ARTICLES OF ASSOCIATION

Article 1

The name of the company is Serodus ASA. The company is a public limited company.

Article 2

The company's registered office is located in the municipality of Oslo.

Article 3

The objects of the company include development, production and sale of bio-medical and pharmaceutical products as well as related activities, including participation in and cooperation with other companies.

Article 4

The share capital of the company is NOK 3,605,777.5 divided into 27,736,750 shares, each with a nominal value of NOK 0.13.

Article 5

The board of directors of the company shall consist of 3-7 members. The chairman of the board is elected by the general meeting. The authority to sign on behalf of the company is held by two board members jointly.

Article 6

The company's shares shall be registered with the Norwegian Central Securities Depository, VPS.

Article 7

The ordinary general meeting shall discuss and decide upon the following matters:

1. Approval of the annual accounts and annual report, including distribution of dividend
2. Any other business that, by law or pursuant to the articles of association, is to be determined by the general meeting.