To NASDAQ OMX A/S Topotarget A/S Announcement No. 04-11 / Copenhagen, 14 March, 2011 Fruebjergvej 3 DK 2100 Copenhagen Tel: +45 39 17 83 92 Fax: +45 39 17 94 92 CVR-nr: 25695771 www.topotarget.com

Topotarget announces updates on in two clinical trials – NSCLC and ovarian

Copenhagen, Denmark - 14 March, 2011 – Today Topotarget A/S (NASDAQ OMX: TOPO.CO) announced updates on belinostat in two clinical trials – NSCLC and .

NSCLC - SPI-1014-Bel (Topotarget-Spectrum joint collaboration)

The SPI-1014-Bel trial has enrolled the first patient in the Topotarget/Spectrum-sponsored phase I/II trial of belinostat in combination with and in patients with stage IV NSCLC (non-small cell ).

The study

The study is an open-label single-arm phase I/II with belinostat in combination with carboplatin and paclitaxel in patients with previously untreated NSCLC. In phase I, the primary study objective is to determine the maximal tolerable dose of belinostat in combination with carboplatin and paclitaxel in the first-line treatment of patients with NSCLC. In the second stage of the study, the objective is to estimate the efficacy and safety of the combination.

Belinostat is administered as a 30-minute daily IV infusion on day one through five with carboplatin and paclitaxel been administered on day three. Treatment is given every third week and is repeated until disease progression. The study is expected to recruit 35 patients.

Axel Mescheder, MD, CDMO says: “The initiation of the NSCLC cancer study is a significant step forward for Topotarget as in this trial the BelCaP combination will be used and we believe that this triple combination offers the highest potential for clinical proof of benefit in the treatment of selected solid tumors such as ovarian cancer, bladder cancer and non-small cell lung cancer. In our pre-clinical model systems, we have shown excellent synergy between belinostat and the combination of carboplatin and paclitaxel in lung cancer cell lines. This treatment regimen was also used in the Topotarget-sponsored trial in patients with cancer of unknown primaries which recently completed enrollment”.

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Topotarget announces updates on belinostat in two clinical trials – NSCLC and ovarian cancer

Ovarian cancer – GOG 0126-T (NCI-driven study)

Preliminary analysis of GOG 0126-T trial has not shown enough activity to enter into second stage. Consequently the study will be ended.

The study

The study is an open-label single-arm phase II trial with belinostat in combination with carboplatin given to patients with ovarian cancer who progress during or shortly after first- line treatment with platinum containing . The trial is sponsored by the GOG with support from the NCI. Belinostat is administered as a 30-minute daily IV infusion on day one through five with carboplatin being administered on day three. Treatment is given every third week and is repeated until disease progression.

Axel Mescheder, MD, CDMO says that according to NCI: “The preliminary analysis of the first stage of the GOG trial did not show enough activity to continue into stage 2. However, in the GOG trial, belinostat was combined with carboplatin only and this, in our minds, does not exploit the full potential of belinostat. This is clearly demonstrated in an earlier Topotarget-sponsored trial, CLN-8, where 21 heavily pretreated patients suffering from ovarian cancer showed encouraging activity of the BelCaP combination treatment (belinostat, carboplatin and paclitaxel – triple therapy) with a response rate of 24%, progression-free survival of 5.5 months and a progression-free survival at 6 months of 37%. The results from CLN-8 have been presented at the AACR-NCI-EORTC conference in 2008 and demonstrate that the BelCaP regimen warrants further investigation in a larger and controlled trial“. He continues: ”We will await more data from the NCI/GOG trial for thorough analysis. Further plans will be envisioned based on triple combination at a later stage in respect to our clinical development in ovarian cancer”.

Today’s news does not change Topotarget’s full-year financial guidance.

Topotarget A/S

For further information, please contact:

Francois Martelet, CEO: Direct: +45 39 17 83 43; Mobile: +45 51 32 83 41 Axel Mescheder, CDMO: Direct: +45 39 17 83 14; Mobile: +45 51 55 71 66 Anders Vadsholt, CFO: Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55 Annette Lykke, IR Direct: +45 39 17 83 44; Mobile: +45 23 28 98 14

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Topotarget announces updates on belinostat in two clinical trials – NSCLC and ovarian cancer

Background information

About belinostat Belinostat is a promising small molecule HDAC inhibitor being investigated for its role in the treatment of a wide range of solid tumors and hematologic malignancies either as a single agent, or in combination with other active anti-cancer agents, including carboplatin, paclitaxel, doxorubicin, idarubicin, cis-retinoic acid, azacytidine, 5-FU, etoposide and Velcade® (bortezomib) for injection. HDAC inhibitors represent a new mechanistic class of anti-cancer therapeutics that target HDAC enzymes, and have been shown to: Arrest growth of cancer cells (including drug-resistant subtypes); induce , or programmed cell death; promote differentiation; inhibit angiogenesis; and sensitize cancer cells to overcome drug resistance when used in combination with other anti-cancer agents. Intravenous belinostat is in phase III in peripheral T-cell (PTCL) and is currently being evaluated in multiple clinical trials as a potential treatment for cancer of unknown primary (CUP), ovarian cancer, small cell lung cancer, thymoma, liver, soft tissue sarcoma, lymphoma, AML, and Myelodysplastic Syndrome (MDS), either alone or in combination with other anti-cancer therapies. Continuous intravenous administration (CIV) is being evaluated in clinical trials in solid tumours as well as in AML. Topotarget has a Agreement (CTA) with the NCI to clinical studies on belinostat in order to better understand its anti-tumor activity.

About Spectrum Pharmaceuticals, Inc. Spectrum Pharmaceuticals is a commercial-stage company with focus in oncology. The company's strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products. For more information, please visit the company's website at www.sppirx.com.

About Topotarget Topotarget (NASDAQ OMX: TOPO.CO) is a Scandinavian-based international biotech company headquartered in Denmark, dedicated to improve cancer therapies. In collaboration with Spectrum Pharmaceuticals Inc. Topotarget currently focuses on the development in pivotal studies of its lead drug candidate, belinostat, which has demonstrated a clear anti-neoplastic effect in both hematological malignancies and solid tumors. Belinostat can be used in combination with full doses of chemotherapy, and is currently in a pivotal trial within PTCL (peripheral T-cell lymphoma) and phase II in cancer of unknown primary site (CUP). Topotarget’s key cancer drug targets are HDAC, NAD+, mTOR, and topoisomerase II. Totect® is a product on the market developed from Topotarget’s drug discovery technology. Totect® is marketed by the company’s own sales specialists in the US. The European rights to Savene® were divested in March 2010 as a consequence of the focus to develop and commercialise belinostat. For more information, please refer to www.topotarget.com.

Topotarget Safe Harbour Statement This announcement may contain forward-looking statements, including statements about our expectations of the progression of our preclinical and clinical pipeline including the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Topotarget cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: The risk that any one or more of the programs of Topotarget will not proceed as planned for technical, scientific or commercial reasons or due to patient enrollment issues or based on new information from non-clinical or clinical studies or from other sources; the success of competing products and technologies; technological uncertainty and product development risks; uncertainty of additional funding; Topotarget's history of incurring losses and the uncertainty of achieving profitability; Topotarget's stage of development as a biopharmaceutical company; government regulation; patent infringement claims against Topotarget's products, processes and technologies; the ability to protect Topotarget's patents and proprietary rights; uncertainties relating to commercialization rights; and product liability exposure; We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

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