Hilde Steineger and Espen Jorgensen to stand for election as new members of the Cortendo Board of Directors
Göteborg, Sweden-November 25, 2013. Cortendo AB [ticker: CORT on NOTC-A] today announced that Hilde H. Steineger and Espen Tidemann Jorgensen have accepted to stand for election as new members of the Cortendo Board of Directors. This proposed development is part of the process to prepare the company for a listing on a public stock exchange. The appointment of new board embers are subject to approval by a shareholder’s meeting that is expected within the next few months.
Dr. Steineger, holds a Ph.D. in medical biochemistry and is currently Head of Global Omega-3 Innovation Management at Pronova BioPharma, a BASF company. She is also a board member and Head of the Audit Committee of Algeta ASA. Additional Board memberships include Weifa AS and Invent2 AS. Also, Dr. Steineger was Head of IR for Pronova BioPharma during the introduction of that company on the Oslo Stock Exchange in 2007 until her promotion to Vice President of Business Development in 2009.
Mr. Jorgensen is currently portfolio manager at Holta Invest, a privately held Norwegian investment company with a total equity of NOK 2.2 billion and a shareholder in Cortendo AB. Prior to Holta Invest, Mr Jorgensen had a 10+ year career as a leading financial analyst of the pharmaceutical and biotechnology sector, including a tenure from 2007-2012 at DnB Markets, a top-rated Norwegian investment bank. Mr. Jorgensen is widely known and has extensive experience with the biotechnology sector throughout Scandinavia.
“We are very pleased to welcome Hilde Steineger and Espen Jorgensen to our Board at this important time in our corporate development” says Mr. Eigil Spetalen, Chairman of Cortendo AB. “Both Hilde and Espen bring significant experience in the public financial markets as well as strong knowledge of the biotechnology industry which will broaden the expertise of the Board”.
For further information, please contact:
Alexander Lindström
Chief Financial Officer
Office : +1 610 254 9200
Mobile : +1 917 349 7210
E-mail : alindstrom@cortendo.com
CORTENDO AB
Risk and uncertainty
The development of pharmaceuticals carries significant risk. Failure may occur at any stage during development and commercialization due to safety or clinical efficacy issues. Delays may occur due
to requirements from regulatory authorities not anticipated by the company.
About Cortendo
Cortendo AB is a biopharmaceutical company headquartered in Göteborg, Sweden. Its stock is publicly traded on the NOTC-A-list (OTC) in Norway. Cortendo is a pioneer in the field of cortisol
inhibition and has completed early clinical trials in patients with Type 2 diabetes. The lead drug candidate NormoCort, the 2S,4R-enantiomer of ketoconazole, has been re-focused to Cushing’s
Syndrome, and is expected to enter Phase 3 development. The company’s strategy is to focus its resources to opportunities where the path to commercialization or partnership is clear and
relatively near-term. Strategically, Cortendo’s business model is to commercialize relevant opportunities in the United States while partnering its assets ex-US. Backed by a highly experienced leadership team Cortendo has plans to continue to implement its pipeline expansion efforts in osteoarthritis and diabetes, as well as other near term revenue opportunities.
Cortendo Forward-looking Statements
This press release contains forward-looking statements concerning Cortendo that involve a number of risks and uncertainties. All statements other than statements of historical facts included in this press release, including, without limitation, statements regarding the Company’s future financial position, strategy, anticipated investments, costs and results, plans, projects to enhance efficiency, outcomes of products development, future capital expenditures, liquidity requirements and objectives of management for future operations, may be deemed to be forward looking statements. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements or industry results to be materially different from those contemplated, projected, forecasted, estimated or budgeted, whether expressed or implied, by these forward looking statements. Given these risks and uncertainties, investors should not place any undue reliance on forward looking statements as a prediction of actual results. None of these forward looking statements constitutes a guarantee of the future occurrence of such facts and data or of actual results. These statements are based on data, assumptions and estimates that the Company believes are reasonable. The forward looking statements contained in this document are made only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates of any forward-looking statements contained in this press release to reflect any change in its actual results, assumptions, expectations or any change in events, factors, conditions or circumstances on which any forward looking statement contained in this press release is based.
Cortendo AB (publ)
Sweden:
Box 47
SE-433 21 Partille
Tel. / Fax: +46 (0)31-263010
USA:
555 East Lancaster Ave
Suite 510
Radnor, PA 19087
Tel: +1 610-254-9200
Fax: +1 610-254-9245