On October 24, 2017 BioInvent International AB (OMXS: BINV) reported that Michael Oredsson will resign as CEO of BioInvent 31 December 2017 (Press release, BioInvent, OCT 24, 2017, http://www.bioinvent.com/en/media/press-releases/releases?id=BAC528D34E9A30A6 [SID1234521144]). Michael took office as CEO of BioInvent in 2013 to restructure the company and refocus on oncology. Now, both the board and Michael believe that it is a good time for a change in leadership, as the company is transitioning to a specific focus on clinical development and R&D.

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“On behalf of the board, I would like to thank Michael for a highly valuable contribution to the company. He has been instrumental in taking the company through a critical phase and I wish him all the best in the future”, says Björn O. Nilsson, Chairman of the Board.

“The challenges of a biotech company are many, but with highly skilled and devoted employees, my work has been both rewarding and stimulating. It has been a privilege to lead the BioInvent organization, but the company now needs more scientific skills in the CEO role. I will of course continue to follow the company closely”, says Michael Oredsson.

The board has initiated a process to recruit a new CEO. If a new CEO is not in place by 1 January, 2018, the present CSO, Björn Frendéus, will serve as acting CEO until the new CEO has been appointed and taken office.