Company will intensify efforts to complete its phase 3 clinical trial, and Martin Stenfeldt steps down as CEO. Erik Strömqvist, Chairman of the Board, will act as Interim CEO. The decision was agreed upon by Martin Stenfeldt and the Board.
Hørsholm, Denmark — MedTrace, an innovator in PET diagnostic imaging, has decided to intensify efforts to complete the company’s phase 3 clinical trial, as it has shown to be more comprehensive than first anticipated. Following this, Martin Stenfeldt and the Board have agreed that Martin resigns as CEO.
“Given that my interest is the process from start-up to scale-up, I will leave MedTrace in favour of other pursuits. I am convinced that MedTrace has the potential to innovate diagnostics and healthcare and I will continue to follow from a distance how 15O-water is made practically available,” says Martin Stenfeldt.
“I would also like to say thank you to all MedTracers who are fantastic to work with and a special thanks to COO and co-founder Rune Wiik Kristensen for the many good years we have had together building this company”.
Erik Strömqvist, Chairman of the Board, will take over as Interim CEO for MedTrace until a new CEO is in place. He says:
“The Board is very pleased with the impressive pipeline MedTrace has laid out for the future. However, it is necessary for us to devote increased focus to our phase 3 clinical trial. Martin has done an outstanding job putting MedTrace and the potential of 15O-water PET on the map, while building a very strong and talented team. For that we say thank you and we wish him all the best,” Erik Strömqvist says.
MedTrace received FDA approval of the company’s Investigational New Drug (IND) application and the approval to commence the trial in March and enrolled its first patient just two months later. COO Rune Wiik Kristensen moved to the US in October to manage the company’s U.S. operations and shorten the distance to important trial partners, talented new employees, and business opportunities.
MedTrace Pharma A/S is a development-stage pharma and device company and an innovator in PET diagnostic imaging. The company is working on a solution to help healthcare professionals diagnose patients better and faster via 15O-water PET, the gold standard perfusion tracer.
MedTrace focuses on PET imaging technologies with a particular emphasis on blood flow and perfusion quantification. The company has a late-stage pipeline including 15O-water as a radiopharmaceutical and aQuant as a medical device software (under development) for the image analysis and quantification of blood flow and perfusion data from cardiac PET scans.