Hans Christian Teisen Resigns as the Executive Vice President and Chief Financial Officer
HORSHOLM, Denmark -- LifeCycle Pharma A/S (OMX:LCP) has appointed Dr. Jim New as the President and CEO. Dr. New is an internationally recognized senior executive with extensive experience in global business development within the pharmaceutical industry and as the CEO of Abrika Pharmaceuticals.
"We are proud that it has been possible for Life Cycle Pharma to attract an international management capacity such as Dr. Jim New as the President and CEO for our organization. LCP has a late-stage product pipeline with two product candidates approaching clinical phase III, LCP-Tacro and LCP-AtorFen, and Dr. Jim New's experience and track record matches the needs of LCP", says Dr. Claus Braestrup, Chairman of the Board of Directors.
"LCP has an extraordinarily strong technology platform that has already been validated in several clinical stage product development candidates and brought a product on the U.S. market. I'm really pleased to be joining an organization like LCP with so much opportunity in their current and future product pipeline," says Dr. New.
Dr. New was cofounder and CEO of Abrika Pharmaceuticals, a specialty pharma company focused on the development of controlled-release generic drugs. Before that, Dr. New worked for over twenty years with Novartis, Pfizer, GlaxoSmithKline, and Bristol-Myers Squibb. Dr. New's experience includes the development of new pharmaceutical technologies, business development and the licensing of technologies and products. Dr. New received his Ph.D. in Medicinal Chemistry from the State University of New York Buffalo and his MBA from Columbia Business School.
Furthermore, Life Cycle Pharma announces today, that Hans Christian Teisen has decided to resign as the Executive Vice President and Chief Financial Officer of LifeCycle Pharma in order to take a position as partner and CFO of PricewaterhouseCoopers effective December 1, 2008. Hans Christian Teisen will assist LCP on ad hoc basis during the transition to the new CEO and CFO.
"We regret Hans Christian Teisen's decision to leave LifeCycle Pharma. At the same time, I would like to thank Hans Christian for his significant contributions to the Company under the follow on offering, commercial activities including the agreement with Cowen, establishing professional administrative functions and being a valued and respected member of the executive management team. Certainly, we had hoped to draw on Hans Christian's professional contributions in developing LifeCycle Pharma much longer, but respect the private considerations leading to Hans Christian's decision." says Dr. Claus Braestrup.
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 US 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).
SOURCE: LifeCycle Pharma
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