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Chief Operating Officer Dr. Stefan Glombitza appointed to Formycon AG's Management Board for another Four Years

DGAP-News: Formycon AG / Key word(s): Personnel/Miscellaneous
24.11.2020 / 07:30
The issuer is solely responsible for the content of this announcement.


Press Release // November 24, 2020

Chief Operating Officer Dr. Stefan Glombitza appointed to Formycon AG's Management Board for another Four Years

Munich - The Supervisory Board of Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) has extended the appointment of Management Board member Dr. Stefan Glombitza as Chief Operating Officer (COO) until December 31, 2024. With this decision, the supervisory committee is honoring the Formycon manager's successful work over recent years, and providing the continuity needed at the head of the company.

Since October 1, 2016, Dr. Glombitza has been the COO of Formycon AG in charge of operational development activities and has since then played a leading role in the progress of Formycon AG's development projects. The initiatives for operational excellence, which were also initiated and successfully implemented under his responsibility, were and continue to be central building blocks of organizational development, making Formycon an outstanding and scalable development organization.

"In light of his outstanding achievements for the company, we are particularly pleased to extend Stefan Glombitza's appointment to the Management Board until the end of 2024. Thanks to his comprehensive expertise and his particular commitment, Mr. Glombitza has successfully advanced the further development of the individual biosimilar projects as well as the entire development organization in recent years. We are convinced that with Dr. Brockmeyer (CEO), Dr. Combé (CFO) and Dr. Glombitza (COO) we have established a strong leadership team at Formycon and look forward to continuing to work together," commented Dr. Olaf Stiller, Chairman of the Supervisory Board of Formycon AG.

About Formycon:
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of antibody-based COVID-19 compounds.

About Biosimilars:
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection - and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. In 2019, global sales of biosimilars exceeded USD12 billion. Analysts estimate that this figure could rise to around USD 69 billion by 2025.

Sabrina Müller
Senior Manager Corporate Communications and Investor Relations
Formycon AG
Fraunhoferstr. 15
82152 Martinsried/Planegg/Germany
Phone +49 (0) 89 - 86 46 67 149
Fax + 49 (0) 89 - 86 46 67 110 //

This press release may contain forward-looking statements and information which are based on our 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.

24.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: Formycon AG
Fraunhoferstraße 15
82152 Planegg-Martinsried
Phone: 089 864667 100
Fax: 089 864667 110
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1149987

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Last Updated: 24-Nov-2020