SnowWorld N.V. — Earnings Release 2009

Mar 11, 2010

PRESS RELEASE

Lelystad, 11 March 2010

FINAL ANNUAL FIGURES FOR 2009

FORNIX ACHIEVES HIGHER NET PROFIT WITH A SLIGHT FALL IN TURNOVER, AND WILL ONCE AGAIN DISTRIBUTE THE ENTIRE NET PROFIT AS DIVIDEND

• Appeal against rejection of Oralgen® Grass Pollen for registration dismissed; the company is considering an appeal to the Council of State;
• Strategic reorientation is well under way;
• Proposal for superdividend to be discussed at next shareholders' meeting.

Key figures 2009
In EUR millions (except figures per share)	2009	2008	Increase/(decr ease)
Turnover	37.8	39.8	(5.2%)
Gross result	30.4	32.9	(7.4%)
Other operating income	0.3	0.2	23.1%
Total expense 1 )	16.8	20.5	(17.8%)
1 ) of which expense in allergy research	3.4	5.8	(41.4%)
Result from operating activities (EBIT)	13.9	12.6	10.0%
Net financial income/expense	0.9	1.3	(30.1%)
Profit before tax	14.8	13.9	6.3%
Profit after tax	11.0	10.3	7.6%
Earnings per share	EUR 1.43	EUR 1.39	2.9%

2009 highlights

• Net profit up 7.6% to € 11.0 million with 5.2% fall in turnover
• Earnings per share up 2.9% to € 1.43 (2008: € 1.39)
• Proposal to again distribute entire profit of € 11.0 million as dividend with stock option
• EBIT up 10% to € 13.9 million, mainly due to a decline in research costs of € 2.4 million
• Turnover at the Allergy Division fell 10.6% to € 26.1 million, mainly due to difficult market conditions in Q4
• Despite this, we retained our market-leading position in sublingual immunotherapy in the Netherlands (around 70%)
• Despite positive results from a further study of Oralgen® Grass Pollen, another rejection of the registration application; appeal resumed with the District Court of Zwolle
• Lack of registration and absence of market regulation by government requires a radical strategic reorientation
• Reimbursement of allergen products Oralgen® Pollen and Oralgen® House-dust mite ensured by legal ruling until 1 July 2012, or until final decision is made on registration (if earlier)

• Continuing uncertainty in the market regarding approval of unregistered allergen products

• Interim results from first year of 3-year Oralgen® Grass Pollen study will be published during a later phase of the study

• Turnover at Artu Biologicals Deutschland double to € 2.8 million, mainly due to medical aids
• EBIT at Artu Biologicals Deutschland is € 0.2 million positive, compared to € 0.7 million negative in 2008
• Turnover at Medical Aids Division falls 4.5% to € 9.3 million in 2009 due to pricing measures and parallel imports
• EBIT at Medical Aids falls to € 2.4 million (2008: € 2.6 million); loss of two distribution contracts with effect from 2010
• New General Manager of the Medical Aids Division appointed as of 1 January 2010
• The company's financial position remains solid.

Events after balance sheet date

• At the end of February 2010, the administrative court of Zwolle-Lelystad dismissed Fornix's appeal against the rejection of registration of Oralgen® Grass Pollen by the Dutch Medicines Evaluation Board (College ter Beoordeling van Geneesmiddelen, or CBG). We are considering a higher appeal to the Council of State
• There is a possibility that the Council of State will issue a final decision regarding the application to register Oralgen® Grass Pollen during 2011
• Superdividend to be discussed at shareholders' meeting due to high cash position
• The strategic reorientation is well under way.

Outlook 2010

In view of the continuing uncertainty in our markets and the still unresolved situation regarding registration, we cannot issue any forecasts for turnover and earnings development in 2010 at this time.

CEO Cees Bergman on the results in 2009:

"For Fornix BioSciences, 2009 was a year in which external factors led to confusion and uncertainty in the market for allergen products, and within Fornix itself. Once again, our application for registration was rejected by the CBG, despite what we consider to be a thorough and convincing clinical study. Our appeal against the previous rejection was also unsuccessful. We are considering a higher appeal to the Council of State. The government has made attempts to regulate the market for unregistered allergen products, but these had to be abandoned after legal action by third parties. Fortunately, through legal proceedings we were able to secure the reimbursement of our most important Oralgen® allergen products until 1 July 2012, or at such time as a final decision is made regarding registration, if earlier. This ensures that Fornix's cash flow will remain positive for the time being."

