Orexo: Interim Report January - September 2007

Orexo (STO:ORXA):

KEY EVENTS DURING THE PERIOD

-- Net revenues amounted to MSEK 21.7 (80.3)

-- The loss after tax was MSEK 128.6 (loss: 20.5)

-- Earnings per share amounted to a loss of SEK 9.24 (loss: 1.54)

-- Orexo establishes a sales force in the Nordic markets by forming a joint venture with ProStrakan

-- The EU registration process of Rapinyl(R) has been referred to EMEA's Committee for Medicinal Products for Human Use (CHMP)

THIRD QUARTER 2007

-- Net revenues amounted to MSEK 6.5 (24.9)

-- The loss after tax was MSEK 34.1 (loss: 11.2)

-- Earnings per share amounted to a loss per share was SEK 2.44 (loss: 0.84)

KEY EVENTS AFTER THE PERIOD

-- Orexo enters agreement to acquire Biolipox - first step in creating innovative specialty pharma company

-- Orexo to convene Extraordinary General Meeting on November 1, 2007

-- Orexo reports positive results in comparative clinical Phase III trials for Sublinox(TM) (OX22)

-- Orexo commences phase 1 trials for its incontinence treatment

-- Orexo broadens its portfolio in pain relief - commences two new development projects

About Orexo

Orexo is a pharmaceutical company which focuses on identifying suboptimal therapeutic characteristics of existing products and developing more efficient and effective delivery methods for them. By combining approved active substances with Orexo's drug delivery technologies it is possible to significantly enhance their therapeutic value, such as providing quicker onset of action or ease of administration. This business model is aimed at bringing products to market faster with lower development risk and costs.

Orexo, which has its global headquarters and development laboratories in Sweden, currently operates across the world through development, licensing and distribution agreements in all major markets.

Orexo has a balanced portfolio with two products on the market, three in registration and/or late stage clinical phase, one in clinical phase I, one in formulation phase and two in early development phase.

Orexo is listed on the OMX Nordic List Mid Cap (STO:ORX). www.orexo.com

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