Unaudited Results to 30 June 2023
Appointment of Chief Executive Officer
14 June 2022
Experienced leader in the Probiotics industry to build business in its next phase of growth
ProBiotix Health Plc (AQSE: PBX), a life sciences company developing clinically proven probiotic solutions to tackle chronic lifestyle diseases like high cholesterol, high blood pressure and atherosclerosis, announces the appointment of Steen Andersen as Chief Executive Officer ("CEO"). Steen will join the Company after completing his notice period with his current employer. This appointment is part of a long-planned strategy to appoint an experienced industry business leader to the Company to drive sales and profitability, leaving the current acting CEO to focus on finding and developing new technologies that will provide the pipeline of new products and applications to ensure future growth.
Steen has more than 30 years' experience in building businesses in the Probiotics industry, having been President of Deerland Probiotics and Enzymes, President and CEO of Bifodan, President and CEO of Fluxome, and Vice President of Human Health at Chr. Hansen. Deerland is a market leading turnkey probiotic solution provider acquired by ADM in November 2021 to help ADM meet the $775 billion global demand in health and wellness. Prior to joining Deerland, Steen was President and CEO of Bifodan, a market leading provider of ready to market probiotic dietary supplements and over the counter (OTC) pharma products. Bifodan was acquired by Deerland in November 2019. Steen was integral in building these businesses, increasing global reach, revenues, and profitability. Prior to this he worked as CEO and President at Fluxome, a young biotechnology company, and Vice President of Chr. Hansen's Health and Nutrition unit where he built an organisation and position in the market allowing the company to become a leading provider of probiotic solutions within the dietary supplement space.
Steen brings experience of selling high value turnkey probiotic solutions as supplements and OTC solutions in international markets, building strategy and organisations, a wealth of industry contacts, and is well respected within the probiotic industry. He has a strong track record of rapidly growing sales and profitability and has been involved in a number of acquisitions and takeovers in support of accelerating business growth.
Steen speaks English, Danish and some German. His experience in the Probiotics industry will help build ProBiotix's business in its next phase of growth, as it moves from selling ingredients to high value turnkey solutions.
The global Probiotics market is forecast to reach $94.48 billion by 2027, at a CAGR of 7.9%, dominated by the use of probiotics in food and beverages, particularly dairy, and using clinically proven probiotics as a natural replacement for pharmaceutical solutions (Fortune Business insights, 2022).
Stephen O'Hara, CEO of ProBiotix, commented: "Steen's industry reputation, network of contacts, experience and track record of growing sales and profitability will help accelerate the growth and recognition of ProBiotix Health in its next phase of evolution. Having established international sales and brand awareness of its award winning LPLDL® probiotic as an ingredient, the Company is now investing in building a presence in the dairy industry, extending the range of applications for LPLDL® into other areas of health, and increasing access to the USA and Asian markets. The appointment of an industry leader to ProBiotix shows the confidence the board has in the Company's products and opportunities in this rapidly growing area of health care."
For further information, please contact:
ProBiotix Health plc
Stephen O'Hara, Chief Executive Officer
Contact via Walbrook below
Peterhouse Capital Ltd (AQSE Corporate Adviser and Broker)
Tel: 020 7220 0500
Tel: 020 7469 0930
Walbrook PR Ltd
Mob: 07876 741 001
About ProBiotix - www.probiotixhealth-ir.com
ProBiotix Health was established by OptiBiotix Health Plc to develop probiotics to tackle cardiovascular disease and other lifestyle conditions which are affecting growing numbers of people across the world. Since its creation, ProBiotix has become a global leader in microbiome modulating probiotics for use in functional foods, supplements and biotherapeutics.
Independent clinical studies have shown that ProBiotix's principal product, LPLD®, which is protected by an extensive patent portfolio, can reduce key cardiovascular risk biomarkers: Total Cholesterol of up to 34.6%, LDL-Cholesterol by 28.4%, and apoB (biomarker of atheroschlerosis) by 28.6%. Since launching its CholBiom® products containing LPLDL® in May 2017, ProBiotix has signed over 41 agreements and its products are now commercialised in 60 countries.
LPLDL® was designated Generally Recognized As Safe ("GRAS") by an independent Expert GRAS Panel in the United States in February 2019, which extends its applications from use as a supplement to use as a functional ingredient in a wide range of food, dairy, and beverage products in the USA.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
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