Fornix BioSciences N.V. (Euronext Amsterdam: AFORBI) had another challenging and turbulent year in 2009, partly due to government regulation regarding the reimbursement and approval of unregistered allergen products and the legal proceedings Fornix BioSciences had to conduct in relation to the registration and reimbursement of its principal Oralgen® products. Net profit was higher than in 2008, but in the Netherlands turnover at both the Allergy Division and the Medical Aids Division declined slightly due to the difficult market conditions and intervention by the government and health insurers. Artu Biologicals Deutschland performed well, in line with expectations. Turnover doubled, and the company achieved a positive EBIT, whereas a loss was made in 2008 due to start-up costs.

Net profit was up 7.6% compared to 2008 at € 11 million, and also exceeded the level forecast in November 2009 of € 10.2 million. EBIT was up 10% at € 13.9 million (2008: € 12.6 million). The increase in profit compared to 2008 is mainly attributable to lower costs, especially in the area of clinical research at the Allergy Division.

Our German subsidiary produced a good performance, doubling its turnover and making a positive

contribution to the company's earnings for the first time.

Turnover at Fornix BioSciences was down 5.2% at € 37.8 million (2008: € 39.8 million). The decline was mainly due to a sharp fall in turnover by the Allergy Division due to the continuing uncertainty regarding approval and reimbursement of unregistered allergen products.

The original regulation for these products, which came into effect on 1 October 2009, has now been withdrawn. Definitive regulation is not expected until a new section of the relevant legislation is amended. After a ruling by the Court of Appeal in The Hague, the reimbursement of the company's most important allergen products, Oralgen® Pollen and Oralgen® House-dust mite, is secured until 1 July 2012, or at such time as a final decision is made regarding registration. There is a possibility that the Council of State will issue a final decision regarding the application to register Oralgen® Grass Pollen during 2011.

	Turnover		EBIT
In EUR millions	2009	2008	2009	2008
Allergy Division	26.1	29.2	12.5	12.7
Artu Biologicals Deutschland	2.8	1.4	0.2	(0.7)
Medical Aids Division	9.3	9.7	2.4	2.6
Elimination	(0.4)	(0.5)	-	-
Total segments	37.8	39.8	15.1	14.6
Other	-	-	(1.2)	(2.0)
Total Fornix BioSciences	37.8	39.8	13.9	12.6

Turnover and EBIT per division / unit

Allergy Division

Despite turbulent market conditions, last year the Allergy Division managed to maintain its high market share in the Netherlands of around 70%. As a result of the uncertainty in the market already mentioned and the ongoing run-off of patients completing the normal three to five years of immunotherapy, turnover at the Allergy Division fell 10.6% to € 26.1 million (2008: € 29.2 million). The division's EBIT came to € 12.5, compared to € 12.7 in 2008. This relatively small decline in relation to the fall in turnover was mainly due to reduced costs for clinical research, which were down 41.4% at € 3.4 million. During the reporting year, the start of two planned phase II/III studies into the effectiveness of Oralgen® Tree Pollen and Oralgen® House-dust mite were delayed, awaiting the outcome of the various legal proceedings and legislative processes for unregistered allergen products in the Netherlands.

Artu Biologicals Deutschland

Turnover doubled in Germany, in line with expectations, rising to € 2.8 million (2008: € 1.4 million) on strong growth in sales of medical aids.

EBIT was € 0.2 million positive, against a negative figure of € 0.7 million in 2008.

Medical Aids Division

Turnover at the Medical Aids Division fell to € 9.3 million (2008: € 9.7 million) and EBIT declined to € 2.4 million (2008 € 2.6 million) due to continuing price and margin pressure, and increased parallel imports. During the year, it became clear that two relatively important distribution contracts would not be extended in 2010. A new General Manager of the division has been appointed as of 1 January 2010.

Legitimacy of reimbursement

Last year, the government intervened in the still unregulated market for unregistered allergen products. Under new regulation effective on 1 October 2009, unregistered allergen products could only be provided to new patients in a very limited number of cases. The decision has since had to be reversed, due to successful litigation by two other allergen manufacturers.

Thanks to a ruling by the Court of Appeal in The Hague in September 2009, Fornix BioSciences is

assured of reimbursement of its most important Oralgen® (Pollen and House-dust mite) products until 1 July 2012, or when a final ruling is made regarding the registration of these products, if earlier. There is a possibility that the Council of State will issue a final decision regarding the application to register Oralgen® Grass Pollen during 2011. Besides one registered alternative which is administered differently, strictly speaking these are the only sublingual allergen products (administered under the tongue) for which approval and reimbursement has been secured. Fornix BioSciences therefore expects to be able to maintain its strong market position in this field for the time being.

