STOCKHOLM, Nov. 13, 2019 /PRNewswire/ -- Cyxone (publ), a Swedish biotech in autoimmune diseases, announced today that the company's Board has resolved to find a new CEO to lead the company into its next phase. Kjell G. Stenberg has decided to step down from his position as CEO of the company immediately. Ola Skanung, CFO, will be acting as interim CEO. The recruitment process to find a new CEO begins immediately.
Bert Junno, chairman of the Board at Cyxone, comments "The company is currently on the verge of entering a new stage of maturity being well-financed and having two clinical candidates. This is why we believe it is a good opportunity to thank Kjell for having developed the company this far and as soon as possible hand over the reins to a new CEO skilled in business development and finance. With this change, our aim is to advance the transformation of Cyxone, from a virtual lean research company to a business with bigger ambitions."
Kjell G. Stenberg is one of the co-founders of Cyxone and has been the CEO since its start in 2015. During this time, he has successfully led the development of two clinical phase programs within autoimmune diseases.
Kjell G. Stenberg comments on his decision: "These last four years with Cyxone have been a great and rewarding experience; taking T20K through to clinical phase 1 and acquiring a second candidate, Rabeximod, with proven efficacy in phase 2. At this time, the Board and I believe it makes best sense to hand over the baton to a new CEO and for me to seek new opportunities. I do still see a high potential value in the two drug projects T20K and Rabeximod and wish for their further success."
Bert Junno, Chairman of the Board
Ola Skanung, CFO and interim CEO
Cyxone AB (publ)
211 22 Malmö, Sweden
This contains such information that Cyxone AB is required to make public under the EU's Market Abuse Regulation. The information was provided under the auspices of the above contact person for publication on November 13, 2019 at 17.40 CET.
Cyxone AB is a clinical stage biotech company with a portfolio of immunomodulating drugs for the treatment of autoimmune diseases such as multiple sclerosis (MS) and rheumatoid arthritis (RA). The company's drug portfolio is based on two technological pillars in the form of oral molecules and cyclotide-based drugs that inhibit key processes in the body's cells that are typically associated with various immune-related disorders. Cyxone's technologies have the potential to address an unmet need and provide new effective and safe medicines that can improve the quality of life for patients affected by autoimmune diseases. The company has two drug candidates, T20K for MS in clinical phase I program and Rabeximod for RA in clinical phase II program. Cyxone's Certified Adviser on the Nasdaq First North Growth Market is Mangold Fondkommission AB, +46-(0)-8-503-015-50, email@example.com. www.cyxone.com
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