Affitech Announces Organisational Changes: CEO Replaced by COO

20-May-2010 - Denmark

Affitech A/S announced organisational changes. CEO Dr Robert Burns is leaving the Company and will be replaced by Dr Martin Welschof as Managing Director of Affitech A/S.

Affitech recently announced a Research and Development Collaboration and Licensing Agreement with Russian NTS Plus (NauchTekhStroy Plus - a biotechnology company). Under the Collaboration Agreement, Affitech will receive license fees of €4.5 million and up to a further €18.5 million in development and regulatory milestone and advance royalty payments as well as high single figure percentage royalties on all net product sales of the Affitech licensed products in CIS territories. Commercialisation of pharmaceutical products in Russia and CIS will be provided by Pharmstandard, the leading pharmaceutical company in Russia.

With the immediate focus of the company being the speedy implementation of the two leading development programmes in the collaboration with NTS Plus as well as the continued development of Affitech's anti-GPCR discovery pipeline, Dr Robert Burns is leaving the company as CEO and is being replaced by Dr Martin Welschof as Managing Director Affitech A/S. Dr Welschof was formerly Chief Operating Officer and before that Managing Director of Affitech AS in Oslo, Norway.

Commenting on the changes, Aleksandr Shuster, Affitech's Chairman of the Board, said: “Robert has successfully led the repositioning of Affitech through to the transaction with Trans Nova and the collaboration agreement with NTS Plus and now leaves the company in the capable hands of Martin Welschof as Affitech begins the next stage of its transformation - the building of a powerful and innovative development pipeline of novel therapeutic antibody products.”

https://www.bionity.com/en/news/117785/affitech-announces-organisational-changes-ceo-replaced-by-coo.html