Nordic Nanovector ASA announces that Ludvik Sandnes has been appointed interim Chief Executive Officer (CEO) and Chief Financial Officer (CFO)

OSLO, Norway, Feb. 1, 2023 /PRNewswire/ -- Nordic Nanovector ASA ("Nordic Nanovector" or the "Company") announces that Ludvik Sandnes, former Chairperson of Nordic Nanovector, has been appointed interim Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the Company as from 1 February 2023. Ludvik Sandnes will no more attend the Oncoinvent Board. Malene Brondberg, current interim CEO and CFO, will transition out of the Company, as previously announced on 9 December 2022.

Ludvik Sandnes commented "I have been asked by the board of Nordic Nanovector to become the interim CEO and CFO of the company. As a former chairman of the board, I know the company's history and operations, many shareholders, employees and founders quite well. In today's difficult stock market environment, the Board has concluded it will not be possible for Nordic Nanovector to raise new capital in the short term. Therefore, the Board, together with myself and our financial advisors, Carnegie, will assess the strategic options that may be open to the company and put forward any recommended proposals for resolution by the company's shareholders in the coming months. Our key goal is to ensure Nordic Nanovector's continued operation and to position it for future growth for the benefit of the current organisation, employees and shareholders".

The current Board of Directors, consisting of Jon Magne Asmyr (Chairperson) and Tina Bjørnlund Bønsdorff, will continue until the next Annual General Meeting on 26 April 2023, when a proposal will be made for the election of an additional new Board member to replace Eddie Berglund who resigned on 19 January 2023.

Nordic Nanovector confirms that its stand-alone cash position at end December 2022 is expected to be approximately NOK 98m. Further commitments related to the closure of PARADIGME during 2023 and transaction costs related to the proposed APIM transaction brings the uncommitted net cash level to be approximately NOK 60m. This is in line with previous communication. 

Nordic Nanovector further confirms that it will report its Q4 2022 and full year results in line with the Oslo Børs regulations on 28 February.

The Company continues to minimise costs wherever possible, with six full time employees now remaining in the Company.

For further information, please contact:

IR enquiries
Jon Magne Asmyr, Chairperson of Nordic Nanovector 
+ 47 926 19 683 
ir@nordicnanovector.com

International Media: Frazer Hall / Mark Swallow (MEDiSTRAVA Consulting)
+44 203 928 6900 
nordicnanovector@medistrava.com

About Nordic Nanovector

Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care.

Further information can be found at www.nordicnanovector.com