Orexo

Investor Presentation • May 12, 2008

Press release May 12, 2008

Orexo to present at BioEquity Europe 2008

Uppsala, Sweden - Orexo AB today announced that the company will present at the BioEquity Europe 2008 Conference on May 28.

The conference is being held on May 28-29 at Hotel Okura, Amsterdam, The Netherlands, and attracts investors from the European financial community. More information is found on www.biocentury.com/BCApp/BioCenturyCommon/BCConferences.aspx?ss=1

The slides from Orexo´s presentation will subsequently be available on www.orexo.com.

For further information, please contact:

Torbjörn Bjerke, President and CEO, Orexo AB Tel: +46 (0)708-66 19 90 E-mail: torbjorn.bjerke@orexo.com

Claes Wenthzel, Executive Vice President & CFO, Orexo AB Tel: +46 (0)18-780 88 44 E-mail: claes.wenthzel@orexo.com

TO THE EDITORS

About Orexo

Orexo is a pharmaceutical company, focusing on development of new, patented drugs by combining welldocumented substances with innovative technologies, and the development of new treatments for respiratory and inflammatory diseases.

Orexo has a broad and competitive late-stage product portfolio, including two marketed products, five products in clinical phase and two undergoing registration.

To date, Orexo have out-licensed the market rights for Rapinyl for the US, the EU and Japan markets, the worldwide market rights for Sublinox (OX22) and OX-NLA, and a out-license and research collaboration with Boehringer Ingelheim regarding the development of a new class of drugs to treat pain and inflammation. Also, Orexo has established a Nordic sales force by entering into a joint venture with ProStrakan.

Orexo has head office in Uppsala and is listed on the OMX Nordic Exchange Stockholm, Small Cap (ticker: ORX).

www.orexo.com