PRESS RELEASE
30 June 2026
Exonate appoints Olav Hellebø as Chief Executive Officer
· Appointment of experienced executive forms part of the Company’s strategy to build momentum across its proprietary platform and therapeutic programs targeting retinal diseases
· Company is preparing a Phase IIb clinical trial of lead candidate EXN407 for diabetic eye disease
· Dr Catherine Beech appointed as Director
Cambridge, UK – 30 June 2026 – Exonate Ltd., a biotechnology company developing novel, non-invasive, small-molecule therapeutics for patients with retinal vascular diseases, today announced the appointment of Olav Hellebø as Chief Executive Officer. Olav will lead the company as it strengthens its executive team and advances toward key clinical and corporate milestones, including initiating a Phase IIb clinical trial of lead candidate EXN407 for diabetic eye disease.
Olav brings extensive business and scientific leadership experience across the global pharmaceutical and biotechnology sectors, with a distinguished track record in ophthalmology, immunology and oncology. As Chief Executive Officer of ReNeuron Group plc, he in-licensed a Retinitis Pigmentosa programme from the Schepens Eye Research Institute, an affiliate of Harvard Medical School, and completed equity financings totalling $125 million.
Olav has held senior commercial and development roles across the United States and Europe. Notably, he served as Executive Vice President at Schering-Plough (now Merck), leading the US Biotech and Oncology business unit, Chief Operating Officer of Novartis UK and a member of the Novartis Global Pharmaceutical Executive Committee, and President of Immunology at UCB where he built and led the Immunology Division following the company’s acquisition of Celltech plc. Olav has been a member of the board of several biotech companies, and currently serves as Director at Oncoinvent and Cytovation, and as Chair at Blue Cell Therapeutics and ION Therapeutics. He graduated Summa Cum Laude in International Business Studies from Hofstra University and holds an MBA from IESE Business School.
“We are delighted to welcome Olav as CEO of Exonate," said Dr Rafiq Hasan, Chair of the Board of Directors at Exonate. "Olav combines deep scientific understanding with extensive operational and commercial leadership experience, gained across both large pharmaceutical companies and emerging biotechnology businesses. His expertise in ophthalmology, together with his proven ability to build and lead successful organisations, makes him ideally suited to guide Exonate as we continue to advance our pipeline and create value for patients. I would also like to thank Catherine Beech, one of Exonate’s co-founders, for her time as CEO, and look forward to continuing to work alongside her on the Board of Directors."
Olav Hellebø, Chief Executive Officer at Exonate, commented: “Exonate is targeting the VEGF pathway, one of the most validated pathways in retinal disease through a differentiated, topical mechanism delivered as an eye drop, rather than the intravitreal injections used today. We are now ready for a Phase IIb study with a design endorsed by regulators and a clear path to registration, in which a positive result would be confirmed by a closely mirrored Phase III. For the many patients who go untreated rather than accept injections, this is a compelling proposition.”
ENDS
Notes to Editors
Olav Hellebø, CEO, Exonate
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About Exonate www.exonate.com
Exonate is a biotechnology company developing novel, non-invasive therapeutics for patients with retinal vascular diseases which may lead to vision loss.
The Company’s pipeline is built around inhibition of pro-angiogenic VEGF for the treatment of conditions where formation of new blood vessels is a significant contributor, such as Diabetic Eye Disease. Developed to penetrate to the back of the eye, reach the retina and prevent growth of blood vessels, Exonate’s treatments for retinal diseases are being developed as eye drops, eliminating the need for monthly injections into the eye, laser surgery or use of steroids, without sacrificing potency or permeability.
There is a large unmet market opportunity for a topical therapy for diabetic retinopathy and diabetic macular oedema that can treat the conditions earlier in the disease process. Exonate’s lead asset, EXN407, has the potential to be the first topical treatment for these indications. EXN407 has shown encouraging signs of efficacy, alongside meeting all endpoints, in a Phase Ib/IIa trial in diabetic patients with retinal eye disease.
The Company is led by a highly experienced management team, and has a strong foundation of scientific expertise, with cross-disciplinary experience in medicine and drug development.
For more information, visit the Exonate website, or find Exonate on X (@ExonateUK) and LinkedIn (@ Exonate Limited)