Orphazyme A/S announced that Stephanie Okey, Carrolee Barlow and Martin Bonde will step down from their positions as members of the Board of Directors as of May 23, 2022 with the view to reduce the number of members of the Board of Directors to three members, as Orphazyme will no longer have any ongoing operational business activities once the restructuring proposal is adopted by the creditors and affirmed by the Court and the transaction with KemPharm Denmark A/S is completed on or around June 1, 2022. Until the upcoming Annual General Meeting expected to be held on June 29, 2022, the Board of Directors will consist of Georges Gemayel, Chairman of the Board of Directors, Bo Jesper Hansen, Deputy Chairman of the Board of Directors, and Andrew Mercieca. Additionally, the Company's board committees will continue with the three board members for the Audit Committee and the Remuneration Committee, with Andrew Mercieca as chairman of the Audit Committee and Bo Jesper Hansen as chairman of the Remuneration Committee, and with two board members for the Nomination Committee, with Bo Jesper Hansen as chairman of the Nomination Committee.

The Science Committee will be discontinued. The current Chairman of the Board of Directors, Georges Gemayel, and member of the Board of Directors, Andrew Mercieca, will not be seeking re-election at the upcoming Annual General Meeting.