Borean Pharma raises Euros 4 Million in series A fundraising

Aarhus, Denmark, March 23, 2005 - Borean Pharma A/S, the biopharmaceutical and protein engineering company, today announced that it has raised €4 Million in a series A private equity financing. The fundraising was led by Aravis Venture and was joined by a consortium of the existing investors, Bankinvest, Novi and Incuba.

Johanna Holdack, CEO of Borean Pharma, commented:

“This fundraising puts us in a good position to progress our research and fund all existing programmes through to 2006. We plan to use this money to continue the development of lead compounds derived from our proprietary technology toward proof of concept in animals and later on in humans, and particularly the development of Apo A1 for the treatment of cardiovascular diseases.”

Jesper Zeuthen of Bankinvest and Chairman of Borean’s Board commented:

‘We are extremely excited about the validation of the technology through the TNF antagonist data and how we are looking forward to develop the company further together with our new lead investor, Aravis Venture.’

Jean-Philippe Tripet of Aravis Venture, who will be joining the board of directors, commented:

Borean has developed and validated a strong antibody-mimicking platform that enables very exciting programs and we are very pleased to support them at this pivotal stage in their development. We believe that Borean’s proprietary technology addresses a major bottleneck in the discovery of second generation biopharmaceuticals.”

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About Borean Pharma: www.boreanpharma.com

Borean Pharma was established with the objective to develop a new generation of pharmaceutical protein products. The company's competitive advantage lies in its proprietary technology, enabling it to develop a new generation of highly efficacious compounds and antibody analogues that can be produced in E.coli. The ease of production addresses a major shortcoming of monoclonal antibodies. Borean Pharma believes that it can unleash the true potential of biopharmaceuticals by providing efficacious and cost-effective protein-based antibody analogues.

About Aravis Venture: www.aravis.ch

Aravis, founded in 2002, is an international venture capital group focusing on early-stage Biotech companies with offices in Zurich, Switzerland and Menlo Park, California. The Aravis investment team is comprised of 14 partners, investment experienced leading scientists, venture capitalists and operating executives who have been involved with the successful financing, growth and realization of more than 80 Biotech companies worldwide over the last 15 years. With the combined know how of scientific expertise and management, Aravis seeks to add value to its investments by actively participating in the buildup and growth of its Portfolio Companies

For further information please visit the website at www.boreanpharma.com

Contact:

Dr. Johanna Holldack

CEO

Borean Pharma

t : +45 86 20 20 00

e: joh@boreanpharma.com

Jean-Philippe Tripet, CFA

Managing Partner

Aravis Venture

t : +41 (0)43 499 20 00

e:  jeanphilippe@aravis.ch

Dr. Douglas Pretsell

Senior Account Manager

Northbank Communications

t : +44 (0) 20 7886 8158

e:  d.pretsell@northbankcommunications.com