Arctic Bioscience — Board/Management Information 2022

Jan 13, 2022

Arctic Bioscience - Christer Valderhaug appointed new CEO

Arctic Bioscience - Christer Valderhaug appointed new CEO

Arctic Bioscience, a biotech company developing and commercializing

nutraceutical and pharmaceutical products based on the unique properties of

bioactive marine compounds has appointed Christer L. Valderhaug as new CEO.

Mr. Valderhaug (49) will join Arctic Bioscience from his position as partner and

head of investments at the advisory firm Converto AS based in Ålesund, Norway.

Converto supports top management and boards cross a range of industries,

including marine growth companies with strategic, operational and financial

initiatives to maximize value creation. At Arctic Bioscience, he will lead the

next phase of the transition from a marine ingredients business to capture the

strong growth and value creation potential in nutraceutical and pharma

applications, initiated by the company repositioning and Euronext Growth listing

in 2021.

"Arctic Bioscience is in a phase focused on expanding the commercial and

strategic opportunities for our pharma and nutra activities. This includes

developing our current allliances as well as forging new strategic alliances for

further expansion and the execution of the upcoming Phase II study for the

psoriasis drug candidate. Christer's experience from capital markets and from

managing and advising growth companies will provide us with the skill set

required to drive long-term stakeholder value creation," said Harald Nordal, the

Chairman of the Board of Arctic Bioscience.

Mr. Valderhaug will  join the company during Q1 2022. Prior to joining Converto

in 2016, he was the CEO of ICD Software and worked 15 years as a consultant at

Accenture, SINTEF and Gagn Consulting with special emphasis on international

business development. Valderhaug holds a Master of Economics degree from NHH

Norwegian School of Economics and the University of Mannheim in Germany.

"I am excited about the opportunity to lead the further development and

commercial expansion of Artic Bioscience and its activities to release the huge

potential in the pharmaceutical and nutraceutical business", said Christer

Valderhaug "

Mr. Valderhaug replaces Ole Arne Eiksund who has been managing the company since

2018. Mr. Eiksund will stay with the company until Mr. Valderhaug takes on the

position and will also be available to the company as required during the

transition.

"Developing a high competence company in Ørsta, taking it from a small

nutraceutical start-up in 2018 to a listed biotech company in 2021, has been a

really rewarding journey.

Arctic Bioscience is a company like no other, using cutting edge technology to

turn immature herring roe into nutraceuticals and medicines for the future. I

wish my successor and the ABS team all the best in continuing this thrilling

journey, " said Ole Arne Eiksund

"The Board would like to thank Ole Arne for his dedication. He has overseen an

important period for the company with focus on strategy development,

strengthening the organisation before last year's Euronext listing and

repositioning from a pure nutrition business to expand into drug development to

unlock the value potential in bioactive marine compounds," said Harald Nordal.

For further information, please contact:

Harald Nordal

Chair of the Board of Arctic Bioscience AS

Phone: +47 90 85 93 97

Email: harald.nordal@online .no (harald.nordal@online%20.no)

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing

nutraceutical products based on the unique properties of bioactive marine

compounds. The company nutraceutical brand Romega contains lipids that are

essential to maintain cell membranes, contributing to normal functioning of

brain, heart, and vision. Romega is sold globally as bulk ingredients to other

companies making dietary supplements, and as finished goods.

The company is developing HRO350 - a novel investigational drug candidate with

herring roe as raw material. HRO350 is being developed for treatment of mild-to

-moderate psoriasis. This is a large patient group in need of new effective

medicines with beneficial safety profile.