Nordic Nanovector’s Chief Executive Officer Luigi Costa will step down, and the company will search for a new CEO immediately, during which Costa be available to the board until the end of July 2018.
Chairman Ludvik Sandnes saidthe company has been taken through its initial public offering in 2015 to the point where the it has a strong team and a clear plan to develop the its drug candidate, Betalutin, which is in late-stage clinical development. “We look forward, in due course, to announcing the appointment of a new CEO who will lead the company through the next phase of its growth and development,” Sandnes said.
Luigi Costa said: “Nordic Nanovector has recently taken a significant hit to its market valuation and credibility with the Norwegian investment community. As CEO, I have to take full responsibility for this. For the good of the company, its employees and investors, I have therefore decided to step down from my position as I hope it will allow the company to receive the support it deserves. I have full confidence that the company’s management team will successfully execute the on-going Betalutin® development programme and generate significant value for Nordic Nanovector’s shareholders.”