Karolinska Development: Interim Report - January-March 2017
STOCKHOLM - May 16, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Interim Report for the period January - March 2017. The Company will host a conference call and webcast May 17 at 14:00 CEST - details below. The full report is available on the Company's website.
Jim Van heusden, CEO, comments: "I am very proud of what we have achieved at Karolinska Development over the last two years and I am convinced the Company is now in a much stronger position to deliver value as a Nordic life sciences investment company. Given this progress, I believe now is the right time for Viktor Drvota to take over as CEO. With the recent completion of the set-off issue Karolinska Development's equity position and overall financial risk profile has improved. We have also seen our medtech companies make significant commercial progress, particularly in the US, during the first quarter. Combined with the Company's portfolio of exciting therapeutics companies, which are set to deliver a number of value-generating milestones over the next 12-18 months, Karolinska Development is poised to deliver significant value for its shareholders."
Significant events during the first quarter 2017
Karolinska Development launched a set-off issue of shares, decided by the board and subsequently approved by an Extraordinary General Meeting held on 8 March 2017, with the aim of a necessary strengthening of the Company's equity position and thereby improving the Company's overall financial risk profile. The offered subscription price for the set-off issue was SEK 6.17 per new B share and the maximum proceeds of the issue were set at SEK 451 million. Convertible holders accepted to offset SEK 67 million of the company's convertible debt, and as a result, 10,871,698 new B shares have been issued (March 2017).
Karolinska Development's Chief Investment Officer Viktor Drvota was promoted to Deputy Chief Executive Officer (February 2017).
Dilafor initiated a Phase IIb clinical trial with tafoxiparin in women with protracted labor (January 2017).
OssDsign received 510(k) clearance by the US FDA to market OSSDSIGN® Cranial PSI in the US and is preparing to launch the product (January 2017). The company entered an agreement for distribution of OSSDSIGN® Cranial PSI in the US with Matador Medical Inc. (February 2017).
OssDsign entered into new partnerships in Italy, Spain, Switzerland, Austria and the Netherlands for the commercialization of its medical implants for cranial and facial reconstruction, adding to existing partnerships in the UK, Nordic region and certain other non-European markets (January 2017).
Promimic appointed Magnus Larsson as Chief Executive Officer, replacing Ulf Brogren, who relocated to the US to lead Promimic Inc., the Company's new sales operation in North America as Head of Sales (January 2017).
KDev Investments (an investment fund jointly owned by Karolinska Development and Rosetta Capital) divested its entire shareholding in Inhalation Sciences Sweden AB (ISS) to the Swedish investment company Råsunda Förvaltning AB together with two other purchasers. Karolinska Development retains an economic interest in ISS through an earn-out agreement (February 2017).
Oncopeptides made a successful initial public offering ("IPO") on Nasdaq Stockholm. Karolinska Development has a 5% earn-out agreement for Oncopeptides with Industrifonden with a market value of SEK 26.7 million based on Oncopeptide's market capitalization at listing on February 22, 2017. The earn-out will be received when Industrifonden divests its ownership in Oncopeptides.
Umecrine Cognition announced the first patient had been included in its clinical Phase Ib/IIa study with GR3027 for hepatic encephalopathy (March 2017).
Aprea Therapeutics announced a research collaboration with Memorial Sloan Kettering Cancer Center (March 2017).
Significant events after the first quarter 2017
Karolinska Development announced the results of the set-off issue (April 2017)
The Company announced that Chairman Bo Jesper Hansen and CEO Jim Van heusden had decided to step down, and the promotion of Viktor Drvota to CEO (April 2017)
The Company's Nomination Committee proposed that Niclas Adler is elected as new chairman at the General Meeting in May 2017 (April 2017)
Umecrine Cognition presented result from its Phase I study at the EASL International Liver Congress 2017 (April 2017)
Modus Therapeutics announces appointment of Ellen K. Donnelly, Ph.D. as CEO (April 2017)
The Total Portfolio Fair Value of Karolinska Development's portfolio at the end of March 2017 was SEK 431.7 million, an increase from the Total Portfolio Fair Value of SEK 405.2 million at the end of December 2016. Net Portfolio Fair Value at the end of March 2017 was SEK 172.6 million, an increase of SEK 23.2 million compared to the end of December 2016.
