Report from Aerocrine’s Extraordinary General Meeting

SOLNA, Sweden – Aerocrine AB (NASDAQ Stockholm: AERO B) today announced that the
Extraordinary General Meeting held this morning 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.
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AUSTRALIA, HONG KONG, JAPAN, CANADA, SINGAPORE, SOUTH AFRICA, THE UNITED STATES,
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BE UNLAWFUL.

The rights issue is to be carried out on the terms and conditions adopted by the
Board of Directors on November 27, 2014:

  · Aerocrine’s shareholders shall have pre-emptive rights to subscribe for the
shares, whereby each existing share held on the record date for entitlement to
participate in the rights issue, January 12, 2015, entitles to seven
subscription rights and two subscription rights entitle to subscription for one
new share.
  · The subscription price is SEK 0.82 for each share, whereby Aerocrine, at
full subscription, will receive approx. SEK 445 million before transaction
costs.
  · The subscription period is January 14, 2015 – January 28, 2015 with a
possibility for the Board of Directors to extend the subscription period.
  · A maximum number of 542,721,067 new shares may be issued, whereby the share
capital is increased by not more than SEK 271,360,533.50 at full subscription.
  · The record date at Euroclear Sweden AB for entitlement to receive
subscription rights is January 12, 2015.

To enable the rights issue, the general meeting further resolved, in accordance
with the Board of Directors’ proposal, on an amendment to the Articles of
Association as regards the limits for the company’s share capital and the number
of shares.

Aerocrine has secured subscription and underwriting undertakings corresponding
to at least approx. 60 percent of the total rights issue amount if no other
shareholders or investors participate in the rights issue.

Further information on the rights issue will be included in the prospectus
expected to be published on January 12, 2015. The minutes kept at the
Extraordinary General Meeting will be published on the company’s webpage within
two weeks.

Preliminary timetable for the rights issue:

First day of trading for shares excluding subscription rights
January 9, 2015

Record date for participation in the rights issue
      January 12, 2015

The subscription period commences
        January 14, 2015

Trading in subscription rights and BTA commences
January 14, 2015

Trading in subscription rights concludes
        January 26, 2015

Subscription period concludes
              January 28, 2015

Preliminary outcome in the offering announced
   January 30, 2015

Final outcome in the offering announced
        February 4, 2015

Trading in BTAs concludes
                February 20, 2015

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.

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.

The information is disclosed pursuant to the Securities Markets Act and/or the
Financial Instruments Trading Act. The information was submitted for publication
at 11:45 on January 7, 2015.