APIM Therapeutics Closes a Seed-Follow-Up Financing Round

Financing Will be Used to Advance the Preclinical Investigation of APIM Therapeutics' Lead Compound in Further Cancer in vivo Studies, Predominantly Myeloma and Acute Myeloid Leukemia

TRONDHEIM, Norway, March 21, 2011 - APIM Therapeutics AS, an early-stage Norwegian therapeutic
company, is pursuing a novel drug approach with the ability to potentiate the
action of a wide range of chemotherapeutic drugs currently used to treat
several types of cancer. Based on an original discovery by Prof. Marit
Otterlei and co-inventors at NTNU (Trondheim, Norway), APIM Therapeutics is
currently developing proprietary peptide drugs targeting PCNA (Proliferating
Cell Nuclear Antigen), an emerging cancer drug target implicated in the
regulation of cellular responses to DNA damage and stress. The company's lead
drug candidate, ATX-101, has shown promising preclinical anti-cancer activity
in several in vitro and in vivo models and is currently being developed as a
novel anti-cancer treatment targeting DNA repair and cell cycle control in
tumor cells.

The follow-up investment is provided by Sarsia Seed, an early stage
investment fund located in Bergen, Norway. This is the second seed investment
by Sarsia Seed to APIM Therapeutics to-date. APIM Therapeutic's current
shareholders include the inventors from the Dept. of Cancer Research and
Molecular Medicine at NTNU, NTNU Technology Transfer AS and Sarsia Seed.

Multiple myeloma is an incurable disease representing a constantly
growing cancer market expected to reach $5.3 billion by 2018 in the 7 major
markets (USA, France, Germany, Italy, Spain, UK and Japan). As current drugs
have limited therapeutic potential and are highly toxic, there is a
continuous need for more effective and less toxic therapies across all lines
of treatment. Similarly, and despite recent therapeutic advances and high
cure rates in some disease sub-groups, leukemia patients are still in the
need of safer and more effective treatments. Examples of underserved patient
groups include elderly patients particularly in acute myeloid leukemia,
chronic lymphocytic leukemia and chronic myeloid leukemia and patients with
certain genetic characteristics. Acute myeloid leukemia is the indication
with the highest number of drugs in clinical development of all leukemia
subtypes indicating a high unmet need in the treatment of this severe
indication.

Konstantinos Alevizopoulos, CEO of APIM Therapeutics:"We are
delighted that Sarsia Seed has provided this follow-up funding, which is a
vote of confidence in the company's results so far. The funding will allow us
to pursue further in vivo testing of the current lead compound aiming to
substantiate the application of this novel therapeutic concept within the
field of cancer."

Farzaad Abdi-Dezfuli, PhD, Partner at Sarsia Seed:"APIM
Therapeutics offers a unique co-drug approach that can improve the
therapeutic window of several chemotherapeutic agents. The method is expected
to provide novel therapeutic options and strong economic benefits to
healthcare systems".

    For further information, please contact:
    APIM Therapeutics AS (www.apimtherapeutics.com)
    Konstantinos Alevizopoulos, CEO
    Tel: +30-69-425-57-640

    Sarsia Seed AS (www.sarsiaseed.com)
    Farzaad Abdi-Dezfuli, Partner
    Tel: +47-90-59-72-90

    Additional websites:
    Norwegian University of Science and Technology (
    www.ntnu.edu)

For further information, please contact: APIM Therapeutics AS (www.apimtherapeutics.com), Konstantinos Alevizopoulos, CEO, Tel: +30-69-425-57-640, e-mail: kalevizo at apimtherapeutics.com; Sarsia Seed AS (www.sarsiaseed.com), Farzaad Abdi-Dezfuli, Partner, Tel: +47-90-59-72-90, e-mail: farzaad.abdi-dezfuli at sarsiaseed.com