Margin for the period was 59% (70%)*. The reduction as compared to
prior year was driven primarily by the launch of the NIOX VERO in the US,
whereby existing customers are being proactively converted over to the NIOX VERO
device and pricing option reductions implemented in the US market during Q3
2014. Additionally, there was a change in channel mix.
  · The operating loss increased to SEK 51.6m (44.6)*.  When adjusting for
currency exchange effects of approximately SEK 10.2m, the net operating loss
decreased SEK 3.2m to SEK 41.4.
  · The loss after tax was SEK 73.4m (52.9)*, corresponding to a loss per share
before and after dilution of SEK 0.21 (0.16)‡.
  · Cash flow for the period was positive in the amount of SEK 340.5m (-59.3)*
due to the completion of the rights offering in February 2015 which resulted in
proceeds of SEK 445m before transaction costs.

Significant Events January – March 2015

  · On January 7, 2015, the Extraordinary General Meeting resolved to approve
the Board of Directors’ resolution to increase the Company’s share capital
through a rights issue of shares with pre-emptive rights for the shareholders.
  · On January 29, 2015, the Company announced that Japanese health authorities
have cleared the use of the Company’s FeNO-measuring device NIOX VERO® as a tool
for assessing patients with allergic airway inflammation such as asthma. NIOX
VERO® will be introduced on the Japanese market in the beginning of the second
quarter 2015.
  · On February 6, 2015, the Company announced the completion of the rights
offering, which was over-subscribed.  The Company received approximately SEK
445m, before transaction costs.
  · On March 6, 2015, the Company announced that the US FDA had granted it
regulatory clearance to operate the NIOX VERO® wirelessly with BlueTooth®
technology in the US.

Significant Events, After the Period

  · On April 16, 2015, the Company announced changes to the Executive Leadership
Team whereby Morten Høgholm Pedersen, MD PhD will be joining the Company as VP
Global R&D and Product Management and Caroline Andersson, the Company’s General
Counsel was promoted to the Executive Leadership Team.  Additionally, the
Company announced the departure of Ken Marshall, President of Aerocrine, Inc.
and VP of Global Marketing, effective April 30th 2015.
  · On April 22, 2015, the Company announced the launch of the NIOX VERO in
Japan. The Launch was marked by an event hosted with the Swedish Embassy in
Tokyo Japan.  Dr. Lars Gustafsson, one of the founders of Aerocrine spoke
regarding the history of FeNO.  Dr. Ichinose, Key Opinion Leader in Respiratory
medicine also gave a clinical summary for the use of FeNO in clinical practice.
Several guests attended including:  Panasonic Health Care, our development
partner in Japan and CHEST, MI, Aerocrine’s distributor in Japan.
  · On April 27, 2015, the Company announced that it has noted recent
speculation in the markets. The Board of Aerocrine confirmed that it is in
preliminary discussions with a third party concerning a public offer for
Aerocrine. There can be no certainty that an offer will be made, nor as to the
terms of any such offer. A further announcement will be made in due course.

For further information:

Scott Myers, Chief Executive Officer, Aerocrine AB: +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 Nasdaq Stockholm Stock Exchange in 2007.

*Note all numbers in ( ) are the corresponding period previous year and in the
same unit.

†Note Global Research sales were formally referred to as Strategic sales in
prior interim and year-end financial reports issued by the Company.  The Company
believes that Global Research is more descriptive of the pharmaceutical and
clinical research organization sales associated with this aspect of the
Company’s commercial operations and customers.  These sales are impacted by the
size and timing of clinical trials and can fluctuate substantially between
periods.

‡Loss per share has been calculated in accordance with IAS 33, which stipulates
that if a rights issue is offered to all existing shareholders, the number of
ordinary shares to be used in calculating earnings per share for all periods
before the rights issues is recalculated to reflect the effect of the rights
issue.

This is information that Aerocrine AB (publ) is required to publish in
accordance with the Swedish Securities Markets Act and/or the Swedish Financial
Trading Act. This information was submitted for publication on May 12, 2015, at
8.00 a.m.