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CapMan’s portfolio company Aerocrine AB listed on the Stockholm Stock Exchange

15 June 2007 -- Aerocrine AB, a portfolio company of Swedestart Life Science fund, managed by CapMan, HealthCap, H&B, Investor and Scandinavian Life Science Venture, will today be listed on the Stockholm Stock Exchange with the ticker AERO. Swedestart Life Science fund did not sell its Aerocrine shares in connection with the IPO but holds approx. 6 per cent of the company’s shares. Aerocrine’s IPO does not have an impact on CapMan Plc’s result for 2007.

Aerocrine AB, a Swedish medical technology company founded in 1997, develops and commercialises products for improved management and care of asthma. The NIOX monitoring devices developed by Aerocrine measure the nitrogen content of the patient’s exhaled breath for the diagnosis and control of airway inflammation. Until now, routine assessment of airway inflammation has not been possible. The NIOX and NIOX MINO devices are designed for use in both clinical settings and the home. Asthma is a growing global health problem and it is now estimated that as many as 300 million people suffer from asthma worldwide. The direct annual healthcare costs of asthma in the US and Europe are estimated at approx. EUR 26 billion (approx. SEK 240 billion).

Aerocrine doubled its net sales in 2006 and the company has succeeded to grow profitably. The company has sought growth particularly in Germany, where it has established a sales organisation to market the NIOX MINO device. Aerocrine has an approval for marketing of NIOX by the FDA in the US. The objective of the IPO is to expand Aerocrine’s ownership base and to create prerequisites for future value creation and continuity of business operations.

CapMan Life Science invested in Aerocrine in 2005 and the company has shown good development during the investment period. The pre-IPO immediately prior the listing raised a total of SEK 225 million (EUR 24 million). The subscription price of shares in issue was SEK 25 per share, corresponding to a market capitalisation of approx. SEK 1 150 million (EUR 122 million).

Following the IPO CapMan funds own 2 769 160 listed shares in Aerocrine, representing 6 per cent of the company’s stock. The shares are subject to a 12-month lock-up period.

For further information, please contact:
Johan Bennarsten, Partner, CapMan Life Science, tel. +46 8 545 854 72 or +46 707 49 56 59

CapMan is one of the leading private equity investors in the Nordic countries and manages Nordic buyout, mezzanine, technology, life science and real estate funds with approximately EUR 3.0 billion in total capital. Each investment area has a dedicated team and altogether CapMan employs around 100 people in Helsinki, Stockholm, Copenhagen and Oslo. Established in 1989, CapMan has strong experience as a fund manager and as a partner for investors and entrepreneurs. To date CapMan has made over 150 Nordic investments and over 90 exits. The current portfolio encompasses over 60 companies with an aggregate turnover of approx. EUR 2.7 billion and aggregate personnel of 17,000 people. The latest investments are made in Finnish Movial Applications Oy, Danish IT2, Swedish QuickCool AB and Norwegian InfoCare ASA. In addition, CapMan has invested in almost 30 real estate assets and exited from 22. The B shares of CapMan Plc are listed on the Main List of the Helsinki Stock Exchange since2001.

Publisher Contact Information:

CapMan Capital Management Oy
+46 8 545 854 72

Company profile of CapMan Capital Management Oy
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