Avexxin Closes Financing Round

Financing Will be Used to Develop Avexxin's Lead Compound Against Psoriasis Through Clinical Phase I/IIa

TRONDHEIM, Norway, January 10, 2011 - Avexxin AS, a Norwegian pharma company focusing on the
development of novel small molecule therapeutics for patients suffering from
chronic inflammatory conditions, announces the closure of a financing round
enabling the company to take its lead compound against psoriasis through
early clinical development.

The investment is managed by Sarsia Seed, an early stage
investment fund located in Bergen, Norway, in syndication with Leiv Eiriksson
Invest, an early stage investment fund in Trondheim, Norway.

Psoriasis is a chronic, recurring skin disease, affecting 1-3%
of the world's population. It is characterized by abnormally high rate of
growth of skin cells resulting in red and inflamed skin and plague formation,
leading to low quality of life of the sufferers and often in severe morbidity
and disability. The underlying cause of disease is yet unknown, but a problem
with the immune system is believed to play an important role.

Avexxin was established in March 2005 as a result of several
years of scientific work at Prof. Berit Johansen's laboratory at the
Norwegian University of Science and Technology aiming at expanding the
insight into and understanding of the biology of the inflammatory
process.This has resulted in a novel therapeutic approach for the treatment
of psoriasis and other inflammatory disorders. Besides psoriasis, the company
currently has early development programs targeting rheumatoid arthritis and
glomerulonephritis.

The founders of Avexxin are the inventors from the Norwegian
University of Science and Technology and Oslo University together with Leiv
Eiriksson Nyskaping and Ventac Partners, an international team with extensive
experience in the management of life science companies. In 2007, Sarsia Seed
together with Karolinska Innovation became shareholders in the company.

Mikael Oerum, CEO of Avexxin: "The funding of Avexxin allows
the company to bring its lead compound against psoriasis through to
Proof-of-Concept in man. Based on Avexxin's advanced understanding of the
biology of the inflammatory process, the company is developing a new topical
treatment which we anticipate will offer symptom relief to psoriasis patients
in a manner which is more rapid and safe compared to current topical
products."

Farzaad Abdi-Dezfuli, PhD, Partner at Sarsia Seed: "We are
pleased to have been able to form an investment syndicate with Leiv Eiriksson
Invest supporting Avexxin's advancement of its novel psoriasis treatment into
clinical trials. We believe Avexxin offers a novel therapeutic approach to
the treatment of chronic inflammatory disorders, particularly in dealing with
mild-to-moderate psoriasis".

    Additional websites:

    Norwegian University of Science and Technology (www.ntnu.edu)
    Oslo University (www.uio.no)
    Leiv Eiriksson Nyskaping and Leiv Eiriksson Invest (www.len.no)
    Ventac Partners (www.ventac-partners.com)

For further information, please contact: Avexxin AS (www.avexxin.com), Mikael Oerum, CEO, Tel: +45-40-64-00-04, e-mail: moe at avexxin.com or moerum at ventac-partners.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 .