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Neurosearch A/S (NEUR.CO) Gives Notice to CEO



7/31/2013 9:43:07 AM

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NeuroSearch A/S (NEUR) announces that the company has given notice to its CEO, René Schneider.

René Schneider was employed in February 2011 as the company's CFO and was appointed CEO in connection with a change in the company's strategy; see the company's previous announcements dated 27 June 2012 and 18 March 2013 (announcements 17-12 and 11-13).

The notice is a natural consequence of the strategy to wind up the company's activities and in this connection a wish to limit the operating costs of the company's day-to-day business.

In the period from René's taking up his duties as CEO in July 2012 until today, the company has sold important assets, including Huntexil® and the company's land and building. Consequently, NeuroSearch has been able to pay off debts, to re-establish the equity capital and to build up significant cash resources.

René Schneider will continue as the company's CEO until further notice, however, the parties have agreed that René Schneider will be released from his duties no later than 30 November 2013.

At a later point in time, the Board of Directors will give information about the future management of the company following René Schneider's departure.

Chairman of the Board of Directors, Allan Andersen, says:
"René has made an excellent, dedicated and competent contribution to NeuroSearch since his employment. Under his management, the company's equity capital has been re-established and the company's debts to the banks have been settled. In the same period, NeuroSearch succeeded in selling Huntexil® and the company's land and building. The company is now in position in which the Board assesses that there will be no need for a CEO with that degree of competencies. We are confident that René will achieve success in a future job."

René Schneider, CEO, comments:
I have been working intensively to bring NeuroSearch to a state in which the company's activities were successfully sold and the debts settled. We have now reached this point, and I therefore sympathise with the Board's decision and, of course, the notice of termination has not been a surprise for me. Even though I have been responsible for NeuroSearch during a turbulent period, I have been pleased with my time in the company and I have done what I could to hand over a company in a good condition."

Allan Andersen
Chairman of the Board of Directors

Contact person
Allan Andersen, Chairman of the Board of Directors, telephone: +45 4013 5535
René Schneider, CEO, telephone: +45 2911 2097

About NeuroSearch
NeuroSearch A/S (NEUR) is listed on NASDAQ OMX Copenhagen A/S. The company’s product pipeline comprises ordopidine and seridopidine, which have both completed phase I studies, as well as tesofensine, which has completed phase II, and NS2359 which has completed phase I. All drug candidates exert their effect in the central nervous system.

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