Olof Milveden steps down as Navamedic CEO

Navamedic ASA (OSE: NAVA) today announced that Olof Milveden is released from his duties as CEO of the Company. Mr. Milveden has been with the international pharma industry for almost thirty years, of which the last four years as CEO of Navamedic.

Olof Milveden has requested a change in his duties, and he will remain with Navamedic as a strategic advisor. The Board of Directors has appointed Håkan Josephsson as interim CEO of Navamedic until a permanent Chief Executive takes office. Mr Josephsson is currently Managing Director of the Swedish subsidiary Navamedic AB and head of the group's Nordic operations. He has been with Navamedic for the past four years, and has over 25 years of pharma industry experience.

Navamedic has under Olof Milveden's leadership seen 25-30 per cent annual sales growth, improving financial results and an entry into the Nordic and Benelux markets for generic pharmaceuticals. The Company projects a continued strong sales growth going forward.

"I have very much enjoyed my time with Navamedic, and I'm satisfied that the turnaround of the Company now is completed and value creation for the shareholders is on a good track. Sales have increased significantly, profitability is improved and the market value of the Company has doubled over the last two years," said Olof Milveden.

"Olof Milveden has been instrumental in defining a new strategy and turning Navamedic around. His contributions to the Company are highly appreciated. Navamedic is now on a steady course towards commercial success, and we are pleased that the Company will benefit from Mr Milvedens experience and insight also going forward," said Navamedic's Chairman Johan Reinsli.

.

For further information, please call Johan Reinsli, Chairman of the Board, telephone +47 9160 4145.

Navamedic ASA is a Norwegian pharmaceutical products company, marketing and distributing more than 100 products in the Nordic and Benelux markets. The Company operates three business areas; Pharma Products, Medical Nutrition and Consumer Care based on its relationship with a number of pharmaceutical product manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).