Clinical development and registration

As an extension of the reimbursement issue, the question of the registration of Oralgen® Grass Pollen is still unresolved. After the CBG declared in March 2009 that the results of a follow-up to a pan-European study of the effectiveness and safety of Oralgen® Grass Pollen had not convinced it to review its previous decision to reject registration, the appeal against a previous rejection at the District Court of Zwolle was continued. This led to a court session in November 2009. On 26 February 2010, the District Court of Zwolle dismissed the appeal of Fornix BioSciences against the previous rejection of the registration application. Fornix is currently considering whether to appeal against this ruling at the Council of State.

In the meantime, as part of the Clinical Development Plan in 2008 a new multi-year clinical phase III study AB0801 into the effectiveness and safety of Oralgen®Grass Pollen was initiated. The first interim analysis was completed at the end of December 2009. The results will, however, be published during a later stage, to ensure the scientific integrity of the rest of the study and to avoid endangering the evaluation of the data by the registration authorities.

Due to the disappointing rejection of the results of the Oralgen® Grass Pollen follow-up study by the CBG in March 2009, Fornix BioSciences decided in mid-2009 to put the planned clinical phase II/III studies of the products Oralgen® Tree Pollen and Oralgen® House-dust mite on hold for the time being. This decision led to a decline in clinical research costs in 2009 of 41.4%, to € 3.4 million.

Entire profit again to be distributed as dividend, superdividend to be discussed at AGM

As in the previous three years, Fornix BioSciences will propose to the Annual General Meeting of Shareholders on 23 April 2010 that the entire net profit of € 11 million in 2009 should be distributed as dividend, with the option to take the dividend in shares. The company is making this proposal because it has an ample cash position. The proposed dividend per share for 2009 will thus amount to € 1.43, compared to € 1.39 for 2008, subject of course to deduction of the interim dividend distributed in September 2009 of € 0.65.

The company's financial base remains sound, with a cash position of more than € 35 million. Some shareholders have indicated that a partial distribution of the cash position would be appreciated, particularly since the possibility of international acquisitions is dependent on resolution of the registration issue. This is indeed the reason why this cash position has been retained, and why we intend to put the issue of a superdividend to the forthcoming AGM.

Results in general

Turnover

Turnover at the Allergy Division, Artu Biologicals Deutschland and the Medical Aids Division fell slightly in 2009 to € 37.8 million, from € 39.8 million in 2008. The decline was due to a drop of 10.6% in turnover at the Allergy Division and a slight fall in turnover at the Medical Aids Division.

Gross margin

The gross margin (or gross turnover result in the financial statements) came to € 30.4 million in the financial year, which is 80.6% of turnover. This is a decline of 7.4% compared to the gross margin in 2008 (€ 32.9 million).

Other operating income

The other operating income of € 0.3 million in 2009 (2008: € 0.2 million) mainly concerns subsidies. In 2008 this item chiefly consisted of subsidies and allocation of costs to the Trading Division disposed of on 1 October 2007.

Costs

Costs in 2009 amounted to € 16.8 million compared to € 20.5 million in 2008, a decline of € 3.6 million or 17.8%. The decline in costs was mainly due to much lower costs for the Clinical Development Plan of € 3.4 million in 2009 compared to € 5.8 million in 2008, a fall of € 2.4 million or 41.4%. Moreover, the costs of the share plan were more than € 0.5 million lower last year than in 2008. Contrary to the approach used in 2008, the costs in 2009 take account of shares not granted in 2009 and shares not expected to be granted in subsequent years.

EBIT and net profit

Due to the reduction in costs, EBIT increased 10% from € 12.6 million to € 13.9 million. The net profit of Fornix BioSciences rose 7.6%, from € 10.3 million in 2008 to € 11 million last year. Due to the company's strong cash position, the profit of € 11 million will, subject to approval by the Annual General Meeting of Shareholders, be distributed to shareholders as dividend with a stock option.

Financing

Fornix BioSciences is financed mainly with equity capital. At end 2009, equity stood at € 54.8 million, which is 90% of the total balance sheet (year-end 2008: 86%). Fornix BioSciences has no credit facilities.

