ArcticZymes Technologies — Capital/Financing Update 2011

Jan 27, 2011

Approved Prospectus for Subsequent Offering

Tromsø, 27 January 2011

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Reference is made to stock exchange release dated 23 December 2010 regarding the

completed private placement in Biotec Pharmacon ASA ("Biotec Pharmacon" or "the

Company"). Biotec Pharmacon has received approval from the Financial Supervisory

Authority of Norway (Finanstilsynet) on the following prospectus:

The Subsequent Offering of up to 1,200,000 Offer Shares at an Offer Price of NOK

6.30 per Offer Share with non-transferable preferential rights for Eligible

Shareholders as of 22 December 2010.

Subscription Period for the Subsequent Offering: 28 January - 10 February 2011

at 17:30 (CET), both dates inclusive. Preferential rights not used to subscribe

for Offer Shares before the expiry of the Subscription Period will be of no

value and will lapse without compensation to the holder.

Eligible Shareholders as of 22 December 2010, as registered in the VPS on 28

December 2010, have non-transferable preferential rights to participate in the

subsequent offering. Eligible shareholders will be notified in a separate letter

with an overview of rights allocated.

Oversubscription is allowed. Please refer to the prospectus dated 27 January

2011 for further details.

The prospectus and application form for the subsequent offering is available at

the Company's website www.biotec.no and at the website of the manager SEB

Enskilda (www.sebenskilda.no).

The prospectus can also be received free of charge on request to the manager or

the company. The prospectus is available at Biotec Pharmacon, Strandgata 3, N-

9008, Tromsø, Norway, from 31 January 2011.

Svein W. F. Lien, CEO

Mobile: +47 92 28 93 23

Arvid Vangen, VP Finance & Administration

Phone: +47 77 64 89 12

Mobile: +47 95 03 87 94

About Biotec Pharmacon:

Biotec Pharmacon is a biopharmaceutical company that develops and manufactures

new immunomodulatory products and cold adapted marine enzymes.  The company

focuses on new and effective solutions within wound care, cancer therapies and

other immune related disease areas, and aspires to become a leading supplier of

novel enzymes for diagnostics and genetic research.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1483046]