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Miles
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Danish Biotech Company Egalet Appoints New Chairman and New CEO


9/3/2007 6:00:57 PM

The Board of Directors of the Danish specialty pharmaceutical company Egalet and the company's principal shareholders have asked Michael Fiorini to step in as the company's new chairman. Michael Fiorini, replaces Egalet’s existing chairman, Seppo Mäkinen of Bio Fund Management ltd, who has chaired the board since 2005. Egalet has also appointed Peter Nordkild, formerly Chief Commercial Officer of Pharmexa, as Chief Executive Officer.

One of Denmark's most experienced business executives, Michael Fiorini (59) is the former CEO of The East Asiatic Company and a senior executive with A.P. Møller Mærsk.

Michael Fiorini said, “Egalet is a unique company with an innovative technology platform enabling patients to get a better result from medical treatment. The company has a significant commercial potential, and I’m looking forward to help the board of directors and the management team realising this great opportunity.”

Seppo Mäkinen said, “I am very pleased that Egalet has been able to attract such an experienced and strong business executive as Michael Fiorini. Michael’s extensive knowledge will be a valuable contribution to the continued growth and later commercialization phase which the company is facing.”

Seppo Mäkinen remains a member of Egalet's board of directors with Regina Hodits, Atlas Venture, Francesco De Rubertis, Index Ventures and Jan-Eric Österlund, QueQuoin Holdings.

In addition, Egalet has employed Peter Nordkild (52) as its new Chief Executive Officer. Peter Nordkild was previously Chief Commercial Officer of the listed Danish biotech company Pharmexa. Before joining Pharmexa, he held a position as Senior Vice President with Ferring Pharmaceuticals.

Peter Nordkild will supersede Jan Quistgaard, a co-founder and co-owner of Egalet, during September.

Jan Quistgaard said, “Egalet and I have been on an exciting journey since I co-founded the company in 1995. The company is now facing a challenging new phase, including approval and commercialization of its products. I find that now is the time to hand over the reins to someone else. Peter is well-suited to this task and his experience will be a major asset to Egalet.”

Jan Quistgaard will continue as external advisor to the management of Egalet.

For more information: Seppo Mäkinen, tel: +358500464576, E-mail: seppo.makinen@biofund.fi

About Egalet a/s Egalet a/s is a specialty pharmaceutical company focused on the development of innovative orally administered products utilizing the company’s proprietary, erosion-based, controlled-release technology, Egalet® and a novel system, Parvulet®, aimed at the pediatric market. Egalet’s lead products are entering late-stage clinical studies targeting the cardiovascular and pain markets. They offer significant potential benefits to patients, including improved dosing regimen, increased drug kinetics and biovailability. To date, Egalet has raised USD 80 million from leading international and Scandinavian venture capital sources. The Company is based in Copenhagen, Denmark. For more information, visit www.egalet.com



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