Advent Venture Partners' portfolio company Algeta raises NOK 250 million in successful offering

Oslo, Norway, 26 March 2007 – Algeta ASA, the Norwegian cancer therapeutics company, today announced the successful closing of its initial public offering. The offering was more than two times oversubscribed and was priced in the upper half of the price range at NOK 47 per share. Gross proceeds (before over-allotment) amount to NOK 250 million ($41 million). The offering took place in conjunction with Algeta’s listing on the Oslo Stock Exchange. Algeta shares are expected to begin trading on the Oslo Stock Exchange (ticker: ALGETA) on Tuesday, 27 March 2007.

The equity offering attracted a substantial number of international institutional investors, including many European and US investors with a focus on life science investments.

John Berriman, Chairman of the Board of Algeta, said: “We are delighted to have successfully closed this offering, and very pleased to add so many international institutional specialist investors to our shareholder base. I would like to thank all those involved in the IPO process for their hard work, but special thanks are due to Thomas Ramdahl and his team for their unstinting efforts since the very early days of the company.”

Thomas Ramdahl, President and CEO of Algeta, said: “With the recently announced Phase II data demonstrating a survival benefit for our lead product, Alpharadin, Algeta is at an exciting stage in its development. The funds raised from this offering will now allow us to accelerate the clinical development of Alpharadin and advance our pipeline of preclinical product candidates towards the clinic. I look forward with confidence to continued progress in the future.”

ABG Sundal Collier Norge and DnB NOR Markets acted as Joint Lead Managers and Terra Securities has acted as Co-Lead Manager. The issue comprises 5,319,148 new shares, and a further 797,852 shares have been allocated under the manager's over-allotment option. The issued share capital of Algeta ASA after the equity offering (before over-allotment) will be NOK 8,231,654, equalling 16,463,308 shares of NOK 0.50 par value.

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For further information, please contact:

Dr Thomas Ramdahl, CEO or Geir Christian Melen, CFO, +47 23 00 79 90 / +47 913 91 458 (mob), +47 23 00 79 84 / +47 913 02 965 (mob), post@algeta.com

Dr Mark Swallow / Helena Galilee, Citigate Dewe Rogerson, +44 (0)207 638 9571, mark.swallow@citigatedr.co.uk

About Algeta: Algeta ASA is a Norwegian therapeutics company built on world-leading expertise in nuclear medicine and oncology and dedicated to the development of novel anticancer therapeutics based on alpha particle emitting radionuclides.

By harnessing the unique characteristics of alpha emitters, such as high potency and short range, Algeta is developing new therapeutic candidates and technologies targeting metastatic and disseminated tumors and promising unrivalled potency without unacceptable toxicities.

Algeta's lead product candidate, Alpharadin, has completed one Phase II trial and is currently in two further Phase II clinical trials as a potential new treatment of hormone refractory prostate cancer. Based on results to date, it is expected to progress to clinical Phase III trials. Alpharadin is a novel bone-seeking radiopharmaceutical based on the alpha particle emitter radium-223 and may potentially target skeletal metastases from multiple cancer types.

Algeta is also developing other technologies for delivering alpha emitters including microparticles, liposomes and its receptor targeting technology, which is designed to enhance the potency of therapeutic antibodies and other tumor-targeting molecules by linking them to the alpha particle emitter thorium-227.

The Company is headquartered in Oslo, Norway, and was founded in 1997 as Anticancer Therapeutic Inventions.

Alpharadin and Algeta are trademarks of Algeta ASA.

Important Notice:

This press release is not for distribution to United States, Canada or Japan news services or for dissemination in the same countries or elsewhere where such dissemination is not appropriate. This news release is not and under no circumstances is to be construed as a solicitation, offer, or recommendation, to buy or sell securities issued by Algeta. This press release may not be relied upon by any person to whom it was not intended to be provided. These materials are not an offer of securities for sale in the United States, Canada or Japan. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Algeta ASA has not registered, and does not intend to register, any portion of the offering in the United States

This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Algeta. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Theses factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.

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