To NASDAQ OMX Copenhagen A/S
Announcement no. 14-12 / Copenhagen, August 30, 2012
Copenhagen, Denmark – August 30, 2012 – Topotarget A/S (NASDAQ OMX: TOPO) today announced the initiation of a strategic review and a change in the Executive Management.
Topotarget aims to maximize the value for its shareholders. Today the Board of Topotarget announced that it has engaged ABG Sundal Collier (www.abgsc.com) to review and advice on the execution of its strategic options. These options may include partnering of belinostat outside the territory of Spectrum Pharmaceuticals, Inc., a merger with an industrial partner, or a sale of the Company. No decision has been made in regard to entering into any specific transaction at this time and there is no certainty that Topotarget will enter into a transaction in the future.
The Board of Directors and Executive Management of Topotarget have decided to change the structure and size of the Executive Management Team to reflect the current scope of the company’s activities and prepare for the outcome of the strategic review. After having brought the company into a new phase in its development, Francois Martelet, current CEO, has resigned from his position as of August 30, 2012. In addition, Axel Mescheder, currently CMDO, has decided to seek a new position outside the company. Axel will leave Topotarget effective October 31, 2012, but will support Topotarget’s development thereafter. Since Francois’ and Axel’s primary objective have been to prepare the company for the next stage, finalizing the belinostat PTCL (peripheral T-cell lymphoma) trial and enabling the potential NDA together with our partner Spectrum Pharmaceuticals, it is a natural step for Francois and Axel to seek new challenges. We thank both Francois and Axel for their contribution in preparing Topotarget for the future.
As of August 30, 2012, Anders Fink Vadsholt, currently CFO, will be appointed to the position of CEO, whilst retaining his current responsibilities. Anders was originally on the Board of Directors from July 2009 and was employed as CFO in April 2010. He has played an important role in the restructuring of Topotarget.
Anders Fink Vadsholt will work closely together with Bo Jesper Hansen, Chairman of the Board of Directors of Topotarget, who, also effective as of August 30, 2012, will be appointed Executive Chairman. Bo Jesper Hansen has been on the Board of Directors of Topotarget since July 2009 and Chairman since April 2010.
Early 2010, Topotarget entered into a license agreement with Spectrum Pharmaceuticals for belinostat in North America and India and have since then focused its efforts on finalizing studies with belinostat including the PTCL study. Top-line data on the PTCL study are expected during Q4 2012 and Topotarget is preparing supportive documentation on all studies on belinostat with the aim of being ready to file an NDA for belinostat in PTCL, should the data be positive.
Bo Jesper Hansen
Chairman of the Board
Topotarget A/S
For further information, please contact:
Anders Vadsholt, CEO: Direct: +45 39 17 83 45; Cell: +45 28 98 90 55
Background information
About Anders Fink Vadsholt, new CEO of Topotarget as of 30 August 2012
Anders Vadsholt (43) has experience from biotech companies as well as investment banking and venture capital. Prior to joining Topotarget he was a partner at BankInvest Biomedical Venture where he spent 5 years. He is also a former founder and CFO of 7TM Pharma. He started his career at Carnegie Investment Bank within corporate finance and equity research. Anders holds a M.Sc. (Finance and Commercial Law) from Copenhagen Business School and an MBA from University of Melbourne.
About Bo Jesper Hansen, Chairman of Topotarget
Bo Jesper Hansen (53) has experience in the field of international contract negotiation and deal-making and significant M&A transactions. He is the former CEO and President of Swedish Orphan International AB which he successfully developed and grew since 1993 until it was acquired by Biovitrum AB in 2009. Bo Jesper is Executive Chairman of the Board at Swedish Orphan Biovitrum AB and board member at Zymenex A/S, Gambro AB, Orphazyme ApS, CMC Contrast AB, Hyperion Therapeutics Inc., and Genspera Inc. Bo Jesper Hansen is an MD, has a PhD from the University of Copenhagen, and is the author of more than 40 publications.
About Topotarget
Topotarget (NASDAQ OMX: TOPO) is an international biopharmaceutical company headquartered in Copenhagen, Denmark, dedicated to clinical development and registration of oncology products. In collaboration with Spectrum Pharmaceuticals, Inc., Topotarget focuses on the development in pivotal studies of its lead drug candidate, belinostat, which has shown positive results as a monotherapy treating hematological malignancies and positive results in solid tumors. Belinostat may be used in combination with full doses of chemotherapy, and is in a pivotal trial within PTCL (peripheral T-cell lymphoma). For more information, please refer to www.topotarget.com.
Topotarget Safe Harbor Statement
This announcement may contain forward-looking statements, including statements about our expectations of the progression of our preclinical and clinical pipeline including the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Topotarget cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: The risk that any one or more of the drug development programs of Topotarget will not proceed as planned for technical, scientific, or commercial reasons or due to patient enrollment issues or based on new information from non-clinical or clinical studies or from other sources; the success of competing products and technologies; technological uncertainty and product development risks; uncertainty of additional funding; Topotarget's history of incurring losses and the uncertainty of achieving profitability; Topotarget's stage of development as a biopharmaceutical company; government regulation; patent infringement claims against Topotarget's products, processes, and technologies; the ability to protect Topotarget's patents and proprietary rights; uncertainties relating to commercialization rights; and product liability exposure. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
