RhoVac optimizes the structure of the management team and appoints Anders Månsson as new CEO
Today, 2nd September 2019, RhoVac AB ("RhoVac") reports that the Board has decided to change the structure of the management group and appoints former deputy Chief Executive Officer, Anders Månsson, as new CEO of RhoVac as of today. Former CEO Anders Ljungqvist remains in the management team as the Chief Operating Officer (COO) with primary responsibility for the implementation of the company's clinical studies and for the further development of CMC. The management team consists of Anders Månsson (CEO), Anders Ljungqvist (COO) and Henrik Stage (CFO). The change in the management team reflects the company's strategic focus, which going forward will be on finding the right acquisition or licensing partner for the further development and commercialization of the drug candidate RV001, for which the phase IIb study in prostate cancer will begin imminently.
Anders Månsson was recruited to RhoVac in May earlier this year, as Deputy CEO and Chief Business Officer (CBO). He will retain the role of business officer, but now also in combination with a total responsibility for the RhoVac group as a whole. RhoVac consists of a Swedish parent company (RhoVac AB) and a wholly owned Danish subsidiary (RhoVac ApS). Anders Månsson will hold the CEO position in both companies. Outgoing CEO Anders Ljungqvist will focus on the operational work of the company as Chief Operating Officer (COO) and he will be instrumental in carrying out the important phase IIb study in prostate cancer that the company started in August and that is expected to recruit the first patient imminently.
Anders Månsson has a long and solid background in the pharmaceutical and biotech industries. He has previously worked in senior positions in large companies, both in Sweden and abroad, primarily in sales, marketing and business development / M&A. He has a solid track record when it comes to conducting large transactions, both acquisition and licensing deals and divestments. Furthermore, Anders Månsson has experience as the CEO of a subsidiary and as a global division manager in major pharmaceutical groups, and he has both board and CEO experience in the biotech area. On the company's website there is a new presentation video of RhoVac in which you see Anders Månsson explain the company's unique product candidate, the clinical results that exist and the plans for the future (https://www.rhovac.com).
Since May, Anders Månsson has acquired 31,820 shares in RhoVac. Anders Ljungqvist is and will remain one of the largest owners of RhoVac with a holding of 1,440,225 shares, and he will continue as a board member of RhoVac AB. Henrik Stage holds 11,112 shares.
Comment from RhoVac's outgoing CEO, Anders Ljungqvist: - As a co-founder of the company, I am very aware that a person who has experience and expertise in development of pharmaceutical products, does not necessarily have the best competences to drive business development which is increasingly important in RhoVac’s current phase. My primary competence lies in drug development and I am therefore very happy that Anders Månsson has accepted to take over the CEO post in RhoVac. Anders Månsson's competencies in business development and M&A make him very qualified to manage RhoVac’s future development, and at the same time I get the opportunity to focus on what I am passionate about, namely drug development. I look forward to continuing the collaboration with Anders Månsson and Henrik Stage in the management group, and also as part of RhoVac's board.
Comment from RhoVac's new CEO, Anders Månsson: - I feel deeply honored to have been appointed CEO of RhoVac. The company has a promising drug candidate in the attractive immune-oncology field, a candidate that has also advanced well in development (clinical phase IIb development) and with excellent results, compared to many other biotech development projects. The fact that RhoVac also recently received a € 2.5 million grant from the European research and innovation program Horizon 2020 renders us, in addition to the capital injection, an exclusive quality stamp that will be very valuable in future partnering discussions. In addition, following a recent issue in which major institutional and long-term shareholders have been added, the company has funding of approximately SEK 200 million, which is good for the full three years ahead when several very important clinical milestones will be achieved.
Comment from RhoVac's Chairman of the Board, Mikael Ørum: - I am convinced that Anders Månsson, with his extensive experience in both management and business development, will do a very good job as CEO of the RhoVac Group. Furthermore, I am pleased and proud that RhoVac, backed by a fully funded plan, has now reached a phase in which the company's strategic focus is business-oriented. In addition, on behalf of the Board, I would like to extend warm thanks to Anders Ljungqvist for his many years as CEO of RhoVac. I know that both he and I are grateful that he now can put all his focus on the operational activities, and in particular on the large phase IIb study in prostate cancer. With its new management team, a strengthened RhoVac enters the next development phase”.
For more information, please contact:
Mikael Ørum – Chairman, RhoVac AB
Phone: +46 73-751 72 78
This information is such that RhoVac AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on the 2nd September 2019.
About RhoVac AB
RhoVac AB conducts research and development of immunotherapeutic drugs. The company's main focus is the development of a therapeutic cancer vaccine with the potential to prevent or limit metastasis in cancer. RhoVac’s first drug candidate has completed clinical phase I/II and clinical phase IIb development has been initiated. RhoVac has its headquarters at Medicon Village in Lund, Sweden. The research has been conducted since 2007 primarily at the University Hospital in Herlev, Denmark, by a world-class research team in its niche. RhoVac is listed on AktieTorget, Sweden, a Multilateral Trading Facility (MTF), since March 2016. The share is traded under the ticker RHOVAC. Read more at www.rhovac.com