Interim Report – January to March 2010

Non-Regulatory

April 20, 2010

Financial Highlights

Revenue for the 1st Quarter 2010 was SEK 4.8 (5.7)million
Net loss for the period amounted to SEK -7.8 (-11.9) million
Earnings per share was SEK -0.11 (-0.40)
Cash flow from current operations was SEK -8.1 (-13.8) million

Key Corporate Highlights

During the period Affibody signed an agreement with an undisclosed company regarding its HER2 molecular imaging program, which includes ABY-025.
Affibody’s proprietary albumin binding technology, AlbumodTM, has gained interest from several companies searching for a relevant half-life extension technology.
An EGM held on April 15 resolved a share issue directed to existing shareholders. Fully subscribed the issue will bring SEK 29.5 million gross to the company.

David Bejker CEO, said: “Affibody has during the first quarter been able to move a number of business development discussions forward while in parallel reduced the financial uncertainty for the company by renegotiating existing agreements. We appreciate the strong support from investors in the ongoing share issue which also highlights the potential of our platforms”.

Affibody is a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody^® molecules and Albumod™.

Affibody is developing a portfolio of innovative drug projects and, in addition, offers the half-life extension technology, Albumod™, for outlicensing.

Affibody has ongoing commercial relationships with several companies including Algeta, Amylin, Swedish Orphan Biovitrum, GE, and Thermo Fisher.

Affibody was founded in 1998 by researchers from the Royal Institute of Technology and the Karolinska Institute and is based in Stockholm, Sweden. Major shareholders in the Company include HealthCap and Investor Growth Capital.

Further information can be found at: www.affibody.com