Interim Report – January to June 2009

Non-Regulatory

August 26, 2009

Financial Highlights

• Revenue for the the first six months of 2009 was SEK 12.7 (15.1) million
• Net loss for the period amounted to SEK –11.4 (-49.4) million
• Earnings per share was SEK –0.38 (-1.65)
• Cash flow from current operations was SEK –27.1 (-39.4) million
• SEK 36.4m raised in additional financing of which 20.2m in cash

Key Corporate Highlights

• A collaboration agreement has been signed with Biovitrum AB with the aim of developing new targeted therapeutics for inflammation and autoimmune diseases. This is in line with Affibody’ new strategy, aiming to generate profitable corporate partnerships across the life science sector based on its unique proprietary technology platforms: Affibody® molecules and AlbumodTMand designed to allow Affibody to reach its key corporate objective of sustainable profitability in the next two years.
• During the period, Affibody obtained the third and final approval required to commence a Phase I study in Germany with its lead molecular imaging agent, ABY-025, which is based on a highly specific Affibody® molecule that binds the breast cancer marker HER2.
• Affibody’ proprietary albumin binding technology, AlbumodTM, has gained interest from several companies searching for a relevant drug development technology.
• Post period, Affibody obtained approval to commence an exploratory clinical study regarding bladder cancer in Uppsala.

David Bejker CEO, said: “Affibody has during the first half of 2009 continued to deliver on the plan that was launched late last year. In spite of a weak financing climate, Affibody was able to raise capital in the second quarter. We greatly appreciate this sign of continued support from our founders and shareholders. I look forward to the second half of the year which I believe will include progress both on the clinical as well as the business development side.”