Vitrolife’s CEO Magnus Nilsson will leave the Group responsibility and focus on the Transplantation business
”During Magnus Nilsson’s nine year as CEO, Vitrolife has reached the three, early set, strategic objectives for the company’s fertility business; world leading production infrastructure, complete IVF product portfolio and global sales organisation, which has made the company world leading within the business of fertility treatment products,” says Vitrolife’s chairman Patrik Tigerschiöld. ”During Magnus’ management the stock value of Vitrolife has grown from approx SEK 150 million to almost SEK 900 million, an increase of 500%”. After 35 quarters in a row with sales growth and 33 with profit, whereof the last with record growth and record strong operating income, Magnus will now resign as CEO. ”After nine exciting and successful years in developing Vitrolife into a strong corporation and after have reached the strategic targets set up at the start of my tenure the timing seems right to now relay over to someone new” says Magnus Nilsson.
Magnus, who has a long experience with the field of organ transplantation, will now focus on leading Xvivo Perfusion AB, which will be a more independent operating unit within the Vitrolife Group. “The transplantation product area is now in an intensive and exciting development phase, with decisive clinical trials and market introductions. I see a large potential value in our transplantation business which we will work hard to realize” says Magnus.
”Magnus knowledge about the research and commercial experience within the field is extensive and he will, as soon as it is suitable, leave the Vitrolife Group responsibility to focus on developing the Transplantation product area to a therapeutically as well as a commercial success” says Patrik Tigerschiöld.
The recruitment of a new head of the Fertility product area, also Group CEO, will commence immediately.
Gothenburg, October 31, 2011
VITROLIFE AB (publ)
Patrik Tigerschiöld Magnus Nilsson
Chairman of the Board CEO
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Queries should be addressed to:
Patrik Tigerschiöld, +46 8-614 00 22
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Vitrolife is a global biotechnology/medical device Group that works with developing, manufacturing and selling advanced products and systems for the preparation, cultivation and storage of human cells, tissue and organs. The company has business activities within three product areas: Fertility, Transplantation and Stem Cell Cultivation. The Fertility product area works with nutrient solutions (media), cryopreservation products and advanced consumable instruments such as needles and pipettes, for the treatment of human infertility. The Transplantation product area works with solutions and systems to evaluate and maintain organs outside the body in order to select usable organs and keep them in optimal condition while waiting for transplantation. The Stem Cell Cultivation product area works with media and instruments to enable the use and handling of stem cells for therapeutic purposes.
Vitrolife today has approximately 220 employees and its products are sold in more than 85 markets. The company is headquartered in Gothenburg, Sweden, and there are subsidiaries in USA, Australia, France, Italy, United Kingdom and Japan. Production facilities are located in Sweden and the USA. The Vitrolife share is listed on NASDAQ OMX Stockholm, Small Cap.
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Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate identity number 556354-3452.Tel: +46 31 721 80 00. Fax: +46 31 721 80 90. E-mail: info@vitrolife.com. Website: www.vitrolife.com.Vitrolife is required to publish the information in this press release in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on October 31, at 8:30 a.m.This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
