UPPSALA, Sweden, Aug. 27, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROA) (Other OTC:PYRSF) today announced the appointment of the new management team for the new Company in connection with the completion of the merger with Personal Chemistry in Uppsala AB, "Personal Chemistry".
The merger is planned to take place after the extraordinary general meeting on September 25, 2003. Jeff Bork continues as Chairman of the Board and CEO. Hans Johansson, currently President of Personal Chemistry, becomes the new President and COO, Mats Olof Wallin continues as CFO and Marten Winge as VP Marketing. Jon Sverre Schanche, currently VP R&D at Personal Chemistry, will be the new VP R&D and Scott Carr, today head of Personal Chemistry's American sales company, will become President of the merged U.S. subsidiaries.
"Together, the new management team has extensive competence and experience within the biotech business. We will devote all our efforts to successfully merge the two companies, to continue our growth and to achieve a positive cash flow in the Company within the foreseeable future," said Jeff Bork, Chairman of the Board and CEO of Pyrosequencing.
"The new Company, through the merger with Personal Chemistry, will double its turnover and have two independent areas to build its business on, both targeting potentially huge global markets. Considerable cost synergies will enable continued investments in marketing and product development. We are very enthusiastic over the opportunities created by the merger," commented Hans Johansson, President of Personal Chemistry.
Erik Wallden, currently the President of Pyrosequencing, has requested to be relieved from his duties as President of Pyrosequencing. He will leave the Company in connection with the extraordinary general meeting on September 25, 2003.
"It has been a privilege to be a part in rapidly establishing a new and world leading technology for Applied Genetic analysis. This was made possible by the extremely professional and committed efforts of a closely knit team. When Pyrosequencing, through the merger with Personal Chemistry, enters a new phase in its development, it's natural for me to hand over to a new management," said Erik Wallden.
"With his drive and entrepreneurship, Erik has played a very important part in the creation of Pyrosequencing. He has built the foundation for the phase that we are now entering," commented Jeff Bork.
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 is a leader in the global market in Applied Genomics with approximately 300 systems sold to major pharmaceutical and biotech companies and prestigious research institutions worldwide. An agreement with Corbett Research enables Pyrosequencing to offer a comprehensive product portfolio for applied genetic analysis. Pyrosequencing 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, all of which utilize proprietary software and reagent kits, and Rotor-Gene 3000, CAS 1200 and other products from Corbett. Among Pyrosequencing's customers are AstraZeneca, GlaxoSmithKline, Merck, Schering-Plough, Bristol-Myers Squibb, the National Institutes of Health (NIH), the Centers for Disease Control and Prevention (CDC), the Karolinska Institute, Genzyme Corp., Biogen, Oxagen, NASA, DuPont Agriculture, the Health Protection Agency (HPA), and the Swedish University of Agricultural Sciences.
Additional information is available at www.pyrosequencing.com
For further information, please contact: Pyrosequencing AB Jeff Bork Chairman of the Board and CEO jeff.bork@pyrosequencing.com +46 73 422 16 60
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 "safeharbor" for such forward-looking statements. In order to comply with theterms of the safe harbor, Pyrosequencing notes that a variety of factorscould cause actual results and experience to differ materially from theanticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are notlimited to, risks associated with management of growth and internationaloperations (including the effects of currency fluctuations), variabilityof operating results, the commercial development of the DNA sequencingand genomics market, nucleic acid-based molecular diagnostics market,and genetic vaccination and gene therapy markets, competition, rapid orunexpected changes in technologies, fluctuations in demand forPyrosequencing's products (including seasonal fluctuations),difficulties in successfully adapting the Company's products tointegrated solutions and producing such products, and the Company'sability to identify and develop new products and to differentiate itsproducts from competitors.
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