STOCKHOLM - September 30, 2014. Karolinska Development today announces that CEO Torbjörn Bjerke leaves the company and is replaced by Klaus Wilgenbus until a new permanent CEO has been appointed. The search for a permanent CEO has been initiated.
"The Board has concluded that we need to optimize and unlock the full value of our existing assets by focusing on the portfolio companies which in the short and medium term can reach significant value inflexion points, by changing the governance structure of the portfolio companies and by developing a new, more stringent investment strategy", says Karolinska Developmernt's Chairman Bo Jesper Hansen in a comment. "With a new strategy and a new leadership I am confident that we will be able to realize the true potential of Karolinska Development and its portfolio companies".
A broader analysis of Karolinska Development's strategy and portfolio is underway in order to define a more effective and compelling new strategy for the future.
Until a new permanent CEO is appointed, Klaus Wilgenbus, member of Karolinska Development's board since 2012, will be acting CEO. Torbjörn Bjerke leaves his position as CEO today, September 30, 2014, and Klaus Wilgenbus steps down from his Board position in Karolinska Development and assumes his new duties with immediate effect.
Dr. Klaus Wilgenbus is an independent healthcare analyst and consultant with a proven track record as a senior leader in drug discovery, deal making with involvement in more than 200 transactions, corporate strategy development and restructuring of R&D as well as commercial organizations. He recently retired from Boehringer Ingelheim after 18 years in different management positions.
"We are happy that Klaus has accepted to become acting CEO of Karolinska Development until a permanent CEO is in place", says Bo Jesper Hansen. "Klaus has not only an extensive experience of many areas within the life science industry in general but also a deep knowledge of our company after his time as member of the board. We are convinced that Klaus will take the immediate necessary steps in the final development and execution of a new strategy for our company". "The board would also like to express its gratitude to Torbjörn Bjerke for his commitment and loyalty to Karolinska Development since the company was listed in 2011", says Bo Jesper Hansen.
For more information, please:
Contact Bo Jesper Hansen, Chairman of the Board Karolinska Development, Phone +46 70 29 860 25
TO THE EDITORS
About Karolinska Development AB
Karolinska Development aims to create value for patients, researchers, investors and society by developing innovations from world class science into differentiated products that can be partnered. The business model is to: SELECT the most commercially attractive medical innovations that can potentially satisfy unmet medical needs; DEVELOP innovations to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products. An exclusive deal flow agreement with Karolinska Institutet Innovations AB, along with other cooperation agreements with leading universities, delivers a continuous flow of innovations. Today, the portfolio consists of 33 projects, of which 16 are in clinical development. For more information, please visit www.karolinskadevelopment.com.
Karolinska Development is listed on NASDAQ OMX. Karolinska Development may be required to disclose the information provided herein pursuant to the Securities Markets Act.