Karolinska Development: Q4 and 2016 Year-End Report - January-December
28.2.2017 18:00 | NASDAQ OMX
STOCKHOLM - February 28, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Q4 and 2016 Year-End Report. The Company will host a conference call and webcast March 1, 2017 at 08:00 CET - details below. The full report is available on the Company's website.
Jim Van heusden, CEO, comments: "The progress that Karolinska Development has made in the past 24 months towards its ambition of becoming a leading Nordic life sciences investor has been significant. The Company has now finalized the strategic re-organization. The investment expertise has been strengthened and the portfolio has been focused on a smaller number of companies with exciting potential. Experienced leadership has been attracted to our portfolio companies, and we supported the financing of these companies through syndication with experienced international and domestic life science investors. We believe these companies are now well-positioned to deliver key value-generating, clinical and/or commercial milestones over the next 18-24 months.
In addition, the Board has decided (conditional of EGM approval) on a set-off issue of shares, which is aimed at strengthening the Company's equity position, reducing its overall financial risk profile and ensuring that cash resources can be used to make and support new investments that the Company has identified. The Board considers that successful completion of the set-off issue will enable Karolinska Development to leverage the progress it has made and begin executing its investment strategy with the aim of creating additional value for all share/bond holders."
2016 - Full-Year Highlights
Dr Viktor Drvota joined as Chief Investment Officer strengthening the Company's investment experience and ability to identify, access and manage new deals, while also strengthening its relationships with entrepreneurs and investors.
SEK 610 million in total was raised by portfolio companies during 2016, whereof 91% came from new investors in the Nordic region and internationally. Aprea Therapeutics raised SEK 437 million from specialist life sciences investors in the largest round completed by a private life science company in Sweden in over a decade.
Several companies advanced therapeutic pipeline candidates in Phase II studies, with multiple read-outs expected in 2018, including Aprea Therapeutics (with APR-246 in ovarian cancer), Modus Therapeutics (with sevuparin in sickle-cell disease) and Dilafor (with tafoxiparin in obstetric indications).
Commercial-stage medtech companies in the portfolio, Promimic and OssDsign, made progress with their commercialisation plans, building distribution networks and manufacturing facilities.
Promimic, Umecrine Cognition, Aprea Therapeutics and OssDsign added experienced leaders to their management teams and boards.
Going into 2017, the majority of companies in Karolinska Development's portfolio are now well-financed and in a good position to deliver key value-generating, clinical or commercial milestones over the next 18-24 months.
Aprea Therapeutics treated the first patient in its Phase II trial of APR-246 in high-grade serous ovarian cancer (October 2016).
Promimic and Danco completed the set-up and validation phase of the US production facility for HA nano Surface coating technology (October 2016).
Promimic elected Tord Lendau as Chairman of the Board of Directors, and Håkan Krook and Patrik Sjöstrand as Non-Executive Directors (October 2016).
Dilaforette announced it has changed its name to Modus Therapeutics (October 2016).
Modus Therapeutics extended its ongoing Phase II clinical study to include patients aged 12-18, and to increase sample size of the study from 45 to around 150 patients (November 2016).
Umecrine Cognition announced positive Phase I data with GR3027 in hepatic encephalopathy and raised SEK 45 million in a private financing round (November 2016).
Dilafor was granted a key US patent for tafoxiparin, which is in Phase II development for treating obstetric indications (December 2016).
Trinity Delta, a UK-based equity research firm, initiated coverage of Karolinska Development and issued its first report on the Company (November 2016).
Significant events after the fourth quarter
Karolinska Development Board of Directors called for an Extraordinary General Meeting to approve on its decision on a set-off issue of shares, with the aim of a necessary strengthening of the Company's equity position, thereby reducing the Company's overall financial risk profile and ensuring that its current cash resources can be used to invest in new portfolio companies.
Dilafor initiated a Phase IIb clinical trial with tafoxiparin in women with protracted labor (January 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). Furthermore, OssDsign received 510(k) clearance by the US FDA to market OSSDSIGN® Cranial PSI in the USA and is preparing to launch the product (January 2017) and entered an agreement for distribution of OSSDSIGN® Cranial PSI in the USA with Matador Medical Inc (February 2017).
