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EQS-News: Formycon AG
/ Key word(s): Personnel/Contract
Formycon extends Management Board contract for CEO Dr. Stefan Glombitza until 2027 and receives admission to trading in the Prime Standard
11.11.2024 / 17:41 CET/CEST
The issuer is solely responsible for the content of this announcement.
Press Release // November 11, 2024
Formycon extends Management Board contract for CEO Dr. Stefan Glombitza until 2027 and receives admission to trading in the Prime Standard
- Dr. Stefan Glombitza has been appointed as CEO for three more years and will lead Formycon through the next phase of the company's development
- Formycon shares will be admitted to the Prime Standard of the Frankfurt Stock Exchange – trading on the regulated market will start on November 12, 2024
Planegg-Martinsried, Germany – The Supervisory Board of Formycon AG (FSE: FYB; “Formycon” or “The Company”) has extended the contract of CEO Dr. Stefan Glombitza until December 31, 2027. The Board thus acknowledges Dr. Glombitza's outstanding work as Chief Executive Officer (CEO) in recent years and is committed to the continued success of the company’s management. In addition, the shares of Formycon AG were admitted to the Prime Standard of the Frankfurt Stock Exchange today. Trading is scheduled to start on November 12, 2024.
Dr. Stefan Glombitza has been with Formycon AG since 2016 and during this time, has played a key role in the development and growth of the company. Initially responsible for operational development activities as Chief Operating Officer (COO), he was appointed as Chief Executive Officer (CEO) in July 2022. With over 25 years of experience in the international pharmaceutical industry, at Formycon he has built an excellent development platform leading a dedicated team, which has already resulted in approvals for three biosimilars. With the first product launches, he successfully guided Formycon into the commercial stage and has paved the way for further product launches.
“Dr. Glombitza has decisively shaped the strategic and operational development of Formycon in recent years and has significantly strengthened the company's position in the biosimilar market,” explains Wolfgang Essler, Chairman of the Supervisory Board of Formycon AG. ”Thanks to his leadership, important milestones have been reached and the company has been set on a course for success.. With Dr. Glombitza at the helm, Formycon will further expand its role as one of the leading developers of biosimilars in the international market.”
“I am very pleased to be able to actively drive the growth phase that lies ahead of us, with the goal of fully realizing the tremendous potential of our company in the coming years. With three market-ready biosimilars and a strong pipeline, we have created a solid foundation for our continued growth. Today's uplisting to the Prime Standard of the Frankfurt Stock Exchange increases our appeal to international investors and improves the tradability of our shares. I would like to thank the supervisory board and the entire Formycon team for their trust, cooperation and commitment, which are the cornerstones of our success,” said Dr. Stefan Glombitza.
As part of the uplisting, the shares of Formycon AG were admitted for trading in the Prime Standard of the Frankfurt Stock Exchange today. The Prime Standard is the segment with the highest transparency requirements in the regulated market and offers Formycon access to a broader group of investors. Inclusion in this segment isintended to increased international awareness and higher liquidity of the stock. Trading in the Prime Standard is scheduled to start tomorrow, on November 12, 2024.
The company's securities prospectus required for uplisting can be found at www.formycon.com/en/investor-relations/uplisting.
Further information can be found on our website at: www.formycon.com/en/investor-relations
About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/Ranibizumab, Formycon already has a biosimilar on the market in Europe and the USA. Two further biosimilars, FYB202/ustekinumab and FYB203/aflibercept, received FDA approval; FYB202 is also approved in Europe. Another three biosimilar candidates are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines. Formycon AG is headquartered in Munich and is listed on the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com
About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.
Contact:
Sabrina Müller,
Director Investor Relations & Corporate Communications,
Formycon AG
Fraunhoferstr. 15
82152 Planegg-Martinsried
Germany
Tel.: +49 (0) 89 - 86 46 67 149
Fax: + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com
Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.
11.11.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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