Other balance sheet items

The value of the inventory at year-end 2009 was € 4.3 million (year-end 2008: € 3.7 million), which is an increase of 14.6%. Inventory at the Allergy Division at year end was € 2.8 million, compared to € 2.6 million at year-end 2008. The debtor portfolio as of 31 December 2009 was 20.5% lower at € 4.1 million (2008: € 5.2 million), with the debtor credit period remaining more or less unchanged. The trade accounts payable item fell from € 2.6 million at year-end 2008 to € 1.3 million at 31 December 2009.

Strong cash position

Thanks to the good results from all divisions (Allergy Division, Artu Biologicals Deutschland and Medical Aids Division), the company had an excellent cash position at the end of 2009. Fornix BioSciences has no debt, and as of 31 December 2009 held a cash position of over € 35.2 million (2008: € 32 million). Furthermore, based on the closing price of 31 December 2009, the company holds € 2.3 million of its own shares in portfolio. Given the company's ample cash position, the Board of Directors will formulate a proposal for a so-called superdividend and put this to the Annual General Meeting of Shareholders. The proposal will reflect the cash position required to follow the company's strategic direction.

Strategy and targets for Fornix BioSciences

The core competence and business of Fornix BioSciences is the development and marketing of sublingual immunotherapy products for patients with an inhalation allergy. In the last 11 years, Fornix BioSciences has developed a market share of around 70% in this field and is thus the indisputable market leader in the Netherlands. In recent years, the strategy became increasingly focused on the further (international) expansion of this business. On the basis of the registration of Oralgen® Grass Pollen in the Netherlands, the plan was to achieve registration in other European countries via the mutual recognition procedure and to set up sales organisations by means of acquisitions. The strategy for the Medical Aids Division was to focus on organic growth. In the past year, in the light of the dramatically changed situation regarding the registration of Oralgen® Grass Pollen, the government restrictions regarding the approval of allergen products and the resulting changes to the reimbursement system, the strategy for Fornix BioSciences was reviewed. All potential strategic options were considered, taking account of the following aspects:

• Optimisation of stakeholder interests
• The effect of the registration issue on the future of Fornix BioSciences
• The effect of the reimbursement issue on the future of Fornix BioSciences
• Possibilities for protecting the distribution network in the Netherlands
• Entering into a strategic joint venture
• The current strategies for the two divisions
• Emphasis on diagnostic and therapeutic allergen products
• Growth at the Medical Aids Division should preferably be on an organic basis.

Due to all the uncertainties, Fornix BioSciences was continuously evaluating all the available options in 2009 for the company as a whole, as well as for the Allergy Division and the Medical Aids Division independently. These considerations were recently again affected by the ruling of the District Court of Zwolle and will lead to concrete decisions being taken as soon as possible.

Results per division

Allergy Division

(in EUR millions)	2009	2008	2007
Net turnover	26.1	29.2	28.9
EBIT	12.5	12.7	13.8
Number of employees as at 31 December	87	85	83

The Allergy Division consists of the subsidiary Artu Biologicals Europe, which in the Netherlands is involved in scientific research, development and sales of diagnostic and therapeutic allergen products for patients with an inhalation allergy. For some years now, the division is the most profitable part of Fornix mainly due to its allergen products such as Oralgen® and the already registered veterinary allergen product Artuvetrin® . For the further development of these products and ultimately their registration, a sizeable Clinical Development Plan is in operation which will require substantial investment over many years. Artu Biologicals Deutschland is no longer part of the Allergy Division. The situation at Artu Biologicals Deutschland will be described separately.

Turnover at the Allergy Division, consisting of Artu Biologicals Europe with 87 employees in 2009 (2008: 85), fell 10.6% to € 26.1 million (2008: € 29.2 million) due to the uncertainty among doctors, chemists and patients regarding availability and reimbursement, but probably also because of the doubts about registration. This affected both Artu Biologicals and the market as a whole in the first months of the year, but especially in Q4 2009. Moreover, the number of patients completing the therapy after the normal treatment period of three to five years was relatively higher. Artu Biologicals nonetheless was able to maintain its dominant market share in the Netherlands of around 70%.

The EBIT of the Allergy Division declined slightly from € 12.7 million in 2008 to € 12.5 million last year. This relatively small decline was related to lower phase III research costs, which fell € 2.4 million to € 3.4 million due to the postponement of two planned phase II studies of Oralgen® Tree Pollen and Oralgen® House-dust mite.

