Minerva Neurosciences (NERV) Announces Promotion of Geoff Race to President

Minerva Neurosciences, Inc. (NASDAQ: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today announced that Geoff Race, current Executive Vice President, Chief Financial Officer and Chief Business Officer of Minerva, has been promoted to President. Minerva’s Senior Vice President and Chief Accounting Officer, Frederick Ahlholm, has been promoted to Chief Financial Officer. The appointments are effective immediately.

These latest leadership changes are part of the Company’s strategic plan to prepare for the future and follow the recent appointment of Dr. Ramana Kuchibhatla as Head of Research & Development. On 30th September, 2021, the Company announced results from a bioequivalence study comparing the roluperidone formulations used in late-stage Phase 2b and Phase 3 trials, and the planned commercial formulation. The Company plans to submit a pre-NDA meeting request to the U.S. Food and Drug Administration (FDA) with a potential NDA submission in the first half of 2022.

Commenting on the announcements today, Dr. Remy Luthringer, Executive Chairman and Chief Executive Officer of Minerva, said, “I am delighted to announce these executive team promotions. Geoff Race and Frederick Ahlholm have played critical roles in our company’s development over the years, and I thank them both for taking on even greater responsibilities at Minerva. In their new roles as President and CFO, respectively, I’m confident that they will continue to provide strong leadership as we advance roluperidone for the treatment of negative symptoms of schizophrenia.”

Mr. Race was one of the founders of Minerva having joined the company as a consultant in July 2010 and has served as Executive Vice President and Chief Financial Officer since May 2014, and Chief Business Officer since January 2016. Prior to Minerva, he served as Chief Executive Officer of Funxional Therapeutics Ltd., the lead program of which (FX125L) was acquired by Boehringer Ingelheim in 2012. He also previously served as Chief Financial Officer at PanGenetics B.V. between 2006 and 2010, where the lead program (PG110) was acquired by Abbot Laboratories in 2009. Mr. Race is a Fellow of the Chartered Institute of Management Accountants and earned his M.B.A. from Durham University Business School (UK).

Mr. Ahlholm joined Minerva as a consultant in January 2014, and then held the positions of Chief Accounting Officer starting from July 2014 and Senior Vice President starting from May 2015. Prior to Minerva, he served as Vice President of Finance and Chief Accounting Officer for Amarin Corporation plc, where he helped direct the growth of the company from a small clinical-stage drug developer into a commercial enterprise of more than 400 employees. Mr. Ahlholm is a member of the American Institute of Certified Public Accountants, earned his CPA certification while at Ernst & Young LLP and earned his bachelor’s in business administration at the University of Notre Dame.

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