Hofseth BioCare ASA

07/29/2022 | Press release | Distributed by Public on 07/29/2022 00:05

Hofseth Biocare ASA: JON OLAV ØDEGÅRD APPOINTED NEW CEO OF HBC

Tid29.07.2022, 06:00:00
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Hofseth Biocare ASA: JON OLAV ØDEGÅRD APPOINTED NEW CEO OF HBC

Following years of strong growth in Hofseth International AS ("Hofseth
International") and the expected further positive development in Hofseth BioCare
ASA's ("HBC") revenues and sales activities, it has been decided to strengthen
management focus in both companies. Roger Hofseth will therefore continue to
serve as CEO of Hofseth International but has decided to step back as CEO of HBC
and change his involvement in the company to a director of the Board, as the
nomination committee has asked the General Assembly to appoint him.

Jon Olav Ødegård, Chief Financial Officer will, with effect from 1 August,
assume the role of CEO. Ødegård has over nine years of executive experience in
the biotechnology industry. Before joining Hofseth BioCare in 2013, Ødegård was
a Managing Director in Sparebank 1 Finans. Previously, he has held executive
positions in Banking and Advisory services. Further he holds several board
positions within the Group of companies that Hofseth BioCare is a part of and
externally in companies such as Aqua Bio Technology ASA.

Kristin Fjellby Grung, Chair of Hofseth BioCare, commented: "Jon brings vast
experience as a leader in the industry with a proven track record. He knows the
company from within and is definitively the right person to continue our mission
to explore the medical and pharmaceutical potential in our products. Hofseth
BioCare has reached a critical phase, demonstrating progress in markets and
development of its enzymatic hydrolysis process, that requires 100% focus on
these activities. The Board is confident that Jon will be the right person to
lead and continue to develop Hofseth BioCare into this phase and the recent
share capital increase secures the necessary funding for continued development.

The Board would like to thank Roger Hofseth for his continued work to build the
Company since the start in 2009. Roger has played a decisive role in
establishing Hofseth BioCare as a supplier of high-value ingredients and
finished products for the nutrition market and his strong involvement in Hofseth
International has secured exclusive long-term access to fresh salmon off-cuts,
providing a competitive edge for HBC."

Jon Olav Ødegård, CEO of Hofseth BioCare commented, "I am very excited to take
on the role as CEO of the Company and look forward to working with the Board and
team to continue the progression of developing our quality nutritional lipids,
proteins and calcium from fresh salmon off-cuts, as well as the hydrolysis
process through further clinical development and ultimately to the patients we
believe will benefit from them."

Roger Hofseth said: "I have thoroughly enjoyed my past five years as a CEO of
Hofseth BioCare. As the Company progresses through the exciting next steps in
parallel with the strong and very positive development in Hofseth International,
which will be of great importance for HBC going forward, it is a natural time
for me to hand over to Jon who can concentrate fully on HBC's further
development. I can then concentrate fully on securing vast amounts of fresh
salmon off-cuts from our business in Hofseth International. I will, however,
keenly join the Board if the General Assembly appoints me."

For further information, please contact:

Kristin Fjellby Grung
Chair of the Board of Hofseth BioCare ASA
Phone: +47 416 55 916
Email: [email protected] (mailto:[email protected])

About Hofseth BioCare ASA:

HBC is a Norwegian consumer and pet health ingredient supplier and an incubator
for new drug leads. Research is ongoing to identify the individual elements
within its ingredients that modulate inflammation and the immune response with
pre-clinical studies in multiple clinics and university research labs in several
countries. Lead clinical and pre-clinical candidates are focused on developing
an oral pharmaceutical lead program to treat inflammatory disease driven by
eosinophils. Preclinical trial work with the oil is ongoing to ameliorate lung
inflammation in eosinophilic asthma and COPD ("smokers lung") as well as
clinical work in COVID. Other leads are focused on the protection of the Gastro-
Intestinal (GI) system against inflammation (including ulcerative colitis and
the orphan condition necrotising enterocolitis) and using peptide fractions of
salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help
treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization
of natural resources and full traceability. Through an innovative hydrolysis
technology, HBC can preserve the quality of lipids, proteins and calcium from
fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo,
London, Zürich, New Jersey, and Palo Alto.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Jon Olav Ødegård, CEO of Hofseth BioCare ASA, at
the date and time as set out above.