Company Announcement
No. 04/2011

24 February 2011


Warrant Programme - New Articles of Association


Following company announcement no. 03/2011, it is hereby announced that the
final number of warrants issued by the board of directors of Zealand Pharma A/S
at the board meeting of 10 February 2011, according to the authority provided
by Section 8.1 of the Articles of Association, amounts to 445,500 for the
subscription of up to 445,500 shares each with a nominal value of DKK 1. 

The amendment of the Articles of Association entailed by the issue of warrants
has today been registered with the Danish Commerce and Companies Agency. The
new Articles of Association are attached to this announcement. 

For a further description of the issued warrants, reference is made to Company
Announcement No. 03/2011 of 10 February 2011. 


                                        
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For further information, please contact:

Zealand Pharma A/S
David Solomon, President and Chief Executive Officer
Tel: +45 4328 1200


About Zealand Pharma

Zealand Pharma is a Danish biopharmaceutical company dedicated to the discovery
and development of innovative peptide drugs. The company is based in Copenhagen
and joined the NASDAQ OMX Copenhagen in November 2010 trading under the ticker
symbol ‘ZEAL'. 

Zealand Pharma targets diseases where it believes existing treatments fail to
adequately serve the medical needs of patients and the market potential for
improved treatments through the use of peptide drugs is high. 

Zealand Pharma focuses on three therapeutic areas: metabolic (diabetes and
obesity), gastrointestinal and cardiovascular diseases. The company's expertise
in peptide discovery, optimization and development has resulted in a strong and
growing pipeline of novel peptide drug candidates with favourable therapeutic
attributes. 

Since 1999, Zealand Pharma's scientists have built a pipeline that includes
five compounds in clinical development, four of which have been out licensed,
two of these with major pharmaceutical companies (sanofi-aventis and Helsinn
Healthcare). All of Zealand Pharma's compounds emerged from the company's own
drug discovery. 

For more information please visit the company's web site: www.zealandpharma.com.