UPPSALA, Sweden, Jan. 7, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROA) (Other OTC:PYRSF) today announced the appointment of a new Chief Financial Officer, Mats-Olof Wallin, effective March 1, 2003. Mr. Harry Wilcox, presently Executive Vice President, Chief of Finance and Corporate Development, and based in the Company's Boston office, will continue to run Pyrosequencing's business development projects on a consultancy basis.
"I am looking forward to Mats-Olof joining the team. This new appointment completes Pyrosequencing's previously announced restructuring and enhances the Company's focus on accelerating the timeline to profitability," said Erik Wallden, President and CEO of Pyrosequencing AB. "It reflects the Company's decision to streamline the financial functions. All financial responsibilities previously split between Sweden and the US offices will now be centralized in Uppsala, Sweden, under the direction of Mats-Olof."
Mr. Wallin is currently CFO at Ortivus AB, a publicly-listed Swedish medical technology company. For 25 years, he held leading positions in various financial functions in the Pharmacia Group, where he gained broad experience from international business operations and industrial restructuring work. Mats-Olof Wallin has a degree in business economy and information technology from Uppsala University, Sweden.
In line with the reorganization of the financial function, Magnus Roubert, Vice President of Finance and Administration, will be leaving Pyrosequencing on March 1, 2003 to pursue other activities.
About Pyrosequencing AB
Pyrosequencing AB develops, manufactures and sells complete solutions for rapid applied genetic analysis based on its proprietary Pyrosequencing(TM) technology, a broadly applicable DNA sequencing technique. Pyrosequencing leads the global market in Applied Genomics with over 200 systems sold to major pharmaceutical and biotech companies and prestigious research institutions worldwide. The Company actively collaborates with industry leaders to develop clinical applications of the technology for disease diagnosis, clinical prognosis and pharmacogenomics testing.
Pyrosequencing products include the bench-top PSQ(TM)96, PSQ(TM)96MA and PSQ(TM)HS 96A Systems and a high-throughput 384-well system available through a Preferred Technology Program (PTP(TM)), all of which utilize proprietary software and reagent kits. Among Pyrosequencing's customers are AstraZeneca, GlaxoSmithKline, Merck, Schering-Plough, Bristol Myers Squibb, the NIH, the CDC, the Karolinska Institute, Genzyme Corp., Biogen, Oxagen, NASA, DuPont Agriculture, The London IDEAS Genetic Knowledge Park, and the Swedish University of Agricultural Sciences. The Web address is www.pyrosequencing.com.
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Pyrosequencing's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Pyrosequencing notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward- looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Pyrosequencing's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
FOR FURTHER INFORMATION CONTACT:
Pyrosequencing AB
Erik Wallden Theresa McNeely
President and CEO Sr. Director of Investor/Public
Relations
erik.wallden@pyrosequencing.com theresa.mcneely@pyrosequencing.com
Phone: +46 18 56 59 02 or Phone: 1 508-389-9911
+46 70 326 98 70
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