Saniona AB: Saniona's renames the Upsher-Smith program to Proxima program

PRESS RELEASE

April 28, 2017

Saniona, a leading biotech company in the field of ion channels, today announces that its partner Proximagen Ltd. has become a wholly-owned subsidiary of the Evenstad holding company ACOVA. Saniona's collaboration with Proximagen on an ion channel program for neurological diseases will continue unchanged. As a consequence of the transaction, the program will be renamed to the Proximagen program.

"We highly appreciate the collaboration with Proximagen and acknowledge that this innovative program remains a high priority drug discovery program within Proximagen. We see the new direct line from Proximagen to the holding company ACOVA as a strategic important step to secure Proximagen's focus on developing innovative small molecule therapeutics in CNS, inflammation and pain," says Jørgen Drejer, CEO of Saniona.

The Evenstad Family will continue to fund Proximagen through ACOVA whereas the generic pharmaceutical business Upsher Smith Laboratories, Inc. is divested.

For more information, please contact

Thomas Feldthus, EVP and CFO, Saniona, Mobile: +45 2210 9957, E-mail: tf@saniona.com

The information was submitted for publication, through the agency of the contact person set out above, at 17:00 CET on April 28, 2017.

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 Boehringer Ingelheim GmbH, Proximagen Ltd., Productos Medix, S.A and Luc Therapeutics, Inc. Saniona is based in Copenhagen, Denmark, where it has a research center of high international standard. Saniona is listed at Nasdaq First North Premier and has about 5,000 shareholders. Pareto Securities is Certified Advisor for Saniona. The company's share is traded under the ticker SANION. Read more at www.saniona.com .

About Proximagen

Proximagen and its predecessor companies have a long heritage in discovery and development of novel small molecule therapeutics, in particular in the areas of CNS, pain and inflammation. Proximagen has an integrated drug discovery facility based in Cambridge, UK and a focused US-based team providing drug development, project management and translational medicine expertise. Proximagen benefits from ownership by the Evenstad family, long term investors in innovative small molecule drug discovery and development who have owned Proximagen since 2012, initially as a wholly owned subsidiary of Upsher-Smith Laboratories, Inc.