Chelsea Therapeutics International Ltd. To Implement Corporate Reorganization; Announces Board Changes

Chelsea Therapeutics International Ltd. announced that Board of Directors plans to promptly implement a corporate reorganization that includes a reduction in force, executive changes and changes to the Company's Board of Directors, and has authorized a plan to explore and evaluate strategic options for the Company, all with goal of optimizing long-term stockholder value. As part of reorganization, Chelsea's Board of Directors expects to significantly reduce the Company's headcount. As part of this effort, the Company plans to stop patient enrollment in ongoing 306B study in July. The reduction in force is expected to be completed in the third quarter of 2012. At the executive level, Simon Pedder Founder, President and CEO, has resigned as a director, officer and employee of the Company, effective immediately. Dr. Pedder will continue to serve the Company in an advisory capacity for smooth transition. The Board will begin evaluating candidates to succeed him as Chief Executive Officer. Joseph G. Oliveto, who has been the Company's Vice President, Operations since June 2008, has been appointed interim President and Chief Executive Officer until a permanent CEO is appointed. Keith Schmidt, Vice President, Marketing and Sales, will also be leaving the Company, but will remain available in an advisory capacity. At the Board level, Kevan Clemens has stepped down as Chairman and remains a director, with director Michael Weiser assuming the role of Chairman.