NASDAQ OMX

Karolinska Development: Interim Report - January-March 2017

Dela

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)

Financial summary

  • 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:
http://edge.media-server.com/m/p/5uihaf3q

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: jim.van.heusden@karolinskadevelopment.com 

Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.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 




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Gratomic Announces Non-Brokered Private Placement21.7.2018 19:41Pressmeddelande

TORONTO, July 21, 2018 (GLOBE NEWSWIRE) -- Gratomic Inc. ("GRAT" or the "Company") (TSX-V:GRAT) (FRANKFURT:CB81) (WKN:A143MR) is pleased to announce the offering of a non-brokered private placement of up to 20,000,000 working capital units (the "WC Unit") for up to $2,000,000 (the "Offering"). Each WC Unit is priced at $0.10 and consists of one (1) common share and one (1) common share purchase warrant ("WC Warrant"). Each WC Warrant entitles the holder to purchase one (1) common share (a "WC Warrant Share") at a price of $0.20 per WC Warrant Share until the earlier of: (i) three (3) years following the Closing of the Offering; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.30 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day. Eligible Finders may receive 5% of the value of

eGain Enables Conversational Customer Service Through Apple Business Chat20.7.2018 12:30Pressmeddelande

SUNNYVALE, Calif. and NEWBURY, United Kingdom, July 20, 2018 (GLOBE NEWSWIRE) -- eGain (NASDAQ:EGAN), the leading provider of cloud-based customer engagement solutions, today announced its integration with Apple Business Chat. According to Gartner, requests for customer support through consumer mobile messaging apps will exceed requests for customer support through traditional social media by 2019*. Moreover, 56% of consumers surveyed in a Nielsen study would rather message a business than call customer service, and 67% expect to message businesses even more over the next two years. Key capabilities Among key capabilities of the integrated solution are: Enabling hundreds of millions of consumers on iPhone and iPad to interact with businesses through the Messages app Leverage eGain AI to infer customer intent, power bot conversations through messaging, route escalations to contact center agents, and guide agents through messaging conversations Provide immersive customer experiences with

Marcus Hiles - Texas Takes #1 Four Years in a Row in America's Top States for Business19.7.2018 23:39Pressmeddelande

DALLAS, July 19, 2018 (GLOBE NEWSWIRE) -- The future business scene in Texas is looking brighter than ever as the state continues to hold its place as a national leader. Growth is spreading across areas such as North Texas, Houston and San Antonio with businesses quickly expanding their operations in the state that offers some of the best in business-friendly climates and overall growth potential. Tapping into the market recently are global leaders such as Toyota, Liberty Mutual and JP Morgan who have taken advantage of the state's increasing network of commercial properties, workforce and business resources. Named by CNBC for the fourth consecutive year as America's Top State for Business, Texas scored above all 50 states on overall business competitiveness. With the business hub building on its role as a national leader for the past decade, this top rank title reflects the progress Texas has made in cementing its place in the global economy. "This national recognition comes without s

Second Quarter 2018 Results Conference Call19.7.2018 21:34Pressmeddelande

AURORA, Ontario, July 19, 2018 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX:MG) (NYSE:MGA) SECOND QUARTER 2018 RESULTS CONFERENCE CALL WEDNESDAY - AUGUST 8th, 2018 7:30 AM ET DIAL IN NUMBERS North America Toll Free: International Toll: Webcast: 1-888-223-4641 1-416-981-9080 www.magna.com Slide presentation will be available on our website prior to the call. REBROADCAST INFORMATION Replay available 2 hours after the call until August 15, 2018 North America Toll Free: International Toll: Reservation No.: 1-800-558-5253 1-416-626-4100 21892829 INVESTOR CONTACT Louis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com, 905-726-7035 TELECONFERENCE CONTACT Nancy Hansford, Executive Assistant, Investor Relations nancy.hansford@magna.com, 905-726-7108 This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originali

Uganda National Airlines Company Limited Signs Firm Order for Four Bombardier CRJ900 Aircraft19.7.2018 18:36Pressmeddelande

First operator of the new CRJ Series ATMOSPHÈRE cabin in Africa MONTREAL, July 18, 2018 (GLOBE NEWSWIRE) -- Bombardier Commercial Aircraft announced today that it has signed a firm order for four new CRJ900 regional jets with Uganda National Airlines Company. Based on the list price for the CRJ900 aircraft, the firm order is valued at approximately US$190 million. "We congratulate the Government of Uganda for the revival of its national flag carrier, and are thrilled that the new airline has selected Bombardier and the CRJ900 regional jets for its upcoming debut," said Jean-Paul Boutibou, Vice President, Sales, Middle-East and Africa, Bombardier Commercial Aircraft. "Recognized for its superior economics and efficiency, the CRJ Series aircraft have enabled airlines worldwide to serve communities with better connectivity, and we look forward to supporting the development of Uganda's regional air travel with these CRJ900 regional jets." Uganda Airlines will operate the CRJ900 in dual-cla

CrownBio Supports Excellence in Translational Research with Grant Award that Funds Innovative PDX Model Development in Immuno-Oncology19.7.2018 15:03Pressmeddelande

"Cancer Research Center of Lyon iPS novel PDX models formulate new immune cell focused strategies" SAN DIEGO, July 19, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, is proud to announce the award of its Patient-Derived Xenograft (PDX) grant program to doctors Fabrice Lavial, Christophe Caux and Bertrand Dubois from the Cancer Research Center of Lyon (CRCL). The grant program was established to support oncology researchers pursuing scientific advancements in cancer using PDX technology. Following an extensive review, CrownBio's Scientific Steering Committee selected Dr. Lavial and his colleagues at the CRCL due to their project's potential to create breakthroughs in preclinical oncology strategies. Their research combines PDX and iPS cell technologies to create patient-specific, humanized models. These unique models wil

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum