Concit Pharma raises new capital and wellcomes Dr. Magnus Persson and Dr. Carsten Schou as new members of the board of directors.

Concit Pharma has projects focusing L-DOPA induced dyskinesia and neuropathic pain and the new investment from Novo AS and Seed Capital will make it possible to further progress the projects towards testing in man. It is expected that the clinical studies will be initiated in early 2013.

Dr. Magnus Persson, MD has a long experience from pharma and biotech and has during the last 15 years been Partner in two Life Sciences Venture Capital firms, one with its base in Sweden and with global reach and one in The Bay Area in California. Magnus has a long experience in medicine, life sciences and biotech financing. He has led development teams of Phase II and III programs in the Pharmaceutical Industry. He has founded, and led private as well as public biotech and medtech companies as Chairman of the Board and Board Director in the Nordic Countries, Europe and USA. Magnus will be independent membe rof the board.

Dr Carsten Schou will represent Seed Capital and therefore replaces Frank Knudsen in the board.