Karolinska Development AB (publ) - Year-End Report 2011
(Thomson Reuters ONE) -
STOCKHOLM - February 22, 2012. Karolinska Development AB (publ) announces
publication of its Year-End Report 2011. A conference call will be held today at
14.00 CET, participant access numbers: +46 (0) 8 50 55 97 72, UK: +44 (0)
20 77 50 99 50. The full report and the conference call presentation are
available on the company's website.
Torbjörn Bjerke, CEO Karolinska Development, comments: "In connection with
Karolinska Development's successful initial public offering on NASDAQ OMX
Stockholm in April we completed a new share issue that significantly
strengthened our financial position. As of the year-end the Group had liquid
assets of SEK 620m. This will enable Karolinska Development to continue to
invest in innovations which we believe can meet future medical needs and
generate a good return. We recently invested in two totally new companies. One
is GliGene, a research company whose goal is to develop targeted cancer
therapies based on a discovery by Professor Rune Toftgård at Karolinska
Institutet. The other is Oss-Q, which was founded by researchers at Uppsala
University and Karolinska University Hospital and which is developing pioneering
implants for bone healing with a focus on skull surgery.
During the year, Axelar concluded a Phase I/II clinical study with the drug
candidate AXL1717 where all the primary end points were met. As planned, before
the year-end it also recruited the first patient for a Phase II study that will
include a total of 140 lung cancer patients. In addition, Dilaforette initiated
a Phase I/II study with Sevuparin for treatment of severe malaria. Several
important clinical milestones have been reached after the end of the reporting
period. Akinion initiated a Phase I/II clinical study with AKN-028 in patients
with Acute Myeloid Leukemia, while Pergamum recruited the final patient in a
Phase II trial of PXL01 for prevention of post-surgical adhesions and initiated
a Phase II study with DPK-060 in outer ear infections.
In order to reach our investment goals, we must evaluate our portfolio
continuously and reset priorities. This sometimes means discontinuing
investments in projects that do not meet established targets. Accordingly, in
2011 we needed to wind up the three preclinical companies Avaris, IMED and
Eribis, and the associated write-downs negatively contributed to the year's
result. During the year we have worked intensely with business development in
our companies, and our portfolio is much stronger today than it was at the
beginning of the year. Our goal is that this work will bear fruit this year."
Summary of significant events during and since the fourth quarter
* Axelar initiated a Phase II study with AXL1717 for the treatment of non-
small cell lung cancer
* Aprea announced the continuation of a clinical Phase I/II study of APR-246
in patients with leukemia
* Pergamum initiated a Phase II study with DPK-060 in outer ear infections
* Akinion Pharmaceuticals initiated a Phase I/II clinical study with AKN-028
* KDev Oncology was formed as a focused oncology group and made its first
investment in GliGene
* Karolinska Development made a new investment in Oss-Q, a company developing
implants for bone healing
Group
--------------------------------------------------------------------------------
2011 2010 2011 2010
Amounts in SEKm Oct-Dec Oct-Dec Full-year Full-year
--------------------------------------------------------------------------------
Revenue 3.4 2.4 10.5 13.9
Profit/loss after tax -114.4 -219.7 -385.7 -334.6
Earnings per share before -2.16 -6.50 -8.07 -9.79
and after dilution (SEK)
Cash flow 56.0 -286.7
Cash and cash equivalents 163.3 107.3
Short-term investments 457.2 136.6
Net asset value per share 44.7 53.51
(SEK) (Note 8)
Share price at closing 30 24.0 -
Dec 2011 (SEK)
Proposed dividend per share 0.0 0.0
(SEK)
Portfolio information
--------------------------------------------------------------------------------
Investments in portfolio 59.7 49.1 297.6 193.1
companies* (Note 11)
Of which investments not 8.4 - 94.9 -
affecting cash flow (Note
11)
Valuation of total portfolio 1,546.9 1,454.7
holdings (Note 2)
--------------------------------------------------------------------------------
* Portfolio companies comprise subsidiaries, joint ventures,
associated companies and other long-term securities holdings
For further information, please contact:
Torbjörn Bjerke, CEO, Karolinska Development AB
Phone: +46 (0)72 744 41 23, e-mail: torbjorn.bjerke(at)karolinskadevelopment.com
Gunnar Casserstedt, CFO, Karolinska Development AB
Phone: +46 (0)73 068 37 00, e-mail: gunnar.casserstedt(at)karolinskadevelopment.com
Benjamin Nordin, IRO, Karolinska Development AB
Phone: +46 (0)73 093 60 80, e-mail: benjamin.nordin(at)karolinskadevelopment.com
TO THE EDITORS
About Karolinska Development AB
Karolinska Development aims to create value for investors, patients, and
researchers by developing innovations from world class science into products
that can be sold or out-licensed with high returns. The business model is to:
SELECT the most commercially attractive medical innovations; DEVELOP innovations
to the stage where the greatest return on investment can be achieved; and
COMMERCIALIZE the innovations through the sale of companies or out-licensing of
products. An exclusive deal flow agreement with Karolinska Institutet
Innovations AB, along with other cooperation agreements with leading Nordic
universities, delivers a continuous flow of innovations. Today, the portfolio
consists of 36 projects, of which 14 are in clinical development. For more
information, please visit www.karolinskadevelopment.com.
Karolinska Development is listed on NASDAQ OMX. Karolinska Development may be
required to disclose the information provided herein pursuant to the Securities
Markets Act.
Karolinska Development Year-End Report 2011:
http://hugin.info/143071/R/1588004/498248.pdf
Press Release as PDF:
http://hugin.info/143071/R/1588004/498247.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Karolinska Development AB (publ) via Thomson Reuters ONE
[HUG#1588004]
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 08:31 Uhr
Sprache: Deutsch
News-ID 117112
Anzahl Zeichen: 8043
contact information:
Town:
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Kategorie:
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