Pronova BioPharma appoints Morten Jurs as new CEO

30 June 2009, Lysaker, Norway: Pronova BioPharma ASA (OSE: PRON.OL) announces that the board of directors has appointed Morten Jurs as new chief executive officer. Morten Jurs succeeds Per-Oluf Olsen.

Morten Jurs, aged 49, takes on his new role with effect from 1. July 2009. Mr Jurs has been chief financial officer of Pronova BioPharma since 2006. He has comprehensive experience as CFO from Kitron ASA, Santec Micro Group ASA, Telenor Nextra AS and Broadband Mobile ASA. Mr Jurs has also been CEO of Industrial Communication Group ASA. He holds an MBA from the University of Wyoming and has completed executive management courses at The Norwegian School of Economics and Business Administration.

 

"Morten Jurs has played a key role in Pronova BioPharma's management since 2006. During this time he has demonstrated leadership qualities and gained extensive knowledge about the company and the pharma industry. He enjoys great respect among Pronova BioPharma's employees and business partners as well as the investor community, and I am very pleased to announce him as the new CEO of the company", says chairman Gert W. Munthe.

Commenting on today's announcement, Morten Jurs says: "I am grateful for the confidence shown by the Board. I am thrilled to take on the new challenge as CEO and lead this resourceful company with highly qualified staff to continue the great progress that we have achieved".

 

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Pronova BioPharma is a global leader in the research, development and manufacture of marine-originated omega-3 derived pharmaceutical products.  Pronova BioPharma's first commercialized product is branded as Omacor® in a number of countries throughout Europe and Asia and as LovazaTM in the United States.  The product is manufactured at the Company's plant in Sandefjord, Norway using a unique and complex process.  An additional manufacturing plant is under construction in Kalundborg, Denmark and is expected to be operational in first quarter 2010.

 

Omacor/Lovaza is the first and only EU- and FDA-approved omega-3 derived prescription drug.  The drug is prescribed as an adjunct to diet for the treatment of elevated levels of triglycerides in humans, a condition known as hypertriglyceridemia (HTG), a form of dyslipidemia (or disorder of lipid metabolism).  Very high triglycerides have been linked to a number of cardiovascular diseases.  Omacor is also approved in key European and certain Asian markets for the secondary prevention of post-myocardial infarction, or Post-MI, the period following the initial survival of a heart attack.

 

Omacor/Lovaza has been demonstrated in a number of clinical trials to be a potent triglyceride-lowering agent as a monotherapy.  It has been documented to be efficacious, safe, and highly complementary to other lipid-lowering agents, such as statins. In addition, Pronova BioPharma is involved in various projects to develop Omacor/Lovaza in a number of cardiovascular indications, including as a combination therapy with statins for mixed dyslipidemia which management believe represents a major market opportunity for the Company.

 

Pronova BioPharma's global network of license and distribution partners includes: GlaxoSmithKline PLC (US), Takeda Pharmaceutical (Japan), Prospa (Italy) and Solvay (UK, Germany and others).  The combined sales force from this network focused on the sale of Omacor/Lovaza is approximately 2,650 sales representatives.

 

Omacor/Lovaza was launched in 2005 in the US and in major European markets, such as France and Spain. IMS Health reports that global end-user sales of the product have increased from US$144 million in 2005 to US$778 million in 2008.  The current annual run rate for end-user sales is estimated at US$953 million (as of December 2008), and the Company estimates that approximately 750,000 patients are currently on a prescription for Omacor/Lovaza.

 

Pronova BioPharma had revenues of NOK 1,302 million and EBITDA of NOK 603 million in 2008. The company is listed at Oslo Børs.  See www.pronova.com for more information.

 

Certain statements in this release concerning our future growth prospects are "forward-looking statements", which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.  The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in the pharmaceutical industry including those factors which may affect our ability to manufacture our products, our ability to attract and retain highly skilled professionals, the regulatory environment in which we operate and unauthorized use of our intellectual property and general economic conditions affecting our industry.  We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.