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.