The Result of Change in Portfolio Fair Value amounted to SEK -5.7 million. The decrease was mainly due to the reduction in Fair Value of Lipidor following the latest financing round in March 2017, in which Karolinska Development did not participate.
Revenue amounted to SEK 0.6 million in the first quarter (SEK 0.6 million in the first quarter 2016). Net loss amounted to SEK 25.2 million (loss of SEK 100.1 million in first quarter 2016). Earnings per share amounted to SEK -0.5 (SEK -1.9 in first quarter 2016).
Karolinska Development's investments in portfolio companies during the first quarter amounted to SEK 28.9 million. Total investments in portfolio companies by other specialized life science investors during first quarter amounted to SEK 53.1 million.
Cash, cash equivalents and short term liquidity investments decreased by SEK 36.8 million during the first quarter and amounted to SEK 211.3 million as of March 31, 2017.
Following the set-off issue of B-shares, equity in the Parent Company amounted to SEK 46.5 million at the end of March 2017.
Conference Call and Webcast
The Company will host a conference call on May 17, 2017 at 14:00 CEST. Please dial in at one of the following numbers a few minutes before the start of the conference call:
From Sweden: +46 (0) 8 505 564 74
From the US: +1 855 753 22 30
From the UK: +44 (0) 20 336 453 74
The presentation will also be webcast and can be accessed from the following web address:
Host: Jim Van heusden, CEO.
For further information, please contact:
Jim Van heusden, CEO, Karolinska Development AB
Phone: +46 72 858 32 09, e-mail: firstname.lastname@example.org
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: email@example.com
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk
About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients' lives while providing an attractive return on investment to shareholders.
Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.
Karolinska Development has established a portfolio of nine companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.
The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.
For more information, please visit www.karolinskadevelopment.com
This information is information that Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Jim Van heusden, at 18:00 CEST on May 16th 2017
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Karolinska Development AB (publ) via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
Arc Aroma Pure AB : 180420 ARCAROMA stärker informationsflödet till den finansiella marknaden20.4.2018 15:20 | Pressmeddelande
Pressrelease 2018-04-20 A rc Aroma Pure AB ("ARCAROMA") möter det ökade intresset hos investerare och aktiverar en ny tjänst. ARCAROMA kommer att publicera nyhetsbrev med en mer djuplodande information om bolaget, strategier och framsteg. Skälet är ett kraftigt ökat intresse från marknaden, kanske som resultat av en ägarspridning. Även de restriktioner som numera finns hos marknaden avseende finansiella pressmeddelande spelar in. Det första nyhetsbrevet kommer att släppas under vecka 17 på bolagets Investor sida www.investor.arcaroma.se. På investor.arcaroma.se kommer det att finnas en länk till nyhetsbreven och till en sida där allmänheten har möjlighet att anmäla sig till en prenumerationstjänst. Målsättningen är att nyhetsbreven skall släppas periodiskt och i även samband med händelser som förtjänar en mer detaljerad information än vad som ryms i ett finansiellt pressmeddelande. Det är vår förhoppning att bolaget på detta sätt kan tillfredsställa det ökande behov av information som
Abeona Therapeutics Receives Orphan Drug Designation in the European Union for ABO-202 Gene Therapy Program in Batten Disease20.4.2018 14:15 | Pressmeddelande
NEW YORK and CLEVELAND, April 20, 2018 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (NASDAQ:ABEO), a leading clinical-stage biopharmaceutical company focused on developing novel cell and gene therapies for life-threatening rare genetic diseases, announced today that the European Medicines Agency (EMA) Committee for Orphan Medicinal Products has granted Orphan Drug Designation (EMA/OD/013/18) for Abeona's gene therapy program ABO-202 for the treatment of subjects with neuronal ceroid lipofuscinosis, also known as Batten Disease, a fatal lysosomal storage disease that primarily affects the nervous system in children. ABO-202 is an adeno-associated virus developed to introduce a functional copy of the CLN1 gene into cells in order to restore the enzyme activity that is needed to break down certain lipopigment proteins that are deficient in patients with CLN1 disease. "This designation is an important step in our CLN1 program as it encourages us to proceed towards clinical development," st
