Cortendo AB Successfully Closes Private Placement

Partille, Sweden – Cortendo AB (publ) (CORT) today announced the successful closing of a
private placement and the first part of a two tranche rights issue totaling 11.426.071 shares offered
at SEK 1,155 (NOK 1) per share. 5.370.000 shares were issued to external investors. All existing
shareholders with a holding of 500.000 shares or more were offered to subscribe to two new
shares for every five existing shares. The second tranche of the rights issue will be offered to other
existing shareholders on the same terms. Shareholders will be able to subscribe to two new shares
for every five existing shares, at SEK 1,155 (NOK 1) per share. The company will distribute a
prospectus to other shareholders, which is expected to be available during the month of March or
April. The share issue has been approved by the board of directors of the Company in accordance
with an authorization given by the General Meeting held on 18 May 2011.

The proceeds of this financing round are intended to support the development of the company’s
pipeline.

‘We are very pleased with the support of our existing and new shareholders in this funding round
which helped to expedite and implement key corporate initiatives’, said Dr. H. Joseph Reiser, CEO of Cortendo.

The first tranche was subscribed by the following investors (with the corresponding number of
shares):

About Cortendo

Founded in 1996, Cortendo is a publicly traded, European based biopharmaceutical company that has pioneered cortisol inhibition as a treatment for Metabolic Syndrome (MES).  Lead drug candidate COR003, the 2S,4R-enantiomer of ketoconazole, is expected to enter Phase IIb clinical investigations for type 2 diabetes by the first quarter of 2012.  In parallel, Cortendo has plans to implement a broader pipeline expansion program existing of novel treatment approaches in diabetes and more near-term, revenue based opportunities.  Backed by a highly experienced leadership team, the Company’s expanded strategy will also include partnering discussions targeting the in-license of new programs in synergistic areas to provide future company growth and diversification.  For more information, please visit Cortendo’s website at www.cortendo.com.

Cortendo Forward-looking Statements

This press release contains forward-looking statements concerning Cortendo that involve a number of risks and uncertainties. All statements other than statements of historical facts included in this press release, including, without limitation, statements regarding the Company’s future financial position, strategy, anticipated investments, costs and results, plans, projects to enhance efficiency, outcomes of products development, future capital expenditures, liquidity requirements and objectives of management for future operations, may be deemed to be forward‐looking statements. These forward‐looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements or industry results to be materially different from those contemplated, projected, forecasted, estimated or budgeted, whether expressed or implied, by these forward‐looking statements. Given these risks and uncertainties, investors should not place any undue reliance on forward‐looking statements as a prediction of actual results. None of these forward‐looking statements constitutes a guarantee of the future occurrence of such facts and data or of actual results.  These statements are based on data, assumptions and estimates that the Company believes are reasonable. The forward‐looking statements contained in this document are made only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates of any forward-looking statements contained in this press release to reflect any change in its actual results, assumptions, expectations or any change in events, factors, conditions or circumstances on which any forward‐looking statement contained in this press release is based.