Picture © Nordic Nanovector

Nordic Nanovector's Luigi Costa to step down as CEO

Nordic Nanovector ASA announces that Luigi Costa will step down as Chief Executive Officer by mutual agreement with the Board of Directors. A search for a new CEO will begin immediately. To ensure a smooth transition, Mr Costa has agreed to be available to the board until the end of July 2018.

An announcement regarding an update to the PARADIGME clinical study was made separately today. Results from the PARADIGME Phase 2b trial with Betalutin are now targeted for 1H 2020, previously 2H 2019.

Additionally, plans for a Phase 1 study of Humalutin, a novel 177Lu-conjugated chimeric anti-CD37 antibody, are now on hold indefinitely.

Chairman Ludvik Sandnes said: “On behalf of the Board, I would like to thank Luigi for all his hard work and enthusiasm in leading the company through its initial public offering in 2015 to the point where the company has a strong team and a clear plan to develop the company’s promising 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.”

Luigi Costa added: “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.”