Corporate | 8 February 2011 17:59
Oasmia Pharmaceutical AB / Key word(s): Change of Personnel/Change of Personnel 08.02.2011 / 17:59 Uppsala, Sweden, February 8, 2011. The Board of Directors of Oasmia Pharmaceutical AB has elected Björn Björnsson as new chairman. At the same time, Peter Ström has been elected deputy Chairman of the Board. Following discussions among the major shareholders, the board and management of Oasmia Pharmaceutical AB and with the aim of securing continued focus on the important internal and external processes to register and subsequently launch new products, Mr Bo Cederstrand has announced that he would like to resign as chairman of the board. Furthermore, the board and Mr Julian Aleksov have come to an agreement to initiate a process to jointly find a replacement for him as CEO of the company. The reason is that the board wishes to prioritize the development of the large company potential and at the same time restore the confidence for the company. The board has for these reasons: - appointed Mr Björn Björnsson as new Chairman of the Board. Björn Björnsson is Chairman of the Board of Bure Equity AB and Skrindan AB and Member of the Board of Oasmia Pharmaceutical AB since 2010. Björn Björnsson has extensive experience as board member of quoted companies. - appointed Mr Peter Ström as deputy Chairman of the Board. Peter Ström has extensive experience from the life science sector from e.g IMS Health, Kabi Vitrum, Kabi Pharmacia and Pharmacia Upjohn. Peter Ström has an MA in Economics and is also a board member of Comtax AB, Active Biotech AB, Lidds AB and Stockholm Corporate Finance AB. Peter Ström is a board member of Oasmia Pharmaceutical AB since 2006. Bo Cederstrand and Julian Aleksov, who initiated the project in 1995 (the company was formed in 1999) and have since then been a driving force and also to a large extent financed the operations, will remain as Members of the Board. With his thorough knowledge of the industry, Peter Ström will be involved in day-to-day operations to a larger extent and act as additional support for the management. Continued focus on registration and product launches Oasmia Pharmaceutical has the following objectives: - to achieve market registrations during 2011 in order for the licensees to launch Paccal(R) Vet, the company's first product for the veterinary market. - to submit a market registration application in Europe during 2011 for the company's first product for the human market, Paclical(R). The board has noted a few inaccuracies in earlier prospectuses, mainly concerning the ownership of Oasmia SA. Oasmia SA has separately clarified the factual circumstances in this matter. The board of directors regret that the communication has not in all aspects been fully correct, but is of the opinion that the communication has not misrepresented Oasmia Pharmaceutical AB and the company's ownership structure. About Oasmia Oasmia Pharmaceutical AB develops a new generation of drugs within human and veterinary oncology. The product development aims to manufacture novel formulations based on well-established cytostatics which, in comparison with current alternatives, show improved properties, a reduced side-effect profile and an expanded therapeutic area. The product development is based on in-house research within nanotechnology and company patents. The company was registered in 1999 and is located in Uppsala, Sweden. Oasmia is currently listed on NASDAQ OMX Stockholm and Frankfurt Stock Exchange. For more information, please contact: Maria Lundén, Head of Public Relations, Oasmia Pharmaceutical AB. E-mail: press@oasmia.com Phone: +46 (0) 18 50 54 40. German contact : Axel Mühlhaus, edicto GmbH, Frankfurt E-Mail: oasmia@edicto.de Phone: +49 (0) 69 90 55 05 52. Information is also available at www.oasmia.com www.nasdaqomxnordic.com www.boerse-frankfurt.de Disclaimer This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of Oasmia's securities. Specifically, the risks and uncertainties that could affect the development of Paccal(R) Vet include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general, and with Paccal(R) Vet in particular, including, without limitation, the potential for Paccal(R) Vet to be proved safe and effective (or to achieve response rates) for the treatment of the indications noted in this press release or any other indication, determinations by regulatory, patent and administrative governmental authorities, the potential that Paccal(R) Vet will not produce high rates of complete remission in patients with mastocytoma, the possibility that the registration trial for Paccal(R) Vet as a treatment for mastocytoma in dogs will not occur, the possibility that the U.S. Food and Drug Administration will not approve a phase III registration strategy for Paccal(R) Vet if proposed by Oasmia, the potential that Abbott will not exercise its distribution rights, Oasmia's ability to continue to raise capital as needed to fund its operations, competitive factors, technological developments, and costs of developing, producing and supplying Paccal(R) Vet. Except as may be required by law, Oasmia does not intend to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. End of Corporate News --------------------------------------------------------------------- 08.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 111520 08.02.2011