Orexo recruits and reorganizes for continued rapid expansion

Claes Wenthzel has been appointed Executive Vice President and Chief Financial Officer (CFO) at Orexo AB, with overall responsibility for the company’s financial and administrative functions. Thomas Lundqvist, co-founder of Orexo, moves from his role as Executive Vice President and Head of Research & Development to become Executive Vice President & Chief Scientific Officer (CSO), with overall responsibility for the company’s scientific operations. Concurrently, Nils-Otto Ahnfelt, formerly Project Director, assumes the position Vice President Research & Development.

“The recruitment of Claes Wenthzel and the organizational changes are part of our strategy to fortify Orexo’s rapid development and internationalization,” says Zsolt Lavotha, President and CEO of Orexo AB. “In pace with a growing number of the company’s product candidates reaching the clinical development phase, and the addition of new projects and new strategic activities being initiated, the importance of broadening our expertise and ensuring value creation in all areas of the business increases. Here, Claes’ extensive operational and financial experience will play a key role.” Among other assignments, Claes Wenthzel has held similar positions at the formerly listed biotech company Perbio Science and the med-tech company Louis Gibeck AB. He assumes his new position on September 1, 2005. The organizational changes also mean that Thomas Lundqvist, co-founder of Orexo, moves from his role as Executive Vice President and Head of Research & Development to become Executive Vice President and Chief Scientific Officer (CSO), with overall responsibility for the company’s scientific operations. Concurrently, Nils-Otto Ahnfelt, formerly Project Director, assumes the position Vice President Research & Development. “The changes will strengthen Orexo’s management and position us for new financial and strategic initiatives,” says Zsolt Lavotha. “At the same time, the company’s research and development department enhances its pool of resources and expertise for developing existing and new products.” For further information, please contact: Zsolt Lavotha, President & CEO, Orexo AB +46 (0)18 780 88 12. E-mail: zsolt.lavotha@orexo.se Johan Tamsen, Investor Relations, Orexo AB +46 (0)733 25 40 10, E-mail: johan.tamsen@orexo.se