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Algeta Appoints Andrew Kay as President and Chief Executive Officer
Date:12/11/2008

OSLO, December 11 /PRNewswire-FirstCall/ --

- Appointment Enhances Algeta's Commercial Capabilities and Aims to Accelerate Further Development of Alpharadin in Advanced Prostate Cancer

Algeta ASA (OSE: ALGETA), the Norwegian cancer therapeutics company, announces that Mr. Andrew Kay has been appointed as President and Chief Executive Officer and will take up the role on 19 January 2009. Dr. Thomas Ramdahl will continue as Executive Vice President and Chief Technology Officer (CTO).

Mr. Kay (53), B. Pharm., will join Algeta from Renovo plc (LSE: RNVO) where he was Executive Director, Commercial. He brings more than 25 years of commercial experience in the pharmaceutical sector, where he has managed the successful licensing and launch of several new chemical entities. At Renovo, he played a crucial role in securing the company's major licensing agreement in 2007 with Shire plc to develop and commercialise Juvista, Renovo's lead drug for the prevention and reduction of scarring following surgery.

At Algeta, Mr. Kay will be responsible for enhancing the Company's commercial capabilities and initially will be seeking commercial development partners for Algeta's lead product candidate, Alpharadin, which entered an international phase III clinical trial in 2008 as a novel treatment for patients with skeletal metastases from hormone refractory prostate cancer. He will be based in the UK.

Prior to joining Renovo in 2003, Mr. Kay was Global Head of Marketing and Sales and a Member of the Healthcare Committee and Pharmaceutical Executive Committee at Novartis in Basel, Switzerland, where he had worldwide responsibility for the sales and marketing of Novartis' pharmaceutical portfolio. Before that he held several other senior commercial positions in Europe and the USA with AstraZeneca, Eli Lilly, Sandoz and Boots covering leading therapeutic areas, including oncology. He has successfu
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