Proposed Management Changes at Moberg Pharma

STOCKHOLM, April 8, 2019 /PRNewswire/ -- Moberg Pharma AB (OMX: MOB) has a nimbler organization following the divestment of its OTC business, and intends to adapt the leadership accordingly. The Board of Directors and Nomination Committee have therefore proposed the appointment of Anna Ljung as the new CEO of Moberg Pharma, while current CEO Peter Wolpert will transition to a role as Executive Chairman of the Board of Directors. At the same time, a new management team is proposed based on the company's new situation and focus. The organizational changes are contingent on the approval of the Annual General Meeting (AGM) and the Board of Directors elected by the AGM.

The divestment of the OTC business on March 29, 2019 represents a significant change for Moberg Pharma in terms of both strategic direction and organization. Approximately half of the previous employees remain in the company, focusing on the development and commercialization of the drug project MOB-015, while the rest have followed the OTC business to the new owners. The new conditions motivate a change in leadership to a new, smaller management team appropriate for the challenges ahead.

According to the proposal of the Board of Directors and Nomination Committee, Anna Ljung will be appointed as the new CEO of Moberg Pharma, while current CEO Peter Wolpert will transition to a role as Executive Chairman of the Board. As proposed, the new management team will consist of four individuals: Anna Ljung (CEO), Torbjörn Wärnheim (Deputy CEO and Senior Vice President R&D), Sarah Hellerfeldt (CFO) and Annica Magnusson (Senior Director Regulatory Affairs). In addition, the company has engaged Dr. Amir Tavakkol as Senior Advisor R&D, bringing unique experience in the development and registration of nail fungus medications in the US.

"I look forward to the opportunity to transition to a role as Executive Chairman while remaining close to the new management. After 13 intensive years as CEO of Moberg Pharma, it is important for me to be able to spend more time with my family, as well as continuing to contribute in a valuable way according to the company's new needs," says Peter Wolpert, CEO of Moberg Pharma AB.

The organizational changes are expected to be effective from May 16, 2019 and are contingent on the approval of the incoming Board of Directors elected at the AGM on May 15, 2019, based on the Nomination Committee's proposal; see separate press release. As proposed, the company's new management will be as follows:

•  Current CEO Peter Wolpert is nominated as Executive Chairman with a focus on commercialization in the US, business development and further development of investor relations, all while remaining close to the new management.

•  Current CFO Anna Ljung is nominated as the new CEO of Moberg Pharma. Anna Ljung has been a driving force for Moberg Pharma since 2006 when the company was founded and she became the CFO. Anna Ljung has more than 15 years of experience from the pharmaceutical industry, previously having been the CFO at Athera Biotechnologies AB and Lipopeptide AB as well as independent consultant within technology licensing.

•  Torbjörn Wärnheim is nominated as Deputy CEO and Senior Vice President R&D. Torbjörn Wärnheim has been employed by the company since 2014 and has had a key role in the organization as Vice President Pharmaceutical Innovation and Development.

•  Current finance manager Sarah Hellerfelt is nominated as the new CFO. Sarah Hellerfelt has been employed since 2017 and has played a key role on the company's finance team. Current VP Finance Mark Beveridge will be leaving the management team but remains a consultant to the company on financial issues.

•  Dr. Amir Tavakkol has been engaged by the company as Senior Advisor R&D. Dr. Tavakkol brings 20 years of unique experience in the development and registration of nail fungus drugs in the US from senior R&D positions at Novartis, Schering-Plough, Topica Pharmaceuticals and Viamet. He has contributed to the development and registration of drugs such as Lamisil, Kerydin, Luzu and VT-1161. Dr. Shaw Sooroshian will be leaving the management team and his role as Chief Medical Officer of Moberg Pharma but will remain as a consultant to the company for a certain period.

CONTACT:

For additional information, please contact:

Peter Wolpert, CEO, phone: +46-707-35-7135, e-mail: [email protected]

Anna Ljung, CFO, phone: +46-707-66-6030, e-mail: [email protected]

About this information

This is information that Moberg Pharma AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication, through the contact persons set out above at 16.00 CET on April 8, 2019.

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https://news.cision.com/moberg-pharma/r/proposed-management-changes-at-moberg-pharma,c2783219

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SOURCE Moberg Pharma