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Saniona: Saniona participates in formation of Initiator Pharma A/S and spins out three noncore Saniona programs

Saniona, a leading biotech company in the field of ion channels, today
announces that Saniona has participated in the formation of Initiator
Pharma A/S (Initiator Pharma), a company focused on developing drugs
for treatment of erectile dysfunction. Saniona owns 60% of Initiator
Pharma, which has subsequently acquired three noncore programs from
Saniona A/S. The management of Initiator Pharma plans to apply for a
public listing at AktieTorget in Sweden. The board of directors of
Saniona intends to propose at an extra ordinary general meeting that
Saniona's shareholding in Initiator Pharma shall be distributed to
Saniona's shareholders as a specific dividend payment before the
listing of Initiator Pharma. The potential distribution of Saniona's
shares is subject to application of Lex ASEA under the Swedish income
tax act.

"The management team of Initiator Pharma has really impressed us. They
have performed important preclinical studies around one of the
compounds in the programs and have a profound knowledge of developing
these assets, which Saniona does not intend to develop internally. By
combining the knowledge of the Initiator Pharma Founders and the
technology from Saniona, we can create a new interesting company to
the benefit of patients and Saniona's shareholders," says Jørgen
Drejer, CEO of Saniona.

"We are very enthusiastic about the possibility of developing
compounds acquired from Saniona. Our lead compound is positioned for
treatment of the large group of patients with erectile dysfunction
that do not respond to current treatments like Viagra. We see a
significant potential for this compound, which is based on a unique
mode of action and which may address a significant medical need
within this large market," says Claus Olesen, CEO of Initiator

The three programs, which Initiator Pharma acquires from Saniona A/S,
comprise three monoamine reuptake inhibitors. Saniona has not
discussed these assets publicly previously since Saniona does not
plan to develop these assets and the technology does not fit into
Saniona's research platform within ion channels. The Founders of
Initiator Pharma intend to develop these assets for various
indications. The lead compound will be positioned for erectile
dysfunction where the Founders have obtained promising results in
preclinical animal studies. Initiator Pharma intends to raise capital
with the aim of starting preclinical development in preparation of
Phase 1 clinical trials.

Initiator Pharma intends to submit an application for trading of the
company's shares at AktieTorget in Sweden. Saniona has forwarded a
request to the Swedish tax authorities in order to obtain prior
confirmation whether a potential distribution of all Saniona's shares
in Initiator Pharma is covered by Lex ASEA in the Swedish income tax
act. The Founders and Saniona may consider other alternatives for
financing the company if Saniona is unable to distribute its
shareholding in accordance to Lex ASEA.

Saniona cannot give taxation advice and cannot be held responsible for
any taxation consequences. A preliminary evaluation of the taxation
consequences indicate that the distributed shares will not be taxed
until a gain is realised for shareholders in Sweden if distributed in
accordance to Lex ASEA and that the distributed shares for
shareholders in Denmark may cause a very modest immediate taxation
and further tax after realising any gains.

Saniona commercializes its research efforts through three different
business models including internal development through early phases
of drug development, through early stage research collaborations, and
through spin-outs. The formation of Initiator Pharma represents a
variant of the third model.

For clarity, the Founders, management and the other shareholders of
Initiator Pharma are independent of Saniona's board, management and
major shareholders of Saniona.

For more information, please contact

Thomas Feldthus, EVP and CFO, Saniona, Mobile: +45 2210 9957, E-mail:

Claus Olesen, CEO, Initiator Pharma, Mobile: +45 6126 0035, E-mail:

About Saniona

Saniona is a research and development company focused on drugs for
diseases of the central nervous system, autoimmune diseases,
metabolic diseases and treatment of pain. The company has a
significant portfolio of potential drug candidates at pre-clinical
and clinical stage. The research is focused on ion channels, which
makes up a unique protein class that enables and controls the passage
of charged ions across cell membranes. Saniona has ongoing
collaboration agreements with Upsher-Smith Laboratories, Inc.,
Productos Medix, S.A de S.V and Saniona's Boston based spinout
Ataxion Inc., which is financed by Atlas Venture Inc. and Biogen Inc.
Saniona is based in Copenhagen, Denmark, where it has a research
center of high international standard. Saniona is listed at
AktieTorget since April 2014 and has about 3,000 shareholders. The
company's share is traded under the ticker SANION. Read more at

About Initiator Pharma

Initiator Pharma is a newly established biotech company based in
Aarhus, Denmark. The company's lead compound IPED2015 represents a
novel treatment paradigm for the treatment of Erectile Dysfunction
(ED) and may improve the quality of life for the growing number for
patients (and their partners) that do not respond or cannot be
treated with the current marketed medication.

