CEO Olav Hellebø to leave Clavis Pharma

CEO Olav Hellebø to leave Clavis Pharma

Oslo, Norway, 14 May 2013

Clavis Pharma ASA (OSE: CLAVIS), the Norwegian cancer drug development company, announces that Olav Hellebø will leave the position as CEO of the company effective 20 May by mutual agreement.  This is a consequence of the significant down scaling of the Company's operations following the negative outcome of the CLAVELA phase III study in April.

Olav Hellebø said: "During my three years as CEO, Clavis Pharma has advanced two drug candidates through pivotal clinical trials. This is a significant undertaking for a small biotech company and it would not have possible without a very competent team and the support of our board and investors. We of course wished that the outcome of the studies was different.  I thank everyone involved and wish them the best of luck with their new ventures going forward."

Anders Wiklund, Chairman of the Board of Directors, said: "Olav has been an outstanding manager of the Clavis Pharma team. His enthusiasm and professionalism has created respect among all stakeholders of the company. On behalf of the Board, I would like to thank him for his excellent leadership and wish him well with his future endeavours."

Contacts:

Anders P. Wiklund

Chairman of the Board, Clavis Pharma ASA

+47 24 11 09 50

Mark Swallow / Nina Enegren / David Dible

Citigate Dewe Rogerson

+44 207 282 2948

[email protected]

Mark Swallow, Ph.D.

Citigate Dewe Rogerson

+44 (0)20 7282 2948 (direct)
+44 (0)7903 737703 (mobile)
+44 (0)20 7638 9571 (switchboard)
+44 (0)20 7282 2811 (fax)

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