Karolinska Development: Q4 and 2016 Year-End Report - January-December
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: 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
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
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