Novaremed Announces Management Changes

BASEL, Switzerland–(BUSINESS WIRE)–Novaremed AG (Novaremed), a clinical-stage Swiss biopharmaceutical company, announced today that by mutual agreement with the Board of Directors, Dr. Nicholas Draeger has decided to step down as CEO and member of the Board of Directors and will serve as a senior advisor to Novaremed in order to ensure a smooth leadership transition. The search for a full-time successor to Dr. Draeger has been initiated.

Mr. Subhasis Roy, COO, and Dr. Sara Mangialaio, CMO and Head of R&D, will be assuming responsibilities for the company’s day to day operations and all clinical development work, respectively, effective immediately.

Mr. Subhasis Roy has served as the COO of Novaremed since April 2018 and has over 20 years of experience in healthcare investment banking. Prior to Novaremed, Mr. Roy held senior roles at Sirius Healthcare Partners, UBS, HSBC and DKB, among other firms.

Dr. Sara Mangialaio has served as the CMO and Head of R&D at Novaremed since October 2017 and has over 20 years of experience in the pharmaceutical industry. Dr. Mangialaio held senior roles at Actelion and Novartis and has established experience in the planning and execution of clinical trials.

“We’d like to thank Dr. Draeger for his service and contributions to Novaremed. Our entire management team and board remain committed to developing NRD.E1 and to carrying out our global Phase 2b study,” stated Mr. Harry Welten, Chairman of the Board of Directors of Novaremed.

Notes to the Editor:

About Novaremed

Novaremed Ltd. was founded in 2008 in Israel and reincorporated as Novaremed AG in Switzerland late 2017. Novaremed is developing NRD.E1, an orally-active non-opioid small molecule with a new mechanism of action for the treatment of Diabetic Neuropathic Pain (DPN). In a Phase 2a Proof of Concept study, NRD.E1 showed clinically relevant reduction in patient reported pain. Novaremed is currently preparing for a global Phase 2b study in DPN, expected to start in Q2/3 2020. For more information, visit www.novaremed.com.

Contacts

Subhasis Roy, COO

Tel: +41 79 2075715

Email: [email protected]