BERGEN, NORWAY, 3rd October 2016 – Cytovation AS, a privately held biotech company developing CyPep-1 for the treatment of skin disease, announces the appointment of two key members to the Cytovation team. Raj Airey joins as Venture Developer and Federico Grego as Strategic Counsel.

Raj Airey is a venture developer and investor with extensive experience in health sector and senior leadership roles with-in blue chip multi-nations like Pfizer (NYSE PFE) and Baxter ( NYSE: BAX ). He has been an entrepreneur building business from concept to reality and has founded several companies and exited two in healthcare and been involved in many fund raising and licensing deals across the globe. Raj brings 28 years of operating experience in healthcare industries in many global locations which include including UK, Belgium, Hungary, Slovakia, Poland, Spain and India/SEA. He has considerable track record of turnarounds and building successful organisations in fast moving environments. He conceived and found Wizzcare Home Health Solutions a pioneer in home care and telehealth company in India which was sold to Indian’s leading E health business. He also co-founder in India's first Healthcare accelerator (www.healthstart.co.in) which has invested extensively in portfolio Mhealth companies and some of which these is active board member and mentor. Raj holds BSc from London University and Executive education from Harvard and Insead.

Federico Grego has close to 20 years of professional experience gained in the bio-pharmaceutical and banking industries. In the bio-pharma sector, his key areas of responsibility have included Marketing & Sales, Business Development, Innovation Management, and General Management, both in early-stage and larger company settings, in Europe and the U.S. He brings very relevant experience acquiring and integrating start-ups into larger companies, and also successfully negotiating and managing out-licensing deals to global big pharma players. His advisory role at Cytovation complements his executive responsibilities as CEO of Spire Bioventures and other advisory roles at several early-stage companies. Mr. Grego holds a BA from Tufts University, an MBA from IESE Business School, and an AMP from Harvard Business School.

CEO of Cytovation, Kjell Inge Arnevig, said: “We are pleased to welcome Federico and Raj to the Cytovation management team. We are thrilled to have them both join the team at this exciting time in Cytovation’s developement. Both have an impressive track record and extensive experience in the sector, which we are confident will help Cytovation achieve its goals.”