Report from the Annual General Meeting in Orexo held on April 27, 2006

The Annual General Meeting resolved to re-elect Monica Caneman, Johan Christenson, Hans-Peter Hasler, Zsolt Lavotha, Staffan Lindstrand, John Sjögren and Kjell Strandberg as members of the Board of Directors and to re-elect Håkan Åström as Chairman of the Board for the period until the close of the next Annual General Meeting. At the statutory meeting of the Board of Directors in conjunction with the Annual General Meeting, Håkan Åström, Johan Christenson and Hans-Peter Hasler were re-elected members of the Remuneration Committee and Johan Christenson, John Sjögren and Kjell Strandberg members of the Product Development Committee and Håkan Åström, Monica Caneman and Staffan Lindstrand members of the Audit Committee. The Meeting resolved that the fees to the Board should amount to SEK 1,700,000, to be allocated with SEK 500,000 to the Chairman of the Board, SEK 1,050,000 to the other Board members and SEK 150,000 for work within the Board’s committees. The Meeting resolved to establish a Nomination Committee. The Meeting resolved to amend the Articles of Association, whereby the Articles of Association, inter alia, were adapted to the new Swedish Companies Act. The Meeting resolved to authorize the Board to resolve to issue not more than 1,300,000 new shares against payment in kind. The Meeting approved the Board’s proposal of principles for remuneration and other terms of employment for the company’s executive management. The Meeting resolved to adopt a new employee stock option program including the issue of warrants and approval of the disposition of the warrants under the employee stock option program. The employee stock option program comprises 200,000 employee options. Each employee stock option can be exercised to acquire one share in Orexo against payment of an exercise price determined as the market value of the Orexo share at the time of allotment. 133,500 warrants will be issued to the wholly owned subsidiary Pharmacall AB as hedge for the program. Full exercise of the employee stock options results in a dilution of approximately 0.9 percent of the share capital and votes in the company. For more information, please contact Zsolt Lavotha, President & CEO, Orexo AB Tfn: +46-18-780 88 12, e-mail: Claes Wenthzel, Executive Vice President and CFO, Orexo AB +46 (0)18 780 88 44, +46 (0)708-62 01 22, e-mail: