ObsEva Announces Update Towards its Strategic Reorganization to Consolidate Operations in Switzerland
March 13 2023 - 6:00AM
Ad hoc announcement pursuant to Art. 53 LR of the
SIX Swiss Exchange
GENEVA, Switzerland –
March 13, 2023 –
ObsEva SA (NASDAQ: OBSV; SIX: OBSN), a
biopharmaceutical company developing and commercializing novel
therapies for women’s health, today announced that Ernest Loumaye,
MD, PhD, co-founder and member of the Board of Directors has been
appointed as Interim Chairman following the resignation of Annette
Clancy. It is expected that Dr. Loumaye will serve in this position
until the 2023 Annual General Meeting of Shareholders, at which
time he will be nominated for this position for the upcoming
year.
Additionally, the Company announced the
appointment of Fabien de Ladonchamps as Chief Executive Officer of
the company effective on or about May 1st, 2023. Mr. de Ladonchamps
is a biotech executive with 25 years of experience in finance and
administrative roles, primarily with Swiss biotech companies. He
was a member of ObsEva’s Executive Committee from October 2013 to
July 2022, during which he had held the roles of Chief
Administrative Officer and Interim Chief Financial Officer. He also
served as the sole finance and accounting officer for the Company
for a total of four years during which over $110 Million in equity
proceeds were raised through private and public financings. Mr. de
Ladonchamps was instrumental in the Company’s listings on both
Nasdaq in 2017 and the Swiss Exchange in 2018. Prior to joining
ObsEva, Mr. de Ladonchamps held a variety of management roles at
Addex Therapeutics, from 2008 to 2013. Mr. de Ladonchamps holds a
degree in Finance and Accounting from the Lyon III University in
Lyon, France. The Company’s Interim Chief Executive Officer, Will
Brown, will serve in that position until Mr. Ladonchamps’ effective
date of service on May 1, 2023.
“The Board of Directors joins me in extending
our gratitude and appreciation to Annette for her nearly 10 years
of dedicated service to ObsEva,” said Ernest Loumaye, Interim Board
Chairman. Dr. Loumaye continued, “Additionally, I am very pleased
to have Fabien taking over the Chief Executive Officer
responsibility as we regroup in Switzerland. Fabien’s excellent
financial and strategic expertise will serve ObsEva well”.
About ObsEvaObsEva is a
biopharmaceutical company developing novel therapies to improve
women’s reproductive health and pregnancy. ObsEva has established a
development program focused on improving in vitro fertilization
success rates. ObsEva is listed on the Nasdaq Capital Market and is
traded under the ticker symbol “OBSV” and on the SIX Swiss Exchange
where it is traded under the ticker symbol “OBSN”. For more
information, please visit www.ObsEva.com
Cautionary Note Regarding Forward
Looking Statements of ObsEva SA
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as “believe”, “expect”, “may”, “plan”,
“potential”, “will”, and similar expressions, and are based on
ObsEva’s current beliefs and expectations. These forward-looking
statements include, without limitation, statements regarding
expectations with respect to transitions in management, including
with respect to the timing of the new Chief Executive Officer
appointment. These statements involve risks and uncertainties that
could cause actual results to differ materially from those
reflected in such statements. Risks and uncertainties that may
cause actual results to differ materially include, without
limitation, risks and uncertainties related to ObsEva’s ability to
recognize the anticipated benefits of the reorganization, which may
be affected by, among other things, the ability of ObsEva to
maintain relationships with its partners and attract and retain
management and key employees; uncertainties in the effect
of the delisting from Nasdaq for ObsEva’s securities; the ability
of ObsEva to maintain its SIX listing; the expenses and time that a
delisting from Nasdaq and deregistration from the SEC may require;
inherent risks and uncertainties associated with the conduct of
clinical trials and clinical development, including the risk that
the results of earlier clinical trials may not be predictive of the
results of later stage clinical trials; ObsEva’s reliance
on third parties over which it may not always have full control,
and the capabilities of such third parties; the impact of the
ongoing novel coronavirus outbreak and other economic or
geopolitical events; and other risks and uncertainties that are
described in the Risk Factors section of ObsEva’s Annual
Report on Form 20-F for the year ended December 31, 2021 filed with
the SEC on March 10, 2022, in the Reports on Form 6-K
filed with the SEC on May 17, 2022, August 17,
2022 and December 1, 2022 and other filings ObsEva makes
with the SEC. These documents are available on the Investors page
of ObsEva’s website at http://www.ObsEva.com. Any forward-looking
statements speak only as of the date of this press release and are
based on information available to ObsEva as of the date of this
release, and ObsEva assumes no obligation to, and does not intend
to, update any forward-looking statements, whether as a result of
new information, future events or otherwise.
For further information, please
contact:
CEO Office contactShauna
Dillonshauna.dillon@obseva.ch+41 22 552 1550
Investor ContactWill
Brownwill.brown@obseva.com +1 (334) 313-2319
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- ObsEva - Press Release _Director Departure_ CEO
Appointment
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