Jim New Steps Down as CEO of LifeCycle Pharma Today
HØRSHOLM, Denmark--(BUSINESS WIRE)--Aug. 31, 2009-- LifeCycle Pharma A/S (OMX: LCP) announced today that the Board of Directors of LCP and Jim New have agreed to terminate the contract with Jim New. Hence, Jim New will with immediate effect step down as the President and CEO of LCP. The termination is related to different views on how an international company based in Scandinavia shall be managed.
The Board of Directors will immediately commence the search for a new CEO. Until a new CEO has been identified, Paul Edick, Chairman of the Board of LCP, and Dr. Thomas Dyrberg, constituted Deputy Chairman of the Board, will, upon request from the Board of Directors, assume such specific assignments for the Company, which are necessary to ensure LCP's continual and uninterrupted business together with the management of LCP.
About LifeCycle Pharma A/S (LCP)
Based in Hørsholm, 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. As a fully-integrated company, LCP adapts new technologies on a fast commercial timetable. LCP's unique, patented delivery technology, MeltDose®, 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®, 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 (OMX: LCP). For further information, please visit . www.lcpharma.com