To NASDAQ OMX Copenhagen A/S
Announcement no. 11-13 / Copenhagen, April 11, 2013

Topotarget A/S today announced that 795,000 warrants have been issued to employees, management, and the Board of Directors.

The program comprises a total of 795,000 warrants of which 420,000 will be issued to employees, 200,000 to the company's executive management, and 175,000 will be issued to the company's Board of Directors. The aim of the issue is to give an incentive to individuals covered by the program to work towards a positive business performance and, by extension, an increase in the company's value and the market price of the company's shares.

Each warrant entitles the holder to subscribe one share of nominal DKK 1 in the company against cash contribution of DKK 2.93. The exercise price corresponds to the average price of the company's shares over the last ten trading days prior to the issue. Using the Black-Scholes model, the market value of the warrant program can be calculated at DKK 2.76 per warrant. The calculation is based on a volatility of 142% and a risk-free interest rate of 0.7%.

The warrants vest in blocks of 25%, 25%, and 50% on April 11, 2014, 2015, and 2016 respectively. Warrants may be exercised within a period of seven years from the date of grant. The exercise period for each block is fixed at fourteen days after the publication of the company's annual report for 2014, 2015, and 2016 and thereafter fourteen days after subsequent full-year and half-year reports. The last exercise of the granted warrants has been fixed at fourteen days after the publication of the company's annual report for 2020.

In accordance with Section 28a of the Danish Securities Trading Act, the company hereby makes public that the following members of the company's Board of Directors and managerial employees received warrants:

Board of Directors:

Bo Jesper Hansen (Chairman) 50,000 warrants
Jeffrey H. Buchalter 25,000 warrants
Ingelise Saunders 25,000 warrants
Anker Lundemose 25,000 warrants
Gisela Schwab 25,000 warrants
Karsten Witt 25,000 warrants

Management:

Anders Vadsholt, CEO 200,000 warrants

For further information, please contact:

Topotarget A/S
Anders Vadsholt, CEO: Direct: +45 39178345

Background information

About Topotarget
Topotarget (NASDAQ OMX: TOPO) is an international biopharmaceutical company headquartered in Copenhagen, Denmark, dedicated to clinical development and registration of oncology products. In collaboration with Spectrum Pharmaceuticals, Inc., Topotarget focuses on the development of its lead drug candidate, belinostat, which has shown positive results in the treatment of hematological malignancies and solid tumors, obtained by both mono- and combination therapy. For more information, please refer to www.topotarget.com.

Topotarget Safe Harbor Statement
This announcement may contain forward-looking statements, including statements about Topotarget A/S' expectations to the progression of Topotarget A/S' clinical pipeline and with respect to cash burn guidance. Such statements are subject to risks and uncertainties of which many are outside the control of Topotarget A/S, and which could cause actual results to differ materially from those described. Topotarget A/S disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by Danish law.


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