Karolinska Development AB (publ) Year-End Report, January - December 2010
(Thomson Reuters ONE) -
Stockholm - February 25, 2011. Karolinska Development AB announces publication
of its Year-End Report 2010; the full report is also available on the company's
website.
Group
January - December 2010
· Revenue amounted to SEK 13.9m (30.3)
· Profit/loss after tax amounted to SEK -334.6m (-2.6), of which SEK
-225.8m is comprised of non-cash flow impacting net changes in fair value (see
Note 1) and the termination of projects for which the defined milestones in
associates and joint ventures have not been met. Profit/loss has, at the same
time, been charged with SEK -48.0m as the results from the subsidiaries were
consolidated during 2010
· During the period, investments in portfolio companies, including
subsidiaries, Joint Ventures and associates, amounted to SEK 193.1m (172.5)
· Cash flow during the period amounted to SEK -286.7m (384.4), for which
the comparative figure is positive thanks to a new share issue
· The value of the total portfolio according to the International
Private Equity and Venture Capital Valuation Board Guidelines, including
subsidiaries, associates and other financial investments, was, at the balance
sheet date, SEK 1 454.7m, compared with SEK 1 512.3m as at 31 December 2009
· Earnings/loss per share before dilution amounted to SEK -9.79 (0.10)
· Net asset value per share amounted to SEK 53.5 (62.7)
October - December 2010
· Revenue amounted to SEK 2.4m (6.9)
· Profit/loss after tax amounted to SEK -219.7m (-19.4)
· Earnings per share before dilution amounted to SEK -6.50 (-0.70)
· Profit from change in Fair value has increased by SEK 127.4m (0.0) as
a result of a change in market assessment
· Investments in portfolio companies amounted to SEK 49.1m (18.0)
· Cash flow amounted to SEK 59.4m (375.0)
Significant events October - December 2010
· Pergamum increased its ownership of Lipopeptide AB, PharmaSurgics in
Sweden AB and DermaGen AB to 100%.
· Michael Rosenlew was elected to the Board of Directors in Karolinska
Development.
Significant events after the end of the period
· Torbjørn Bjerke has assumed the position of CEO of Karolinska
Development
· Terje Kalland was appointed new CSO of Karolinska Development
Parent Company
January - December 2010
· Revenue amounted to SEK 11.0m (6.7)
· Operating loss amounted to SEK -117.4m (-101.1)
· Investments in subsidiaries during the period amounted to SEK 48.1m
(0.2) and in Joint Ventures, associates and other financial investments to SEK
144.6m (172.3)
For further information, please contact:
Torbjørn Bjerke, CEO
Karolinska Development AB
Phone: +46 (0)72 744 41 23
torbjorn.bjerke(at)karolinskadevelopment.com
Gunnar Casserstedt, CFO
Karolinska Development AB
phone +46 730-68 37 00
gunnar.casserstedt(at)karolinskadevelopment.com
Note
Karolinska Development presents the information provided in accordance with
NASDAQ OMX Stockholm's regulatory framework for issuers. The information was
provided for publication on February 25, 2011 at 09:00. This report has been
published in both Swedish and English. In the event of any discrepancy in
content between the two versions, the Swedish version shall prevail.
TO THE EDITORS
About Karolinska Development
Karolinska Development aims to create value for investors, patients, and
researchers by developing innovations from world class research 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 these 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. This will result in upfront payments, milestone payments and
royalties.
An exclusive deal flow agreement with Karolinska Innovations, along with
cooperation agreements with other leading Nordic universities, ensures the first
right of refusal to a continuous flow of innovations.
Karolinska Developments flexible exit strategy enables projects to be exited at
whichever stage of development offers the greatest return on investment, usually
after Phase II clinical trials have indicated the desired pharmaceutical effect
on patients - this being an important value enhancing step.
Today, the portfolio consists of over 40 projects at various stages, from
concept development to Phase II clinical trials, twelve projects are in clinical
trials with six in Phase II. The portfolio is particularly strong in the areas
of cancer, dermatology, inflammation, cardiovascular disease, women's health and
diseases that affect the central nervous system. www.karolinskadevelopment.com
Press release as PDF:
http://hugin.info/143071/R/1492384/428196.pdf
Year end report 2010 as PDF:
http://hugin.info/143071/R/1492384/428197.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#1492384]
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2011 - 09:00 Uhr
Sprache: Deutsch
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