Arxx Therapeutics appoints Øystein Soug as CEO

Oslo, May 18, 2022: The Board of Arxx Therapeutics AS, a biotechnology company pioneering the development of novel therapeutics for fibrotic disease, today announced the appointment of Øystein Soug as CEO, effective today.

Øystein Soug comes from Targovax ASA, an Oslo Stock Exchange listed biotechnology company, where he has served as CEO of Targovax since 2016 During Mr. Soug’s tenure, Targovax started and executed several clinical trials of its main asset, developed a pre-clinical pipeline, started an industrial scale production program and raised USD 90m in equity. Mr. Soug joined Targovax as CFO in 2015 and listed the company on the Oslo Stock exchange the following year. The seven years prior to Targovax, Mr. Soug was the CFO of Algeta, which was sold to Bayer for USD 2.9 billion in 2014. Before that, Mr. Soug was the CFO of a business in the Norwegian industrial group Orkla ASA and held other positions within banking and finance. Mr. Soug received an MSc in Economics and Financial Markets from Universität St. Gallen in Switzerland in 1997.

At the same time, the Board would like to thank Dr. Rizwan Hussain, a co-founders and former CEO of Arxx for his engagement and wishes him all the best for his next endeavour.

Dr. Christian Schweiger, Chairman of Arxx Therapeutics said:

“We are delighted to announce the appointment of Øystein as the new CEO of Arxx Therapeutics. His previous experience as CEO of Targovax and CFO of Algeta gives him a broad range of expertise that will be of significant value to ARXX as we move forward. We are confident in his ability to lead the company as we approach important milestones in the next years for our innovative pipeline.

Øystein Soug said:

“I am thrilled to join the highly professional Arxx team at this pivotal time in its history. It is with great enthusiasm that I embark on this journey with my new colleagues, the board and key opinion leaders in the field to develop innovative treatments against systemic sclerosis and other hard to treat fibrosis indications.”

About Arxx Therapeutics

Arxx Therapeutics is a Scandinavian biotechnology company founded by scientists and drug developers dedicated to help the large number of patients whose lives are impacted by fibrotic disease. Arxx is leveraging more than 30 years of research by its scientific co-founders uncovering the pathobiology of S100A4; a Damage Associated Molecular Pattern protein upregulated upon stress or injury allowing cells to sense and react to danger. In chronically diseased tissue, S100A4 is inappropriately activated which leads to persistent inflammation and non-resolving tissue fibrosis. The company’s lead candidate, AX-202, is a fully humanized, high-affinity monoclonal antibody neutralizing the bioactivity of S100A4. AX-202 confers targeted, upstream and disease-specific modulation of the self-sustaining feedback loop driving persistent fibrogenesis.

Contact for further information:

Christian Schweiger MD PhD, Chairman

Arxx Therapeutics in Norway: Gaustadalléen 21, 0349 Oslo

in Denmark: Symbion Science Park, Fruebjergvej 3, 2100 Copenhagen

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    We are dedicated to developing transformative therapies for patients with fibrotic disease.
    We believe that AX-202 has the potential to transform how fibrosis is treated and help many patients poorly served by current therapeutic options.
    Arxx Therapeutics
    in Norway: Gaustadalléen 21, 0349 Oslo
    in Denmark: Symbion Science Park, Fruebjergvej 3, 2100 Copenhagen 
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