Outlook for 2014

Veloxis is expecting an operating loss of DKK 60 - 90 million compared to the realized operating loss of DKK 136 million in 2013. Net loss is expected to be in the range of DKK 55 - 85 million compared to the net loss of DKK 139 million in 2013. As of 31 December 2013, the Company’s cash position equaled DKK 329 million and the Company’s 31 December 2014 cash position is expected to be in the range of DKK 230 - 270 million.

The above estimates are subject to possible changes primarily due to the timing of regulatory approvals and associated milestone payments along with variation of clinical activities and fluctuating exchange rates.