HORSHOLM, Denmark, Dec. 2, 2009 (GLOBE NEWSWIRE) -- LifeCycle Pharma A/S has, effective today, promoted Dr. William J.Polvino as new President and CEO. Dr. Polvino has most recently served as Chief Operating Officer of LCP.
"We are very pleased to announce that Dr. Polvino has accepted the position as CEO and President of LCP. During his relatively short tenure at LCP, Dr. Polvino has contributed to the progress in our clinical program and showed strong leadership in the organization in order to make best use of the opportunities and challenges of LCP's current and future product pipeline," said Paul Edick,Chairman of the Board of Directors.
"LCP has an attractive late stage pipeline coupled with an extraordinarily robust technology platform that has already been validated in several product candidates and brought a product on the U.S. market. Further, the Company has a solid base of shareholders. I am excited to take on the responsibility as CEO and President of LCP in order to bring LCP forward," said Dr. Polvino. Dr. Polvino was appointed Chief Operating Officer of LCP in August this year and brought extensive experience in the senior management of pharmaceutical companies together with solid experience in clinical as well as product development. Prior to joining LCP he was CEO at Helsinn Therapeutics US, Inc. (a private company). Previously, in his capacity as the President and CEO of Sapphire Therapeutics, he successfully advanced the Sapphire pipeline products ultimately leading to the sale of the company to Helsinn Therapeutics US in January 2009. He then became the CEO at Helsinn Therapeutics US, Inc. Dr. Polvino is an MD from UMDNJ-Robert Wood Johnson Medical School in the U.S. Following training in Internal Medicine and his fellowship in Clinical Pharmacology at hospital institutions in the U.S., he joined the life science industry in 1991 and held various positions of increasing responsibility within clinical research, drug development, and senior positions at Merck, Wyeth, Theravance and Sapphire Therapeutics.
LCP also announces today that the Board of Directors has decided to issue 350,000 warrants to Dr. Polvino. Each warrant entitles the holder to subscribe one share of nominal DKK 1 in LCP against cash contribution equal to the closing price of LCP's shares at the NASDAQ OMX Copenhagen on December 1, 2009. By application of the Black-Scholes formula, the market value of the warrant program can be calculated as DKK 2.35 per warrant assuming an exercise price of DKK 5.65 equal to the closing price of the Company's share at the NASDAQ OMX Copenhagen on December 1, 2009, based on an interest rate of 2.44% and a volatility of the Company's shares set to 48%.
About LifeCycle Pharma A/S (LCP)
Based in Horsholm, Denmark, with an office in New York, LCP is an emerging specialty pharmaceutical company. Clinical development is the core of LCP's effort to develop a product portfolio which includes products for immunosuppression, specifically organ transplantation, and products to combat certain cardiovascular diseases. LCP adapts new technologies on a fast commercial timetable. LCP's unique, patented delivery technology, MeltDose(R),can improve absorption and bioavailability - at low-scale up costs - not only for a broad spectrum of drugs already on the market but also for new chemical entities. LCP has a cholesterol-lowering product, Fenoglide(R), currently on the U.S. market and a diversified near- and medium-term pipeline with four product candidates in clinical trials and a number of projects in preclinical development. LCP is listed on the NASDAQ OMX Copenhagen under the trading symbol (Copenhagen:LCP - News).
For further information, please visit www.lcpharma.com.
Contact:
LifeCycle Pharma A/S William J. Polvino, President and CEO + 45 70 33 33 00 wjp@lcpharma.com Peter Schott Knudsen, Head of Investor Relations + 45 2055 3817 PSK@lcpharma.com The Board of Directors: Thomas Dyrberg, Deputy Chairman + 45 88 24 88 24 tdy@novo.dk
