Following years of strong growth in Hofseth International AS ("Hofseth International") and the expected further positive development in Hofseth BioCare ASA's ("HBC") revenues and sales activities, it has been decided to strengthen management focus in both companies. Roger Hofseth will therefore continue to serve as CEO of Hofseth International but has decided to step back as CEO of HBC and change his involvement in the company to a director of the Board, as the nomination committee has asked the General Assembly to appoint him.
Jon Olav Ødegård, Chief Financial Officer will, with effect from 1 August, assume the role of CEO. Ødegård has over nine years of executive experience in the biotechnology industry. Before joining Hofseth BioCare in 2013, Ødegård was a Managing Director in Sparebank 1 Finans. Previously, he has held executive positions in Banking and Advisory services. Further he holds several board positions within the Group of companies that Hofseth BioCare is a part of and externally in companies such as Aqua Bio Technology ASA.
Kristin Fjellby Grung, Chair of Hofseth BioCare, commented: "Jon brings vast experience as a leader in the industry with a proven track record. He knows the company from within and is definitively the right person to continue our mission to explore the medical and pharmaceutical potential in our products. Hofseth BioCare has reached a critical phase, demonstrating progress in markets and development of its enzymatic hydrolysis process, that requires 100% focus on these activities. The Board is confident that Jon will be the right person to lead and continue to develop Hofseth BioCare into this phase and the recent share capital increase secures the necessary funding for continued development.
The Board would like to thank Roger Hofseth for his continued work to build the Company since the start in 2009. Roger has played a decisive role in establishing Hofseth BioCare as a supplier of high-value ingredients and finished products for the nutrition market and his strong involvement in Hofseth International has secured exclusive long-term access to fresh salmon off-cuts, providing a competitive edge for HBC."
Jon Olav Ødegård, CEO of Hofseth BioCare commented, "I am very excited to take on the role as CEO of the Company and look forward to working with the Board and team to continue the progression of developing our quality nutritional lipids, proteins and calcium from fresh salmon off-cuts, as well as the hydrolysis process through further clinical development and ultimately to the patients we believe will benefit from them."
Roger Hofseth said: "I have thoroughly enjoyed my past five years as a CEO of Hofseth BioCare. As the Company progresses through the exciting next steps in parallel with the strong and very positive development in Hofseth International, which will be of great importance for HBC going forward, it is a natural time for me to hand over to Jon who can concentrate fully on HBC's further development. I can then concentrate fully on securing vast amounts of fresh salmon off-cuts from our business in Hofseth International. I will, however, keenly join the Board if the General Assembly appoints me."
For further information, please contact:
Kristin Fjellby Grung
Chair of the Board of Hofseth BioCare ASA
Phone: +47 416 55 916
Email: Kristin.Grung@adviso.no
About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are focused on developing an oral pharmaceutical lead program to treat inflammatory disease driven by eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, New Jersey, and Palo Alto.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at the date and time as set out above.
