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Santaris Pharma - Interim Report for the Period 1 January to 30 June 2009
Date:7/14/2009

ea - microRNA in Denmark, BRIC, Cph. University, Denmark - European Association for the Study of the Liver, Copenhagen - AACR, Annual meeting. - 15th Annual Scandinavian Atherosclerosis Conference - Meeting Medicon Valley arranged by Medicon Valley Alliance, Cph. - DxRx Summit, Boston, USA - Danish Biotech Annual Meeting - Tides, Las Vegas, USA - BIO, Vancouver, USA - microRNA Symposium 2009, Vienna. - DDD Meeting Japan - SMI 4th conference on RNAi, miRNA and siRNA - XV International Symposium on Atherosclerosis - 4th Nucleic Acid Chemical Biology (NACB) Symposium, Odense

Santaris Pharma is represented in the Advisory Board of the Keystone Symposia.

Guidance for 2009

Santaris Pharma guidance for the year ending 31 December 2009 is a loss after tax in the range of DKK 115 - 125 million.

Flemming Ornskov Soren Tulstrup

Chairman of the Board President and CEO

FINANCIAL REVIEW

The Financial Statements in this Interim Report are presented in accordance with IAS 34 as adopted by the EU and additional Danish disclosure requirements for Interim Reports of listed companies. The accounting policies are consistent with those applied in the Annual Report for 2008. The Interim Report is un-audited and un-reviewed.

The Income Statement, the Balance Sheet, the Statement of change in Equity, the Cash Flow Statement and the Cap table are presented below.

Income Statement (1 January - 30 June 2009)

The loss after tax realised in the 2nd quarter of 2008 was 21,6m (2,9m EUR) compared to 29,8m DKK (4,0m EUR) in 2008. The accumulated loss after tax for the first half of 2009 was 34,5m DKK (4,6m EUR) compared to 65,6m DKK (8,8m EUR) in 2008.

The Revenues for the 2nd quarter 2009 amounted to 12,6m DKK (1,7m EUR) compared to 23,
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