Epax Appoints Ola Snøve as CEO

Epax will continue its focus on being a world leader in omega-3 concentrates for the nutraceutical market as well as continuing development of its triglyceride lowering drug.

Mar 2 2012 --- The Board of Directors of Epax AS has appointed Ola Snøve as CEO effective immediately. Mr. Snøve replaces Terje Bakken.

“Epax’s owners and the CEO have different views on the company’s strategy,’’ said Egil Bodd, chairman of Epax’s board. ‘’Since the summer of 2011, Terje Bakken has contributed greatly to Epax’s development and consolidation, however, the company is at a crossroads and we have agreed that Epax will continue its business without Mr. Bakken.”

Epax will continue its focus on being a world leader in omega-3 concentrates for the nutraceutical market as well as continuing development of its triglyceride lowering drug.

Ola Snøve, currently an investment director at Aker ASA, has been released from his present duties at Aker. He is a member of Epax’s board of directors and knows the company well. Mr. Snøve has conducted postdoctoral research at NTNU’s Department of Cancer Research and Molecular Biology and City of Hope’s Beckman Research Institute in California. He holds an MSc in Mechanical Engineering and a Ph.D. in Computer Science from NTNU, as well as an MBA (Dist.) from INSEAD in France.

Epax AS is a Norwegian-based 50/50 joint venture between Aker BioMarine ASA and Lindsay Goldberg LLC. Epax AS is a world leader in the omega-3 fatty acid concentrate field. The company offers a wide range of omega-3 concentrates in the nutraceutical business-to-business segment, as well as pharmaceutical intermediates and Active Pharmaceutical Ingredients (API).