Torbjorn Bjerke Appointed as new CEO for Karolinska Development

STOCKHOLM, August 23, 2010 /PRNewswire/ -- Torbjorn Bjerke has been appointed as new CEO for Karolinska Development. He is currently CEO for Orexo, a position he has held since 2007. Torbjorn Bjerke succeeds Conny Bogentoft who will assume the position as Chief Scientific Officer for Karolinska Development.

Starting its operation in 2003, Karolinska Development has rapidly become one of the leading companies within early pharmaceutical development in Europe. Investments by Karolinska Development have focused on developing its portfolio companies to proof of concept. Karolinska Development has now entered a next phase where the company will seek external partners for some of its portfolio companies while preparing for an initial public offering.

"With his solid background as a commercial leader, Torbjorn Bjerke has the right profile for the role as CEO for Karolinska Development. He has vast experience from leading and developing early research-based companies as well as a listed pharmaceutical company. Torbjorn's experience in business development and his demonstrated ability in negotiating and implementing collaborations with international partners will be of great value to us, our shareholders and our portfolio companies," says Hans Wigzell, Chairman of Karolinska Development.

Torbjorn Bjerke has held the position as CEO for Orexo since 2007. He will assume the position as CEO for Karolinska Development when his successor has been appointed. Conny Bogentoft, who has held the position as CEO for Karolinska Development since its inception in 2003, will become Chief Scientific Officer with overall responsibility for the future development of Karolinska Development's portfolio.

"I look forward to my new role as CEO for Karolinska Development, and to lead one of the most exciting pharmaceutical companies in Europe to further success and a future IPO," says Torbjorn Bjerke.

TO THE EDITORS

About Karolinska Development

Karolinska Development manages one of the largest portfolios of life science companies in Europe. Using a unique, highly cost efficient business model, the management team guides the commercialization of world class life science innovations, helping to shape the next generation Pharma industry. Since 2003, Karolinska Development has built a portfolio of some 40 companies; among the company's projects 12 compounds are undergoing clinical trials. The portfolio contains a total of 21 potential first-in-class products. http://www.karolinskadevelopment.com

    For further information, please contact:

    Hans Wigzell, Chairman of the board, Karolinska Development
    Tel: +46(0)705-76-05-39, e-mail: [email protected]

    Conny Bogentoft, CEO, Karolinska Development
    Tel: +46(0)706-88-61-43, e-mail:
    [email protected]

    Torbjorn Bjerke, appointed CEO, Karolinska Development
    Tel: +46(0)708-66-19-90, e-mail: [email protected]

SOURCE Karolinska Development AB PUBL