Nitec Pharma AG, announced the appointments of Anders Härfstrand as chief executive officer, and Andrea Buscaglia as chief financial officer. Both executives bring with them a wealth of strategic knowledge and expertise which complement that of the existing management team. The appointments will enable Nitec to drive the commercialization of its late-stage product, Lodotra and progress the development of its pipeline.

Dr Härfstrand and Buscaglia will complete Nitec's management team. They will work alongside the company's co-founders Jochen Mattis, executive VP of marketing and sales and Dr Achim Schäffler, executive VP of R&D and technical operations.

"I am extremely pleased that Anders has joined the Nitec Pharma team" said Dr. Karl Nägler, Member of Nitec's board of directors and Principal at Atlas Venture. "He has tremendous worldwide operational experience and impressive expertise in sales, marketing and business development. With Anders joining Nitecs management Board, we expect continued strong performance from Nitec going forward."

Dr. Härfstrand added, "I look forward to working with Nitec's experienced team to make Lodotra a great success in treating rheumatoid arthritis. We intend to establish Nitec as a reliable partner for patients, physicians and investors by developing leading products and delivering innovative and cost-effective solutions for chronic inflammatory diseases and pain."

Commenting on Buscaglia's appointment, Jochen Mattis stated, "Andrea will be a great asset to our management team. During his career, he has been involved in numerous financial transactions, including several IPOs, giving him the experience to give strategic input and direction to our business. We are convinced that Andrea`s expertise will support Nitec during this exciting phase in the company's development."

Dr. Härfstrand brings to Nitec Pharma almost 20 years of senior level pharmaceutical experience. Most recently he was senior executive vice president at Serono, and previously held several executive positions in Pfizer and Pharmacia.

Buscaglia joins Nitec Pharma from Merck Serono, where he was vice president corporate finance and business development for seven years. At Serono he was actively involved in the July 2000 $2 bn equity offering and New York Stock Exchange listing, Investor Relations activities, as well as in identification, valuation, and execution of M&A and licensing transactions.