SOURCE: Affibody AB

June 01, 2006 05:10 ET

Affibody AB appoints Dr. Ulf Boberg as Chief Executive Officer

STOCKHOLM, Sweden, June 1, 2006 - Affibody AB today announces that Dr. Ulf Boberg has been appointed Chief Executive Officer as from June 1, 2006.

BROMMA, SWEDEN -- (MARKET WIRE) -- June 1, 2006 --

Dr. Ulf Boberg, who joined Affibody in January 2006 as Senior Vice President Development, replaces Dr. Carl-Johan Dalsgaard who as been acting Chief Executive Officer of Affibody since December 2005. Dr. Dalsgaard is a partner of Affibody's largest shareholder HealthCap and will remain a non-executive board member of Affibody. Dr. Boberg holds a PhD in medical science, an MBA from Uppsala University and has 18 years experience from the pharmaceutical and biotechnology industry. Most recently, Dr. Boberg was CEO of Global Genomics AB. Before that, he held the senior roles of vice president and head of the Development Division at Astra Pain Control, leading a team of 170 people, and vice president and R&D site general manager at AstraZeneca. In 2000, Dr. Boberg left AstraZeneca to become investment manager at LinkMed AB. Earlier in his career, he held positions including Head of Medical Research at Gambro, CEO of PMC Clinical Research AB and CEO of Alfta Rehab Center. Karl Swartling, Affibody's Chairman, said, "I am very pleased to announce Ulf's appointment today. His work to date for the company has been very impressive and we greatly value his commercial experience as Affibody's product pipeline for molecular imaging in oncology approaches the market." Dr. Ulf Boberg, CEO, said, "What attracted me to Affibody was the potential of its product pipeline in oncology for both molecular imaging and targeted therapy using its unique Affibody® molecules. The company has been increasing its focus over the past few years in optimizing this technology and looks now to be poised to begin capitalizing on its hard work. It is an exciting time to be involved with Affibody and I look forward to the future challenges we will face in bringing our products to market in the near term."

For further information, please contact:

Affibody AB
Karl Swartling, Chairman of the board       +46 8 614 18 26
Ulf Boberg, Chief Executive Officer         +46 8 598 838 15

Citigate Dewe Rogerson
David Dible, Mark Swallow, Yvonne Alexander +44 (0)207 638 9571

About Affibody AB

Affibody is a life sciences company focusing on oncology. The company has developed a late-stage pipeline of oncology products for molecular imaging, targeted therapy and biotechnology applications.

The key components of Affibody's proprietary technology platform are unique and highly specific affinity ligands: Affibody® molecules. These small robust protein molecules are easy to produce and can be designed to bind to any target protein. The Affibody® molecules are ideal for molecular imaging. Importantly, the same Affibody® molecule can, with a cytotoxic payload, be used for targeted therapeutics. Affibody's vision is to be a leading player in the emerging field of molecular imaging and targeted therapeutics.

The company's lead product for molecular imaging is targeting HER2, a key receptor on e.g. certain breast cancer tumours, and is expected to be commercially launched in 2008. Affibody® molecules specific for other oncology targets are in development and will provide a steady stream of new molecular imaging products and subsequently, targeted therapeutic products. Affibody also develops Affibody® molecules for various biotechnology and research applications.

Affibody was founded in 1998 by researchers from the Royal Institute of Technology and the Karolinska Institute in Stockholm. Investors in Affibody AB include HealthCap, Schroder Ventures Life Sciences and Investor Growth Capital. Affibody is based in Stockholm, Sweden and has 50 employees. Further information is found on:

Statements in this press release that are not strictly historical may be forward-looking and include risks and uncertainties. Therefore, though based on Affibody's current expectations, it should be duly noted that a variety of factors could cause actual results and experiences to differ materially from what is herein expressed. Risks and uncertainties include, but are not limited to, risks associated with the management of growth and international operations (including effects of currency fluctuations), variability of operating results, unforeseen changes in the diagnostic and pharmaceutical markets, market competition, rapid or unexpected changes in technologies, fluctuations in product demand, difficulties to successfully develop, adapt, produce or commercialize products, the ability to identify and develop new products and to differentiate products from those of competitors, as well as various legal hazards.

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