Hereafter Dr. Claus Braestrup Will Act as Executive Chairman until a Replacement Has Been Named
HORSHOLM, Denmark--(BUSINESS WIRE)--Summary: Dr. Flemming Ornskov steps down in July, 2008, as CEO for LifeCycle Pharma. Hereafter, Dr. Claus Braestrup, current Chairman of the Board of LifeCycle Pharma, will act as Executive Chairman following the resignation of Dr. Flemming Ornskov, until a permanent replacement has been identified.
LifeCycle Pharma A/S (OMX:LCP) announced today that Dr. Flemming Ornskov has resigned as President and CEO of LifeCycle Pharma in order to join Bausch & Lomb, the eye health company, as Global President, Pharmaceuticals. He will be responsible for Bausch & Lomb´s prescription ophthalmic pharmaceuticals and generics businesses, as well as their general eye health and vitamins businesses. Bausch & Lomb is not active in any of LifeCycle Pharma’s therapeutic focus areas.
The search for a new permanent CEO will be initiated immediately. Dr. Claus Braestrup, current Chairman of the Board of LifeCycle Pharma, will act as Executive Chairman when Dr. Ornskov leaves the Company in July, and until a permanent replacement has been identified. Dr. Claus Braestrup will as Executive Chairman, after request from the Board of Directors, assume such specific assignments for the Company, which are necessary to ensure the Company’s continual and uninterrupted business.
“We regret Dr. Ornskov’s decision to leave LifeCycle Pharma. At the same time, I would like to thank Dr. Ornskov for his very significant contributions to the Company - initially as Chairman of the Board, and later as CEO. Under his tenure, LifeCycle Pharma has efficiently built its organization and conducted an initial public offering as well as a later successful secondary offering,” said Dr. Braestrup. “Furthermore, during this period, the Company had its first product, Fenoglide™, approved by the FDA, and launched in the US in February 2008 via our partner, Sciele Pharma. We are currently preparing the initiation of phase III clinical trials later in 2008 for LCP-Tacro, LifeCycle Pharma’s lead product candidate for organ transplant recipients,” Dr. Braestrup added.
“I find it extremely difficult to leave LifeCycle Pharma. However, I have received a once in a lifetime opportunity to join a world renowned company and global leader in its field. I am encouraged by the fact, though, that I am leaving LifeCycle Pharma at a time where the Company has a robust pipeline, strong investor support, and a dynamic and competent management team,” said Dr. Ornskov.
Dr. Ornskov will leave LifeCycle Pharma in July, but will be available for one year on a consulting basis.
About LifeCycle Pharma A/S (“LCP”)
LCP is an emerging specialty pharmaceutical company that, through innovative technologies, is able to rapidly develop a portfolio of differentiated products to meet the unique needs of key therapeutic markets and patient populations. This includes products for immunosuppression, specifically organ transplantation, and to combat certain cardiovascular diseases. By using its unique and patented delivery technology, MeltDose®, LCP is able to develop drugs with enhanced absorption and thereby increased bioavailability. LCP has a cholesterol lowering product, FenoglideTM, currently on the U.S. market and a diversified near- and medium-term pipeline, including four product candidates in clinical trials and two in preclinical stages of development. LCP is listed on the OMX Nordic Exchange Copenhagen under the trading symbol (OMX: LCP). For further information, please visit www.lcpharma.com.
Contact:
LifeCycle Pharma A/S Dr. Claus Braestrup, +45 40 50 80 50 (cell) Chairman of the Board or
LifeCycle Pharma A/S Dr. Flemming Ornskov, +45 24 20 03 68 (cell) President and CEO
Source: LifeCycle Pharma A/S