Promimic appointed Magnus Larsson as Chief Executive Officer, replacing Ulf Brogren, who relocates 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 a consortium compromising Inhalation Sciences' founder Per Gerde, CEO Fredrik Sjövall and Råsunda Förvaltning AB. Karolinska Development retains an economic interest in ISS through an earn-out agreement (February 2017).
Oncopeptides AB made a successful initial public offering ("IPO") of on Nasdaq Stockholm (February 2017). Karolinska Development has a 5% earn-out agreement for Oncopeptides with Industrifonden that has a current market value of SEK 26.7 million based on Oncopeptide's market capitalisation at listing on February 22
The Total Portfolio Fair Value of Karolinska Development's portfolio at the end of December 2016 was SEK 405.2 million, a decrease from the Total Portfolio Fair Value of SEK 410.5 million at the end of September 2016. Net Portfolio Fair Value of the portfolio at the end of December 2016 was SEK 149.4 million, a decrease of SEK 1.6 million compared to the end of September 2016.
The result of change in Portfolio Fair Value amounted to SEK -6.3 million. The decrease was mainly due to the planned divestment in first quarter 2017 of Inhalation Science Sweden AB through an earn-out agreement.
Revenue amounted to SEK 3.7 million in the fourth quarter (SEK 0.5 million in the fourth quarter 2015), of which. SEK 3.3 million revenue was received as a dividend from BioArctic AB. Net loss in the same quarter amounted to SEK 23.0 million (SEK 121.6 million in the fourth quarter 2015). Earnings per share in the same quarter amounted to SEK -0.4 (SEK -0.2 in the fourth quarter 2015).
Karolinska Development's investments in portfolio companies during the fourth quarter amounted to SEK 4.8 million. Total investments in portfolio companies by other specialized life science investors during fourth quarter amounted to SEK 35.6 million.
Personal Costs for the full year amounted to SEK 17.3 million, a reduction of 45% compared to SEK 31.2 million in 2015.
Cash, cash equivalents and short term liquidity investments decreased by SEK 8.2 million during the fourth quarter and amounted to SEK 248.1 million as of December 31, 2016. Despite these cash resources, equity in the Parent Company amounted to SEK 14.3 million at the end of December 2016.
The Board of Directors proposes that no dividend will be paid for the financial year 2016.
Conference Call and Webcast
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: email@example.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: firstname.lastname@example.org
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk
TO THE EDITORS
About Karolinska Development AB
Karolinska Development AB is an investment company focused on identifying medical innovation and investing in the creation and growth of companies developing these assets into differentiated products that will make a difference to patients' lives and provide an attractive return on investment.
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 a team including investment professionals with strong venture capital backgrounds, experienced company builders and entrepreneurs, with access to a strong global network.
For more information, please visit www.karolinskadevelopment.comThis 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 6 pm CET on 28 February 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
Skriv in din e-postadress så får du ett mejl när vi har något nytt att berätta.
Senaste pressmeddelandena från NASDAQ OMX
Promethean Opens New Global Headquarters in Seattle18.8.2017 18:38 | Pressmeddelande
Seattle, Wash., Aug. 18, 2017 (GLOBE NEWSWIRE) -- PrometheanTM, a global education technology company, announced today the opening of its new global headquarters in Seattle, Wash. Promethean's office in Atlanta, Ga. will continue to serve as the hub for the Americas markets, and the Blackburn, U.K. office will continue to carry on as the hub for the EMEA markets and parts of Asia. Promethean is one of the leading brands in the international education technology market with more than 20 years of experience in the K-12 classroom. Its solutions are in more than 50,000 schools and institutions in 154 countries. "As traditional pedagogy continues to move towards immersive learning, it's important for Promethean to lead innovation in education with the latest technology," said Vin Riera, CEO of Promethean. "Seattle is a global technology hub, and establishing Promethean's global headquarters there increases opportunities for new business models, concepts
Hminers Disrupts the Cryptocurrency Market with Powerful, Multi-Algorithm Mining Rigs18.8.2017 11:00 | Pressmeddelande
