Mr Odlaug replaces John Siebert, who has retired as CyDex’s CEO and has stepped down as chairman of the company’s board of directors. Siebert will remain a consultant to the company to aid in the transition. The board of directors has appointed Mr Odlaug to the board and has elected director James Gale as its new chairman.
From 2006 until his appointment as president and COO at CyDex, Mr Odlaug served as managing partner of EIR Healthcare Advisors. Prior to that, he was executive vice president and a member of the senior management committee at Fujisawa Healthcare until its merger with Yamanouchi in 2005, which resulted in the formation of Astellas Pharma. He left Astellas in 2006 after successfully completing the US post-merger integration process.
Mr Gale, the new chairman, said: “Ted has outstanding leadership abilities, an impressive record of accomplishment and a strong vision for CyDex’s future. We are confident in his ability to guide CyDex through its next stage of corporate development.
“We also thank John Seibert for the tremendous job he has done in building the company’s Captisol drug delivery business and transforming CyDex into a specialty pharmaceutical company with a strong pipeline of proprietary products. We wish John well in his retirement.”