Orexo launches underwritten rights issue of MSEK 250

Not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Japan or Australia.

Read more about Orexo Rights Issue at:

For further information, please contact:

Anders Lundström, President and CEO of Orexo

Tel: +46-18-780 88 12

E-mail: anders.lundström@orexo.com

Håkan Åström, Chairman of the Board of Orexo

Tel: +46-70-622 59 93

E-mail: hakanastrom@aol.com           

About Orexo

Orexo is a pharmaceutical company focusing on developing treatments for pain and inflammation. The company has four commercialized products, several projects developed in partnership as well as three proprietary development programs. Orexo’s registered products are Abstral® for the treatment of break through cancer pain, sold by Kyowa Hakko Kirin/ProStrakan Group plc. in Europe and in the USA, the sleeping pill Edluar™, sold by Meda in the USA, as well as two products for the diagnosis of Helicobacter pylori which are being marketed by the subsidiary Kibion. More information can be found at www.orexo.com.

Orexo AB (publ) discloses the information provided in this press release pursuant to the Securities Markets Act. The information was provided for public release on 4 May 2011 at 7.15.a.m. CET. This press release has been prepared in both Swedish and English. In the event of any discrepancy in the content of the two versions, the Swedish version shall take precedence.

This press release does not constitute an offer of any securities of Orexo. The rights issue is not directed to shareholders or other investors domiciled in the United States, Canada, Japan or Australia, or in any other country where participation in the issue would require additional prospectuses, registration or other measures other than those pursuant to Swedish law or would conflict with regulations in such country. No shares, interim shares, subscription rights or other securities issued by Orexo have been or will be registered in accordance with the United States Securities Act of 1933, or in accordance with any securities legislation in any state of the United States or any province in Canada. Accordingly, no new shares, interim shares, subscription rights or other securities issued by Orexo may be transferred or offered for sale in the United States or Canada, other than in such exceptional cases that do not require registration. The rights issue is directed only at (i) persons who are outside the United Kingdom; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended); or (iii) persons to whom it can otherwise lawfully be directed at.