ArcticZymes Technologies — Share Issue/Capital Change 2010

Dec 23, 2010

Biotec Pharmacon successfully completed private placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES

Tromsø, Norway, 23 December, 2010:

Biotec Pharmacon ASA ("Biotec Pharmacon" or the "Company") today completed a

successful private placement towards professional Norwegian investors of

3,500,000 new shares at the price of NOK 6.30 per share. The share issue

represents approximately 14.81% of the shares outstanding prior to the

placement. Total gross proceeds from the private placement amounted to

approximately NOK 22.05 million.

New shares in the private placement will be issued in accordance with the Board

proxy established at the Company's Annual General Meeting held on 4 May, 2010,

but the new shares will not be tradable before the prospect is approved by the

Norwegian financial authorities. The total number of outstanding shares after

the issue will be 27,137,910 shares, each with a nominal value of NOK 1.00.

The Board of Directors will propose to the extraordinary general meeting to take

place in the course of January 2011 to conduct a subsequent offering of

1,200,000 shares directed towards existing shareholders in Biotec Pharmacon that

were not offered or invited to participate in the Private Placement. The

subsequent offering issue price will be NOK 6.30, in line with the issue price

in the Private Placement. The subsequent offering is subject to approval in the

extraordinary general meeting. The shares in Biotec Pharmacon will trade

excluding the right to participate in the subsequent offering from 23 December

SEB Enskilda is acting as sole lead Manager.

***

FOR DETAILS, CONTACT:

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 being a leading supplier of novel and

effective enzymes for diagnostics and genetic research. Principal office located

in Tromsø, Norway. For further information, visit www.biotec.no.

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

(Norwegian Securities Trading Act)

[HUG#1473244]