Zealand Pharma

Share Issue/Capital Change • Jun 22, 2015

Company Announcement No. 29/2015

Zealand announces an amendment to its Articles of Association to reflect an increase in share capital after exercise of employee warrants

Copenhagen, 22 June 2015 – Zealand Pharma ("Zealand") (Nasdaq Copenhagen: ZEAL) announces an amendment to its Articles of Association to reflect an increase in the company's share capital following exercise of employee warrants as announced in Company Announcement no. 28/2015 on 20 June 2015.

The share capital has been increased by nominal DKK 46,521 to nominal DKK 23,518,108 divided into 23,518,108 shares with a nominal value of DKK 1 each.

The amendment of Zealand's Articles of Association entailed by the share capital increase has today been registered with the Danish Business Authority. The new Articles of Association are attached to this announcement and are also available on the company's website: www.zealandpharma.com.

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For further information, please contact:

Hanne Leth Hillman, Senior Vice President, Investor Relations & Communications Tel: +45 50 60 36 89, email: hlh@zealandpharma.com

About Zealand Pharma

Zealand Pharma A/S ("Zealand") (Nasdaq Copenhagen: ZEAL) is a biotechnology company based in Copenhagen, Denmark. Zealand has leading expertise in the discovery, design and development of novel peptide medicines and possesses in-house competences in clinical trial design and management with a therapeutic focus on metabolic diseases and acute care indications. The company is advancing a proprietary pipeline of novel medicines alongside a partnered product and development portfolio.

Zealand's first invented medicine, lixisenatide, a once-daily prandial GLP-1 agonist for the treatment of Type 2 diabetes, is marketed globally (ex-US) as Lyxumia® and is in Phase III development as a single-injection combination with Lantus® (LixiLan), both under a global license agreement with Sanofi. US regulatory filing for Lyxumia® is planned for Q3 2015 and filing for LixiLan is planned for Q4 2015 in the US and Q1 2016 in Europe.

Zealand's proprietary pipeline include danegaptide (prevention of Ischemic Reperfusion Injury) in Phase II and the stable glucagon analogue, ZP4207 in two Phase I trials as a single-use rescue pen (severe hypoglycemia) and a multiple-dose version (mild to moderate hypoglycemia) as well as several preclinical peptide therapeutics. Partnering represents an important component of strategy to leverage in-house expertise, share development risk in large clinical trials, provide funding and commercialize the company's products. Zealand currently has global license agreements and partnerships with Sanofi, Helsinn Healthcare and Boehringer Ingelheim.

For further information: www.zealandpharma.com Follow us on Twitter @ZealandPharma