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Extension of CEO Steen Krøyer`s Option Agreement

(Oslo, 28 December 2012) Bionor Pharma ASA (OSE: BIONOR) today announced that the Board of Directors has extended CEO Steen Krøyer`s option agreement for one more year.

The 500.000 options was granted at a share price of NOK 1.90, i.e. 30% above the market price  the date Steen Krøyer was announced as the Company`s new interim CEO (5. September 2011). The extension is valid  until 1 January 2014.

Bionor Pharma expects a new CEO to substitute Steen Krøyer in 2013, and the extension of the option agreement is therefore not depending on a commercial agreement. Bionor Pharma has informed that the company is in the process of initiating a commercial partnering process, which will run in parallel with the ongoing comprehensive clinical and preclinical programme. As announced at the AGM 11 May 2012, Steen Krøyer will take the position as Deputy Chairman of the Board of Directors once the new CEO is in place.

If the shares are vested, they cannot be sold 12 months after the purchase, or as long as Krøyer holds a Board position in the Company.

The options granted are part of the Board`s general authorization to issue shares for use in the Company's share option program for management and key personnel. So far, 5.1 million options of the total mandate of 10 million shares are awarded under this authorization.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contact information
Bionor Pharma ASA, Oslo: +47 23 01 09 60
Dr. Lars H. Høie, MD, PhD, Chairman
Hilde Aalling Syvertsen, Director Communications & Corporate Affairs