Planet Biopharmaceuticals Appoints Theron (Ted) Odlaug, Ph.D. as Executive Chairman

LIBERTY, Mo. and DANBURY, Conn., Aug. 17, 2011 /PRNewswire/ -- Planet Biopharmaceuticals, Inc. and its wholly owned Subsidiaries (collectively, "Planet"), a privately held specialty pharmaceutical company focused on providing products for allergy and asthma sufferers, today announced that Theron (Ted) E. Odlaug, Ph.D. has been named as the company's Executive Chairman and will assume the additional role of Chief Executive Officer on August 29, 2011. Odlaug will replace William (Bill) Goldberg, who has joined MediMedia USA, Inc. as Chief Executive Officer. Goldberg will remain on Planet's board of directors as an independent director.

Odlaug will be responsible for day-to-day operations and corporate strategy. "Ted's extensive experience in the pharmaceutical and life sciences arenas make him the ideal candidate to lead the company," said Goldberg.

Scott Glenn, Chairman, commented, "Ted has an impressive record of accomplishment. We are confident in his ability to guide Planet through its next stage of corporate development. We also thank Bill for the tremendous job he has done with Planet. We wish him well in his new role with MediMedia."

"I am pleased to lead Planet at such an exciting time in the company's history," said Odlaug.

From 2008 until January of this year Ted was President and CEO of CyDex Pharmaceuticals, Inc when the company was sold under Ted's leadership to Ligand Pharmaceuticals, Inc. Prior to CyDex, Ted served as Managing Partner of EIR Healthcare Advisors, LLC. Prior to that, he was Executive Vice President and a member of the senior management committee at Fujisawa Healthcare Inc. until its merger with Yamanouchi in 2005, which resulted in the formation of Astellas Pharma. He left Astellas in 2006 after successfully supporting the U.S. post-merger integration process.

Odlaug holds Bachelor's and Master's degrees from the University of Missouri at Kansas City and a Ph.D. in Public Health from the University of Minnesota.

Contact:

Planet Biopharmaceuticals, Inc.
Francesca DiNota, Vice President and CFO
816-792-8512

SOURCE Planet Biopharmaceuticals, Inc.