Planet Biopharmaceuticals, Inc. Appoints Theron (Ted) Odlaug, Ph.D. as Executive Chairman

Planet Biopharmaceuticals, Inc. and its wholly owned Subsidiaries today announced that Theron E. Odlaug, Ph.D. has been named as the company's Executive Chairman and will assume the additional role of Chief Executive Officer on August 29, 2011. Odlaug will replace William Goldberg, who has joined MediMedia USA, Inc. as Chief Executive Officer. Goldberg will remain on Planet's board of directors as an independent director. Odlaug will be responsible for day-to-day operations and corporate strategy. "Ted's extensive experience in the pharmaceutical and life sciences arenas make him the ideal candidate to lead the company," said Goldberg.