Quarterly Report April – June 2003

QUARTERLY REPORT APRIL – JUNE 2003

* A second preclinical milestone reached and milestone payment received in
the Merck collaboration.
* Promising animal data obtained in the AR prostate cancer project.
* Drug discovery phase in obesity project with Bristol-Myers Squibb has
been completed.
* New share issue successfully completed and fully subscribed, generated
MSEK 118.6.
* Net sales increased to MSEK 50.8 (39.0).
* Cash flows from operating activities improved to MSEK -0.6 (-7.9).
* Operating loss excluding goodwill amortization decreased to MSEK 1.0
(26.1). The loss for the period, including goodwill amortization,
decreased to MSEK 18.1 (79.7).
* Cash and cash equivalents and short-term investments amounted to MSEK
273.6 (227.2) at the end of the period.
* Loss per share for the period amounted to SEK 1.28 (6.22).

Huddinge, July 15, 2003

Björn Nilsson
President & CEO

For further information, please contact
Björn Nilsson, President & CEO tel. +46 8 608 60 20 or Bertil Jungmar,
Chief Financial Officer, tel. +46 8 608 60 52.

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