Hminers continues to hit the headlines in the rapidly expanding global market for cryptocurrency. The Miami-based company has recently introduced three extremely powerful, multi-algorithm mining rigs that have been designed to provide maximum hash rate with minimum power consumption. MIAMI, Aug. 18, 2017 (GLOBE NEWSWIRE) -- In their relentless efforts to deliver state-of-the-art products related to cryptocurrency, Hminers has recently launched three brilliantly designed bitcoin mining rigs. The unique features and capabilities of the company's new H2U Miner, H4U Miner, and Rack Equipped with 5 x H4U have already grabbed the attention of the cryptocurrency enthusiasts and experts around the world. An organization with a rich tradition, Hminers (www.hminers.com) is recognized in the industry as the creator of the first ever 10 nm ASIC Chip in the world. Cryptocurrency mining is the process of generating new cryptocurrency that requires a pot
Nasdaq Welcomes I-AM Capital Acquisition Company (Nasdaq: IAMXU) to The Nasdaq Stock Market17.8.2017 18:50 | Pressmeddelande
NEW YORK, Aug. 17, 2017 (GLOBE NEWSWIRE) -- I-AM Capital Acquisition Company (Nasdaq:IAMXU), a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, celebrated its initial public offering (IPO) on The Nasdaq Stock Market. I-AM Capital's founders, Chief Executive Officer F. Jacob Cherian and Chief Financial Officer Suhel Kanuga, have been focused on investing into India over the last decade, with the distinction of completing the first listed-SPAC investment in India. "Through our keen focus and unique accomplishments in India over the last decade, we have seen our investment thesis bear fruit: India's prominence and rise on the world stage, its distinction as being one of the fastest growing major economies of the world, and its strong vibrant consumer demographics. We believe these factors are aligning well now,
Tetraphase Pharmaceuticals Announces Submission and Validation of IV Eravacycline Marketing Authorization Application by European Medicines Agency17.8.2017 14:30 | Pressmeddelande
WATERTOWN, Mass., Aug. 17, 2017 (GLOBE NEWSWIRE) -- Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH), a clinical-stage biopharmaceutical company developing novel antibiotics to treat life-threatening multidrug- resistant (MDR) infections, today announced that the Marketing Authorization Application (MAA) for IV eravacycline for the treatment of complicated intra-abdominal infections (cIAI) has been submitted and was validated by the European Medicines Agency (EMA). Eravacycline is a novel, fully-synthetic fluorocycline antibiotic being developed for the treatment of serious infections, including those caused by multidrug-resistant (MDR) pathogens. The MAA filing is based on data from the phase 3 IGNITE1 clinical trial in which eravacycline was well tolerated and demonstrated statistical non-inferiority to ertapenem using the primary endpoint of clinical response at the test-of-cure (TOC) visit. "The MAA filing represents a significant milestone for Tetraphase as it is our
RedHill Biopharma Announces U.S. Commercialization Agreement for FDA-Approved GI Product Esomeprazole Strontium Delayed-Release Capsules17.8.2017 13:00 | Pressmeddelande
RedHill was granted the exclusive rights to promote Esomeprazole Strontium Delayed-Release (DR) Capsules to gastroenterologists in certain U.S. territories Esomeprazole Strontium DR Capsules 49.3 mg is an FDA-approved, proprietary, prescription proton pump inhibitor (PPI), indicated for adults for the treatment of gastroesophageal reflux disease (GERD) and other gastrointestinal (GI) conditions RedHill expects to initiate the U.S. promotion of Esomeprazole Strontium DR Capsules 49.3 mg in the coming weeks Esomeprazole Strontium DR Capsules 49.3 mg will be the third commercial GI product to be promoted by RedHill in the U.S. RedHill's GI-focused sales force currently promotes two GI s
Brand Industrial Services Announces Agreement to Acquire Venko Groep BV16.8.2017 19:40 | Pressmeddelande
Complementary core strengths provide broader range of services for customers KENNESAW, GA, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Brand Industrial Services, known as BrandSafway, has signed an agreement to acquire Venko Groep BV, a portfolio company of Mentha Capital. Venko will become a part of the Brand Energy & Infrastructure Services (Brand) group. "We are very pleased to announce the agreement with Venko," said Bill Hayes, President and CEO of BrandSafway. "Our combined customers in Europe will benefit from a broader range of solutions and greater depth of expertise in access, insulation and coatings. Bringing Venko's highly specialized knowledge in coatings to BrandSafway will provide the expertise we need to expand our services in the offshore market worldwide." Based in the Netherlands, with a focus on operations in the North Sea area, Venko is a leading offshore and onshore coatings maintenance provid
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum