Reminder: Invitation to Capital Markets Day 2012

Uppsala, Sweden, April 26, 2012 – We have the pleasure of inviting analysts,
investors and media to Orexo’s Capital Markets Day 2012 to be held in Stockholm
on May 3, 2012.
Date:           Thursday May 3, 2012
Time:          2 p.m. to 5 p.m.
Venue:
      Sveavägen 20, 9th floor, Stockholm. (Please note the change to
Stockholm)
RSVP:         registration ASAP via email to
info@orexo.com

Agenda and speakers
Orexo’s new management will present the
strategy, a financial review, a business update on Abstral and other launched
products together with status and ambitions with the proprietary development
programs (see agenda on the next page). The following speakers from the company
will give presentations:

  · Anders Lundström (President and CEO)
  · Carl
-Johan Blomberg (Chief Financial Officer)
  · Peter Edman (Chief Scientific
Officer)
  · Åsa Holmgren (Head of Regulatory Affairs)
  · Nikolaj Sørensen
(Chief Commercial Officer)

In addition to the management team Jennifer
Filbey, PhD, President of New Perspectives Inc., will provide a US perspective
on the opioid dependence market for OX219 and Dr. Mark Watling, Senior Partner
of TranScrip Partners LLP will provide his perspective on the relevant market
for OX51.

The Capital Markets Day will be held in English and afterwards all
presentations will be available on Orexo’s website www.orexo.com. For questions,
please contact Beata Augenblick, phone: +46 70 622 59 93.

I look forward to
meet you on May 3,

Anders Lundström
President and CEO

About Orexo
Orexo
develops and markets pharmaceuticals based on proprietary drug delivery
technologies applied to well-known substances. The company's largest product is
Abstral, a treatment of breakthrough cancer pain. Orexo’s shares are listed on
the Stockholm Stock Exchange and Danish Novo A/S and Swedish HealthCap are the
largest shareholders. More information can be found at
www.orexo.com

Agenda

2.00 - 3.40 pm  Orexo’s business model
Anders Lundström, CEO
                Proven track record: Diabact®,
Heliprobe®, Abstral®, Edluar™
                Anders Lundström, CEO
An exciting pipeline
                Presentation of Orexo’s key project:
OX27 – breakthrough cancer pain
                OX51 – procedure induced pain
OX219 – opioid dependence
                Peter Edman, CSO
Procedure induced pain – a significant opportunity for OX51
                Dr.
Mark Watling, Senior Partner, TranScrip Partners
                Opportunities
and advantages of 505(b)(2)
                – a smart registration path in the
US
                Åsa Holmgren, Head Regulatory Affairs
                The
US market for treatment of opioid dependence
                Jennifer A.
Filbey, Ph.D, CEO for New Perspectives Inc
3.40 - 4.00 pm  Coffee break

4.00
- 5.00 pm  Commercializing in the US
                Nikolaj Sørensen, CCO
A strong financial position
                Carl Johan Blomberg, CFO
The years ahead
                Anders Lundström, CEO
                Q&A
session