Gastrotech Announces the Appointment of Dr. Hans Schambye as Chief Executive Officer

Copenhagen, Denmark (ots/PRNewswire) - Gastrotech Pharma A/S announced today that Dr. Hans T. Schambye has been appointed as its Chief Executive Officer. He replaces Professor Claes Post who will continue to serve the company as a member of Gastrotech's Board of Directors and Senior Vice President. Dr. Post will focus entirely on identification and evaluation of product in-licensing opportunities -a key aspect of Gastrotech's business.

Professor Olle Isaksson, Chairman of the Board of Directors of Gastrotech Pharma A/S says: "Hans has done a great job managing our Project Portfolio and efficiently advancing our important clinical programs to the next stages of development. Furthermore, he has applied his comprehensive understanding of biotech strategy as a member of the Gastrotech management team. I look forward to working with Hans in his new role."

"Gastrotech is a very promising company, with an advanced clinical stage product pipeline and its partnership with Eli Lilly", says Gastrotech board member Florian Schönharting of Nordic Biotech, an early stage biotech venture fund. "Hans has brought significant experience to the Company and has been instrumental in its rapid transformation from an early stage start-up to a biotech company with two programs in clinical Phase II. Hans' promotion strengthens the Company and prepares it for future development."

Dr. Schambye, who has served as Gastrotech's Senior Vice President of Research and Development since March 2004, has substantial experience in managing biotech companies. Before joining Gastrotech, Dr. Schambye served as Director of Biology and Pharmacology and Head of Portfolio Management at Maxygen, a US biotech company. In 1999, Dr. Schambye co-founded ProFound Pharma A/S, a Danish biotech company, which was acquired by Maxygen in 2000. Previously, Dr. Schambye was a project manager at Novo Nordisk and a Postdoctoral fellow at Stanford University. He has also worked as a hospital doctor mainly within gastroenterology. Dr. Schambye holds an MD from Odense University and a PhD in Medical Sciences from Copenhagen University.

About Gastrotech Pharma A/S

Gastrotech Pharma A/S is a clinical stage biotech company focused on development of innovative new therapeutics for significant unmet medical needs. Gastrotech's therapeutics are based on naturally occurring peptide hormones, which have a much more attractive risk-reward profile than traditional small-molecule based compounds.

Gastrotech has two programs in clinical development: GTP-010 for Irritable Bowel Syndrome, which is developed in partnership with Eli Lilly & Co., and GTP-200 for the treatment of cachexia and other catabolic syndromes.

More information is available at

Rückfragen & Kontakt:

For further information contact: Dr. Hans T. Schambye, CEO,
Gastrotech Pharma A/S, at +45-33-44-42-42