The necessary measures were taken to remove the uncertainty among doctors and chemists regarding the legitimacy and reimbursement of Oralgen® . With the exception of Oralgen® Grass Pollen, Tree Pollen and House-dust mite, Artu Biologicals is no longer supplying any products to wholesalers, only directly to chemists. This enables Artu Biologicals to ensure that all orders and dosages correspond to the prescriptions of doctors to patients, and to check whether the products are suitable for the patients concerned. This has been accompanied by extensive communications.

Other allergen products

With growth of 10% (2008: 12%), the important veterinary allergen business through the product Artuvetrin® made a good contribution to the result. During the year, the distribution rights for the sale of nutraceuticals of the VetPlus® brand were also acquired. Nutraceuticals, a name coined from the words nutrition and pharmaceutical, are dietary supplements which can assist in the treatment of various complaints. The first sales are expected to be achieved in 2010.

Sales of the company's dietary supplements KeruTabs® and KeruLac® , intended for patients with an intolerance to lactose, were better than expected in 2009, mainly due to strong growth in Belgium.

After stabilising in 2008, sales in the Netherlands of the (licensed) registered subcutaneous (via injection) allergen product Pollinex® continued to decline in 2009. In future, Fornix BioSciences expects this product to be able to buck the downward trend in this fast-changing market, due to its registered status.

Sales of the licensed Anapen® maintained the level realised in 2008.

Strategy and outlook for Allergy Division in 2010

For the Allergy Division, and therefore for Fornix BioSciences as well, 2010 will be a decisive year. Both the rejection of our appeal against the previous rejection of the registration application and the legislation that the Ministry of Health, Welfare and Sport (Ministerie van VWS) is intending to introduce regarding the reimbursement of unregistered allergen products are factors which make it difficult to plan future projects.

Naturally, the multi-year phase III study of Oralgen® Grass Pollen will be vigorously pursued. Thanks to a ruling by the Court of Appeal in The Hague in September 2009, Fornix BioSciences is assured of reimbursement of its most important Oralgen® (Pollen and House-dust mite) products until 1 July 2012, or when a final ruling is made regarding the registration of these products, if earlier. There is a possibility that the Council of State will issue a final decision regarding the application to register Oralgen® Grass Pollen during 2011. We will also devote extensive effort in 2010 to supporting chemists and patients with regard to the uncertainties surrounding the approval and reimbursement of allergen products that arose in the second half of 2009.

The other products are very well positioned to achieve further sales growth in 2010. Lastly, the necessary attention will be devoted to the addition of new license products to the Allergy Division's existing portfolio during the year.

(in EUR millions)	2009	2008	2007
Net turnover	2.8	1.4	0.7
EBIT	0.2	(0.7)	(0.6)
Number of employees as at 31 December	16	6	4

Artu Biologicals Deutschland

Fornix BioSciences has been involved in marketing, selling and distributing immunotherapeutic allergen products and medical aids in Germany through its subsidiary Artu Biologicals Deutschland GmbH & Co. KG since June 2007. The Oralgen® product is sold in the German market under the brand Igevac® on a named-patient basis. The product is identical to Oralgen®

and is also manufactured by Artu Biologicals in Lelystad. A fast-growing range of medical aids is also distributed to wholesalers, hospitals, care homes and private individuals.

Sales of medical aids realised strong growth in 2009. In its second full year as part of Fornix BioSciences, Artu Biologicals Deutschland managed to double its turnover of € 1.4 million in 2008 to € 2.8 million in 2009. Despite investment in the organisation and the product range, a positive EBIT of € 0.2 million was achieved in 2009. In the previous reporting year, EBIT showed a loss of € 0.7 million.

The strategy in Germany was significantly adjusted to suit the circumstances. In 2007 Fornix BioSciences acquired the assets, including the rights to Igevac® , of Rölke Pharma, which had already obtained the German distribution rights for this product in 1996. The intention behind the acquisition by Fornix BioSciences was to further roll out the distribution of its allergen products in Germany after the registration of Oralgen® . This matter still has to be resolved. It was therefore decided to increase the size of Artu Biologicals Deutschland to achieve critical mass, and substantial investments in the organisation have been made in the past two years. During 2008, Fornix BioSciences studied the potential for improving its business model. Fornix BioSciences products such as Artuvetrin® , KeruLac® and KeruTabs® were also made available in Germany. The scar bandage Scarban® , represented in the Netherlands by Laprolan, was, after agreement with the manufacturer, also successfully introduced in Germany. The most important product for the German organisation is currently the anti-decubitus mattress sold under the DeCube® brand. The exclusive distribution contract (now for the whole of Europe) with the US manufacturer was acquired from the German distributor in 2008 for a cash payment of € 1.25 million.

