Algeta Appoints Andrew Kay as President and Chief Executive Officer
- Appointment Enhances Algeta's Commercial Capabilities and Aims toAccelerate Further Development of Alpharadin in Advanced Prostate Cancer
Algeta ASA (OSE: ALGETA), the Norwegian cancer therapeutics company,announces that Mr. Andrew Kay has been appointed as President and ChiefExecutive Officer and will take up the role on 19 January 2009. Dr. ThomasRamdahl will continue as Executive Vice President and Chief TechnologyOfficer (CTO).
Mr. Kay (53), B. Pharm., will join Algeta from Renovo plc (LSE: RNVO)where he was Executive Director, Commercial. He brings more than 25 years ofcommercial experience in the pharmaceutical sector, where he has managed thesuccessful licensing and launch of several new chemical entities. At Renovo,he played a crucial role in securing the company's major licensing agreementin 2007 with Shire plc to develop and commercialise Juvista, Renovo's leaddrug for the prevention and reduction of scarring following surgery.
At Algeta, Mr. Kay will be responsible for enhancing the Company'scommercial capabilities and initially will be seeking commercial developmentpartners for Algeta's lead product candidate, Alpharadin, which entered aninternational phase III clinical trial in 2008 as a novel treatment forpatients with skeletal metastases from hormone refractory prostate cancer. Hewill be based in the UK.
Prior to joining Renovo in 2003, Mr. Kay was Global Head of Marketing andSales and a Member of the Healthcare Committee and Pharmaceutical ExecutiveCommittee at Novartis in Basel, Switzerland, where he had worldwideresponsibility for the sales and marketing of Novartis' pharmaceuticalportfolio. Before that he held several other senior commercial positions inEurope and the USA with AstraZeneca, Eli Lilly, Sandoz and Boots coveringleading therapeutic areas, including oncology. He has successfully launchedoncology drugs, both globally and in the key markets, which have become majorproducts in their class.
The Board of Directors is also pleased to announce that Dr. ThomasRamdahl, who has served as CEO of the company since 2001, will take up theposition as Executive Vice President and Chief Technology Officer (CTO).Working closely with the CEO, Dr. Ramdahl will have broad responsibility fortechnology issues, both for late-stage products and the early discoverypipeline.
Stein Annexstad, Chairman of Algeta, said: "Algeta's lead productAlpharadin continues to make excellent progress through clinical trials,giving us great confidence of its potential as a new treatment for advancedprostate cancer. As the Company moves into a more commercial phase of itsdevelopment, we are very pleased to have been able to attract Andrew tostrengthen the executive management team. We believe that his internationalcommercial expertise and networks complement the existing skills in thecompany and will be of significant value to Algeta in bringing Alpharadin tomarket."
Mr. Kay said: "I am delighted to be joining Algeta at this crucial pointin its development. Alpharadin has shown in all the clinical trials completedto date its unique potential not only in treating the painful bone metastasesresulting from late-stage prostate cancer, but also providing a survivalbenefit for patients superior to the current gold standard. The product alsohas potential to be an important new treatment for other cancers thatmetastasise to bone. In addition, the Company has several other noveltargeted cancer technologies in its pipeline and an excellent technical andclinical team, which I look forward to joining in the New Year."
Algeta ASA is a Norwegian cancer therapeutics company built onworld-leading, proprietary technology. Algeta is developing new, targetedcancer therapeutics that harness the unique characteristics of alpha particleemitters and are potent, well-tolerated and convenient to use.
Algeta's lead product candidate, Alpharadin, has commenced phase IIIclinical trials in hormone-refractory prostate cancer based on positive phaseII results. Alpharadin is a novel bone-seeking therapeutic based on the alphaparticle emitter radium-223 and may target skeletal metastases from multiplecancer types, as well as primary bone cancers.
Algeta is also developing other technologies for delivering alphaemitters. The Company is headquartered in Oslo, Norway, and was founded in1997. Algeta listed on the Oslo Stock Exchange in March 2007 (Ticker: ALGETA).
Alpharadin and Algeta are trademarks of Algeta ASA.
Alpharadin is a unique targeted treatment for skeletal metastases incancer patients and is based on radium-223. The clinical development ofAlpharadin is most advanced in hormone refractory prostate cancer (HRPC) thathas spread to bone, where it is now in an international phase III trial. In aphase II trial completed in 2007 involving 64 men with metastatic HRPC,Alpharadin was shown to increase life expectancy by over 40%, and was foundto be exceptionally well tolerated.
Clinical data from this and other trials suggest Alpharadin may also havea role in the treatment of other high-incidence metastatic cancers.
Algeta began its pivotal phase III ALSYMPCA (ALpharadin in SYMptomaticProstate CAncer) study in mid-2008 and it is now ongoing in several countriesin Europe. Approximately 750 patients are expected to be enrolled at morethan 125 medical centers in Europe, Asia, South America and Canada. Theinternational trial is evaluating Alpharadin in metastatic HRPC with overallsurvival as the primary endpoint.
Alpharadin in also in a phase I trial in the USA under InvestigationalNew Drug (IND) status.
This news release contains forward-looking statements and forecasts basedon uncertainty, since they relate to events and depend on circumstances thatwill occur in the future and which, by their nature, will have an impact onresults of operations and the financial condition of Algeta. There are anumber of factors that could cause actual results and developments to differmaterially from those expressed or implied by these forward-lookingstatements. Theses factors include, among other things, risks associated withtechnological development, the risk that research & development will notyield new products that achieve commercial success, the impact ofcompetition, the ability to close viable and profitable business deals, therisk of non-approval of patents not yet granted and difficulties of obtainingrelevant governmental approvals for new products.
SOURCE Algeta ASA
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