Nordic Nanovector Announces that Luigi Costa Will Step Down as Chief Executive Officer

OSLO, April 4, 2018 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANO) announces that Luigi Costa, will step down as Chief Executive Officer by mutual agreement with the Board of Directors. A search for a new CEO will begin immediately. To ensure a smooth transition, Mr Costa has agreed to be available to the board until the end of July 2018.

Chairman Ludvik Sandnes said: "On behalf of the Board, I would like to thank Luigi for all his hard work and enthusiasm in leading the company through its initial public offering in 2015 to the point where the company has a strong team and a clear plan to develop the company's promising drug candidate, Betalutin®, which is in late-stage clinical development. We look forward, in due course, to announcing the appointment of a new CEO who will lead the company through the next phase of its growth and development."

Luigi Costa added: "Nordic Nanovector has recently taken a significant hit to its market valuation and credibility with the Norwegian investment community. As CEO, I have to take full responsibility for this. For the good of the company, its employees and investors, I have therefore decided to step down from my position as I hope it will allow the company to receive the support it deserves. I have full confidence that the company's management team will successfully execute the on-going Betalutin® development programme and generate significant value for Nordic Nanovector's shareholders."

An announcement regarding an update to the PARADIGME clinical study has been made separately today.

For further information, please contact:

Ludvik Sandnes, Chairman
Cell: +47 907 43017 
Email: [email protected]

International Media Enquiries
Mark Swallow/David Dible/Isabelle Andrews (Citigate Dewe Rogerson)
Tel: +44 207 638 9571
Email: [email protected]

About Nordic Nanovector

Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in the development of targeted therapies for haematological cancers.

Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting Antibody-Radionuclide-Conjugates (ARC) designed to advance the treatment of non-Hodgkin's Lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 20 billion by 2024. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets.

The Company is also advancing a pipeline of ARCs and other immunotherapies for multiple cancer indications.

Further information about the Company can be found at www.nordicnanovector.com

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SOURCE Nordic Nanovector