Taconic Biosciences Licenses Easi-CRISPR Technology from the University of Nebraska20.4.2018 14:00 | Pressmeddelande
RENSSELAER, N.Y., April 20, 2018 (GLOBE NEWSWIRE) -- Taconic Biosciences, a global leader in providing genetically engineered mouse model and service solutions, has been granted a license to the Easi-CRISPR technology from the University of Nebraska. Easi-CRISPR was developed in the laboratories of Drs. Masato Ohtsuka (Tokai University in Japan), and Channabasavaiah Gurumurthy (University of Nebraska). The terms of the agreement include a world-wide, non-exclusive license to the technology, allowing Taconic rights to generate and sell rodent models generated via Easi-CRISPR. When compared to traditional CRISPR, Easi-CRISPR represents a significant advantage, allowing researchers to perform whole genetic insertions versus being limited to point mutations and constitutive knockouts. "Easi-CRISPR is the next progression of the revolutionary CRISPR/Cas technology. Combining the speed of CRISPR with larger genetic insertions allows complex projects typically requiring homologous recombinati
LeoVegas new principal partner for Swedish Open20.4.2018 11:30 | Pressmeddelande
The LeoVegas Mobile Gaming Group is expanding its sponsoring partnership with the Swedish Open in Båstad by assuming the role as a principal partner for the prestigious tennis tournament. "Last year's successful sponsor partnership with the Swedish Open in Båstad was a strategic effort to profile LeoVegas Sport and our offering in tennis. This venture whet our appetite, and we have therefore chosen to ramp up our sponsorship from Official Partner to become one of the Swedish Open's Principal Partners," comments Gustaf Hagman, Group CEO. Betting on tennis - especially live betting via mobile devices - is one of the gaming categories which in terms of turnover is growing the fastest in most of LeoVegas markets. Live betting puts high demands on technology and is well in line with LeoVegas' ambition to continuously deliver the best mobile gaming experience. Louise Nylén, LeoVegas' Chief Marketing Officer, comments: "Our sponsoring partnership with the Swedish Open in Båstad strengthens ou
LeoVegas ny huvudpartner till Swedish Open20.4.2018 11:30 | Pressmeddelande
Mobilspelsbolaget LeoVegas utökar sponsorsamarbetet med Swedish Open i Båstad genom att anta rollen som huvudpartner till den anrika tennisturneringen. "Förra årets framgångsrika sponsorsamarbete med Swedish Open i Båstad var en strategisk satsning på att profilera LeoVegas Sport och vårt erbjudande inom tennis. Den satsningen gav mersmak och därför väljer vi nu att växla upp vårt sponsorsåtagande från officiell partner till en av Swedish Opens huvudpartners", säger Gustaf Hagman, Group CEO. Spel på tennis, och då inte minst livebetting i mobilen, är en av de spelkategorier som omsättningsmässigt ökar snabbast på flertalet av LeoVegas marknader. Livebetting ställer höga krav på teknologi och ligger i linje med LeoVegas ambition att ständigt leverera den bästa spelupplevelsen i mobilen. "Sponsorsamarbetet med Swedish Open i Båstad stärker vår position som relevant aktör inom sport och framförallt inom tennis. Vår strävan är att ligga i framkant med vår datadrivna marknadsföring och komb
PayByPhone appoints Andreas Gruber as new President and CEO20.4.2018 00:19 | Pressmeddelande
VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- PayByPhone, the global leader in mobile parking payments, today announced that it will appoint Andreas Gruber as president and Chief Executive Officer effective June 1st, 2018. Francis Dupuis, the former President and CEO, will take over a position in Germany with parent company Volkswagen Financial Services AG. To provide additional impetus to the PayByPhone board, two new board positions have been created and as a result Maggie Clay (CFO) and Catherine Scott (Legal Counsel) will be appointed effective June 1st, 2018. During his time at PayByPhone, Francis led the business through significant growth and organizational change and leaves the company well positioned for continued success. "We would like to thank Francis for his strong leadership and look forward to building on his experience within Volkswagen Financial Services," Gerd Künne, Vice-President of mobility unit at Volkswagen Financial Services, said. Francis is e
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum