Insider information: BBS-Bioactive Bone Substitutes Plc appoints Juliusz Rakowski as new CEO as BBS prepares for the commercial phase


BBS-Bioactive Bone Substitutes Plc, Company Announcement, Insider Information, 3 October 2023 at 4.00 p.m. (EET)

Insider information: BBS-Bioactive Bone Substitutes Plc appoints Juliusz Rakowski as new CEO as BBS prepares for the commercial phase

BBS-Bioactive Bone Substitutes Plc (“BBS” or "Company"), a publicly listed orthobiology company, today announced a strategic leadership transition, appointing Juliusz Rakowski as the new Chief Executive Officer (CEO), effective 3 November 2023. The Company and the current CEO Ilkka Kangasniemi have mutually agreed that he will continue to offer his insights and expertise to the company in an advisory capacity.

The appointment signifies the company's on-going transition from research and development to a commercial phase, as the approval of the CE marking of the Company's first product (ARTEBONE® Paste) is expected during Q2/2024.

Juliusz Rakowski brings a strong track record of leadership and a deep understanding of product sales processes in the life science industry to BBS. With over 15 years of commercial experience in relevant industry roles, he is poised to lead BBS into its next phase of product launch, building the distribution network and market expansion.

Pekka Jalovaara, Chairperson of the Board of Directors, comments:

"The appointment of Juliusz Rakowski marks an exciting chapter for BBS. We believe that his hands-on experience and industry expertise will drive our company's first product launch and increase our company brand position during the commercialization process of the unique ARTEBONE® Paste into the orthobiologic implants market. I would also like to acknowledge Ilkka's role in leading BBS through the challenging development and product registration processes."

Juliusz Rakowski:

"I am honored and excited to take on the role of CEO at BBS. Together with our strong and talented team of experts, I'm committed to bring ARTEBONE® Paste to patients and healthcare professionals around the world. I am convinced that there is a clear anticipation for our upcoming product among distributors. As we continue to make progress, open communication and dialogue with our investors and the broader market is a priority I hold close."

Ilkka Kangasniemi:

"It has been a privilege to serve as CEO of BBS, and I look forward to supporting Juliusz and ensuring a seamless transition that will enable BBS to thrive in the next chapter of product commercialization."

Additional information:

Pekka Jalovaara, Chairperson of the Board of Directors
+358 50 552 9275

BBS in brief

BBS-Bioactive Bone Substitutes Plc is a orthobiology company that started its operations in 2003. We have developed a new product for the treatment of complex bone fractures and bone healing issues. Our goal is to provide next-generation medical products for the treatment of bone injuries in orthopedic surgery. In the pharmaceutical industry, the development and research work require perseverance and courage to innovate. We have a track record of over 20 years in this field. Our company is characterized by expertise, innovation, and dedicated employees who are passionate about their work. Our developed product, ARTEBONE®, is in the final stages of product development, and we are seeking the CE marking to enable its commercialization in the EU market. We are based in Oulu with a medical manufacturing facility in Reisjärvi, holding a manufacturing license. The company's headquarters are in Oulu, and we employ 20 people.

BBS has been listed on Nasdaq First North Growth Market Finland since February 2018.

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