The sale of Igevac® on a named-patient basis is gradually phasing out. The arrangement runs until 1 November 2011. The current turnover of this product of € 1.2 million will gradually decline further. We are studying the potential for applying the market know-how we have acquired in a financially beneficial way. Within two years, we expect turnover in Germany to consist entirely of sales of medical aids.

Outlook for Germany 2010

Fornix BioSciences expects Artu Biologicals Deutschland to continue to increase its turnover and its profitability. Further investments will also be made in a comprehensive range of distinctive and innovative medical aids.

(in EUR millions)	2009	2008	2007
Net turnover	9.3	9.7	8.7
EBIT	2.4	2.6	2.5
Number of employees as at 31 December	22	26	25

Medical Aids Division

The Medical Aids Division, consisting of Laprolan in Beuningen, has the exclusive sales rights for a wide range of medical aids in the Netherlands, in some cases in Europe as well. These products relate to areas including urology and stoma care, wound and scar treatments and antidecubitus care and are bought by various institutions (including hospitals and nursing homes), chemists, specialist medical suppliers, wholesalers and home care organisations.

The result realised by the Medical Aids Division in 2009 was not as strong as in 2008. Turnover declined 4.5% from € 9.7 million in 2008 to € 9.3 million in 2009. EBIT fell to € 2.4 million, compared to € 2.6 million in the previous year. Margins were under pressure from pricing measures and parallel trade. The sales organisation was restructured and now consists of 10

people who provide effective cover throughout the Netherlands. Sales of the anti-decubitus mattresses were down on the previous year. Procurement has been postponed due to active cost-cutting by the care institutions.

Sales of iQcath® and PolyMem® developed satisfactorily, despite the fact that these products are facing parallel imports or conversion by a similar product. Sales of the scar bandage Scarban® remained at the same level as in 2008, as did sales of washable underblankets. The outlook for the profitability of all product groups is less positive due to pressure on prices. The newly introduced stoma range developed in-house performed above expectations.

Strategy and outlook for Medical Aids in 2010

Laprolan has a solid basis for growth in the coming years due to its increased customer focus, a good strategy regarding product selection and an excellent position in the market through clear communication. The lower results in 2009 were largely due to external factors. The division will strive to restore growth on its own merits by being more visible in the market with an attractive offering of strong manufacturer brands and innovative proprietary products. We will also work more actively with existing market parties to increase the availability of the products. New management should give a new boost to sales. In 2010, we will endeavour as far as possible to make up for the loss of turnover and margin as a result of the terminated distribution contracts.

Outlook for Fornix BioSciences in 2010

In view of the continuing uncertainty in our markets described above and the still unresolved situation regarding registration, no forecasts for turnover and earnings development in 2010 will be made at this time.

END OF PRESS RELEASE

For more information, please contact: Fornix BioSciences N.V. C.L. Bergman, CEO Tel. (0320) 26 77 99 Website: www.fornix.nl

Profile of Fornix BioSciences N.V.

Fornix BioSciences N.V. is a listed company (Euronext Amsterdam: AFORBI) which engages mainly in the development and sale of diagnostic and therapeutic allergen products and the distribution of medical aids and medical and nursing consumables.

Fornix BioSciences N.V. has sites in Lelystad, Beuningen and Hamburg. The company currently has 138 employees and operates mainly in the Netherlands and Germany. Its activities are conducted by two divisions, the Allergy Division consisting of Artu Biologicals Europe and the Medical Aids Division. The activities of Artu Biologicals Deutschland are conducted separately from these two divisions.

The Allergy Division focuses on the development, production and sale of a wide range of patientfriendly immunotherapeutic products including the Oralgen® and Igevac® brands. These products are administered in the causal treatment of allergies triggered by various allergens, such as grass and tree pollen and house-dust mites. The development programme is supported by high-quality R&D activities and pan-European clinical studies on the effectiveness and safety of the various products. Clinical research should over time lead to the registration of the company's most important allergen products Oralgen® Grass Pollen, Tree Pollen and House-dust mite. In the coming years, the company intends to increase its focus on allergen products and to expand its position in the growing immunotherapy market in Europe.

Artu Biologicals Deutschland in Hamburg carries a growing range of medical aids in Germany on an exclusive basis. The Oralgen® equivalent Igevac® is also distributed in this market on a named-patient basis.

The Medical Aids Division consists of Laprolan, located in Beuningen. The division focuses on the sale, marketing and distribution of a wide range of medical aids and medical and nursing consumables.

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