At the 2009 American Society of Clinical Oncology annual meeting Enzon reported that their candidate EZN-2968, an LNA-based drug candidate targeting the cancer associated protein HIF-1alpha, showed early signs of clinical benefit in previously treated cancer patients with advanced malignancies.

Another drug candidate, EZN-3042, targeting another cancer associated protein, Survivin, also entered clinical trials and will be explored in lymphomas and other solid tumors.

Accomplishing four strategic alliances in less than four years validates the promise and broad utility of the LNA Drug Platform and Drug Discovery Engine in developing RNA-based medicines for a range of disease areas, including infectious and inflammatory diseases, metabolic disorders, cancers and rare genetic diseases.

Delivering globally - expansion into the U.S.

To accommodate the expanding global interest in Santaris Pharma A/S and our LNA Drug Platform, we expanded and strengthened our business operations and executive team through the opening of a U.S. based office in San Diego and the appointments of Art Levin, Ph.D. as Vice President, Chief Development Officer and President, US Operations; Mark Wedel, M.D., FACP as Vice President and Chief Medical Officer, and Stuart Mackey, J.D. as Vice President and Chief Business Officer. The presence of a U.S. office further allows us to better explore new licensing opportunities and scientific collaborations, increase visibility with capital markets and attract leading talent.

Continuing to deliver on the promise of RNA medicines, today

Santaris Pharma A/S is well-positioned to capitalize on the exciting but challenging future of the healthcare industry. We are focused exclusively on using our LNA Drug Platform to discover, develop and deliver truly innovative medicines for serious diseases where options are inadequate or do not exist. The accomplishments seen in 2009 strongly reinforce our proprietary LNA Drug Platform and Drug Discovery Engine as one of the most promising approaches to developing innovative RNA targeted therapies medicines.

In 2010, we expect to continue to advance our LNA Drug Platform and Drug Discovery Engine, initiate multiple dose clinical studies with our lead candidate SPC3649 for the treatment of Hepatitis C, advance other LNA-based therapeutic candidates through the development cycle, further progress our existing key strategic alliances, bring in new alliances as appropriate and publish new studies in key scientific journals. We will seek further growth by demonstrating that the LNA Drug Platform and Drug Discovery Engine can be used to develop effective and well tolerated drugs across multiple RNA-targeting approaches and disease areas, becoming the partner-of-choice for pharmaceutical companies interested in commercializing RNA-targeted therapies and bringing our own, internal development projects to significant value inflection points.

I would also like to take this opportunity to thank our employees and stakeholders. Santaris Pharma A/S is a success because of our exceptionally talented and highly committed employees who have worked tirelessly in 2009 to reach our company goals. Furthermore, the support and advice received from our stakeholders and the company's directors have been invaluable. I remain impressed with the scientific expertise and commitment of our employees, stakeholders and Board of Directors to revolutionize the way we treat patients and bring RNA-targeted medicines to the patients who need them.

In 2010 and beyond, we will continue to focus on execution so that the full potential of our LNA Drug Platform and Drug Discovery Engine can be realized as we deliver on the promise of RNA-targeted medicines, today.


Søren Tulstrup
President and CEO