Luigi Costa will step down as Chief Executive Officer by mutual agreement with the Board of Directors.
“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,” said Luigi Costa.
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.
“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,” said Chairman Ludvik Sandnes.
Photo of Luigi Costa: Oncopeptides