Outlook

Outlook for 2013
Veloxis is expecting an operating loss of DKK 170 - 200 million compared to the realized operating loss of DKK 262 million in 2012. The net loss is likewise expected to be in the range of DKK 170 - 200 million compared to the net loss of DKK 263 million in 2012. As of 31 December 2012, the Company’s cash position equaled DKK 497 million and the Company’s 31 December 2013 cash position is expected to be in the range of DKK 270 - 310 million.

The above estimates are subject to possible changes primarily due to the timing and variation of clinical activities, related costs, royalty and other partner income, and fluctuating exchange rates.