Cytovation Strengthens its Board of Directors for Next Phase of Development

BERGEN, Norway, Sept. 15, 2022 /PRNewswire/ -- Cytovation ASA, a clinical stage immune-oncology company focused on the development of CyPep-1, its first-in-class targeted tumor membrane immunotherapy, announces updates to strengthen its Board and prepare the Company for the next phase of its development following its successful NOK180M ($20M) Series A fund raise.

Existing Board member Stein Christian Mohn, MD, PhD, becomes the new Chair of Cytovation, representing Sandwater, a Norwegian venture capital firm that invests in groundbreaking companies across a range of industries and which co-led Cytovation's Series A round in late 2021. Current CEO of Mohn Drilling, Mohn combines over 16 years of industry experience with an extensive scientific background in biomedical research.

Representing Canica AS, a large, privately owned investment company operating out of Norway and Switzerland, which co-led the Series A round together with Sandwater, Cytovation has welcomed Øyvind Kongstun Arnesen to the Board.  He is a MD with more than 10 years of clinical experience and an extensive track record in the pharmaceutical industry at BMS, Boehringer Ingelheim and Ultimovacs, where he was CEO from 2012 to 2020. He is Chairman of the Board of Curida, Hubro Therapeutics and the Oslo Cancer Cluster.

Additional new Board members are Kjell Bernstrøm, representing Innovest AS, an investment group owned by University of Bergen (where he was University Director) and Haukeland University Hospital; and two new independent directors, Hilde Hukkelberg and Liv H. Dyrnes.

Hilde Hukkelberg is Board member for several companies and is Director, UK and Ireland for Innovation Norway, the Norwegian Government's most important instrument for innovation and development of Norwegian enterprises and industry. Liv H. Dyrnes has extensive financial and board experience, and is CFO of Klaveness Combination Carriers ASA, a Norwegian maritime transportation company listed on the Oslo Stock Exchange.

Stein Christian Mohn, Chair of Cytovation, commented: "I am delighted to be taking on the role of Chairperson at Cytovation, having witnessed the company's impressive progress during my time on the Board. I would like to welcome our new board members, each of whom brings considerable experience to Cytovation as we move into the next phase of development. CyPep-1 is a truly innovative product with strong potential in the treatment of solid tumors, and I look forward to working with the new Board and the Company's highly experienced management team to help bring it to patients as quickly as possible."

About Cytovation

Cytovation ASA is a privately held, clinical stage immune-oncology company focused on the development of CyPep-1, a first-in-class tumor membrane targeting agent. The company is a spin-off from the University of Bergen (Norway), the city where it is headquartered. For more information, please visit www.cytovation.com.

Contact Information

Cytovation

Federico Grego, Chief Business Officer: contact@cytovation.com

MEDiSTRAVA Consulting

Frazer Hall / Mark Swallow / George Underwood: cytovation@medistrava.com