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

lly launched oncology drugs, both globally and in the key markets, which have become major products in their class.

The Board of Directors is also pleased to announce that Dr. Thomas Ramdahl, who has served as CEO of the company since 2001, will take up the position as Executive Vice President and Chief Technology Officer (CTO). Working closely with the CEO, Dr. Ramdahl will have broad responsibility for technology issues, both for late-stage products and the early discovery pipeline.

Stein Annexstad, Chairman of Algeta, said: "Algeta's lead product Alpharadin continues to make excellent progress through clinical trials, giving us great confidence of its potential as a new treatment for advanced prostate cancer. As the Company moves into a more commercial phase of its development, we are very pleased to have been able to attract Andrew to strengthen the executive management team. We believe that his international commercial expertise and networks complement the existing skills in the company and will be of significant value to Algeta in bringing Alpharadin to market."

Mr. Kay said: "I am delighted to be joining Algeta at this crucial point in its development. Alpharadin has shown in all the clinical trials completed to date its unique potential not only in treating the painful bone metastases resulting from late-stage prostate cancer, but also providing a survival benefit for patients superior to the current gold standard. The product also has potential to be an important new treatment for other cancers that metastasise to bone. In addition, the Company has several other novel targeted cancer technologies in its pipeline and an excellent technical and clinical team, which I look forward to joining in the New Year."

About Algeta

Algeta ASA is a Norwegian cancer therapeutics company built on world-leading, proprietary technology. Algeta is developing new, targeted cancer therape
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SOURCE Algeta ASA
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