Current guidelines recommend Viagra type drugs (PDE5 inhibitors) such
as sildenafil, vardenafil and tadalafil) as the first line treatment
of ED, however approximately 30-40% of men with ED do not respond to
drug therapy (Gupta et al, 2005). Patients suffering from neurologic
damage, diabetes mellitus or severe vascular disease as well as
patients treated with certain antidepressants, antipsychotics and
anxiolytics may be resistant to PDE5 inhibitors (Jackson et al, 2006,
Gratzke et al, 2010).

Erectile dysfunction affects more than 150 million men worldwide and
that number is expected to increase to more than 322 million by 2025.
The market was valued to more than USD 4.3 billion in 2012, but is
expected to decrease to a value of USD 3.4 billion in 2019 because of
patent expiration of especially PDE5i compounds. With 30-40% of the
ED patients and with an estimated general increase of ED patients by
2025 the market size for new non-PDE5i treatments is expected to
comprise more than 100 million patients. This major unmet medical
need constitutes a unique opportunity for launching a new ED product
targeting this specific group of patients, which do not respond to
PDE5i drugs.

Initiator Pharma believes that IPED2015 may become first line of
treatment for the PDE5i non-responders and non-users with its unique
mechanism of action that do not interfere with the cardiovascular
system and that very uniquely can initiate an erectile response in
contrast to all other marketed drugs, which only boost a local
erectile response.

IPED2015 is supported by a large preclinical package that Initiator
Pharma have combined with a highly experienced ED research group and
specific competencies within conducting preclinical, clinical
development and regulatory approval. This combination represents a
unique opportunity to attain a clinical Phase 2 Proof-of-Concept with
3-4 years' time frame.

Initiator Pharma Management

Claus Olesen PhD, Founder and CEO

Dr. Olesen has been in involved in numerous drug development projects
in both academic and industrial collaborations. He is the co-founder
of Pcovery Aps (2009) an antifungal Biotech situated in Copenhagen
and NMD Pharma (2015) a biotech company focused on the development of
new treatments for various neuromuscular disorders. Dr. Olesen earned
his PhD. in Physiology and Biophysics from Aarhus University. He is
the author of a number of articles including two first authorship
articles in Science and Nature.

Dan Peters, Ph.D., Founder and CTO.

Dr. Peters joined NeuroSearch in 1991 and served as project manager
for the monoamine reuptake program from 1999, where he developed a
novel platform of compounds including the compounds of Initiator
Pharma as well as NSD-644, NSD-761 and NSD-788 which were taken into
the clinic. From 2000-2011 Dr. Peters served as Director of Medicinal
Chemistry and was in 2007 appointed Vice President of Medicinal
Chemistry. Dr. Peters has authored more than 70 peer-reviewed
scientific articles and is inventor of more than 100 patent-families.
Dr. Peters is the founder of DanPET AB and holds a Ph. D. in
Chemistry from the University of Lund.

Ulf Simonsen MD. PhD. Professor, Founder and CMO

Prof. Ulf Simonsen became Professor of Pharmacology at Aarhus
University in 2005 and head of Department of Pharmacology from
2006-2011. In collaboration with Dr. Inigo Saenz de Tejada, Ulf
Simonsen was the first to investigate the function of the smallest
arteries in the penis (the "helicine" arteries), and since then he
has been an active member of the European Society of Sexual Medicine,
and Committee of World Health Organisation's consultations on
erectile dysfunction. The research group of Prof. Ulf Simonsen has
ample experience in preclinical models for erectile dysfunction and
cardiovascular disease from cell to man and participates in clinical
studies. Prof. Ulf Simonsen is a medical doctor from Aarhus
University and earned his PhD in physiology from Complutense
University, Spain. He is author or co-author of more than 155 peer
reviewed papers in international journals, several book chapters, and
a couple of patents.

Mikael Thomsen, M. Sc., Ph.D., CSO.

Dr. Thomsen has worked in the pharmaceutical industry for 20 years in
companies like Novartis Pharma and Novo Nordisk as well as at the
U.S. Food and Drug Administration. He is co-founder of a number of
biotech company including OSI Prosidion Ltd (UK), Sound Biotech (DK),
Concit Pharma (DK) and Conrig Pharma (DK). He is an experienced
Clinical Pharmacologist where he was responsible for planning and
conduction of Preclinical, Phase 1 and Phase 2 activities. He has
taken numerous compounds from research/pre-clinical into Phase 1/2.
Dr. Thomsen has two M. Sc. degrees (Pharmacy and Human Biology) and
has a PhD in Pharmacology and Toxicology (University of Copenhagen
and FDA site, Arkansas, US) and a degree in Pharmaceutical Medicine
(ECPM, Basel, Switzerland).


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