Umecrine Mood receives financing for continued clinical development and strengthens the Board
(Thomson Reuters ONE) -
STOCKHOLM - April 13, 2011. Umecrine Mood AB, part of the Karolinska Development
portfolio, today announces that it has concluded a new share issue, securing
financing for the continued clinical development of its novel therapy to treat
severe premenstrual symptoms. Through the new share issue, Kurma Biofund becomes
an important shareholder. Further, an extra shareholders meeting has elected a
new Board of Directors. After the new share issue, Karolinska Development holds
39 percent of Umecrine Mood.
Premenstrual Dysphoric Disorder (PMDD) is a condition with severe impact on the
daily living of about five percent of all women in fertile age. It is caused by
an altered sensitivity in the emotional center of the brain to an endogenous
steroid produced following the ovulation. Hence, PMDD is characterised by
recurrent, cyclic episodes of depression, anxiety and mood lability for which
there is a great need of better treatment alternatives than available to the
patients today. Umecrine Mood's selected drug candidate is in clinical phase I,
with the ambition to initiate a phase II program during next year.
Karin Ekberg, CEO Umecrine Mood:
"We are delighted for the continued funding from current owners and for having
attracted new financing from Kurma Biofund for our program. We expect that the
present financing will enable us to pursue clinical Phase I and II studies.
Thierry Laugel, Managing Partner KLS Partners:
"Umecrine Mood is an exciting investment opportunity and a very innovative
program that will provide great benefits to women suffering from PMDD. It is the
first ever therapy developed specifically to treat PMDD and severe premenstrual
symptoms and will address a very high medical need".
Furthermore, an extra shareholders meeting has elected Ola Flink as chairman,
and Torbjörn Bäckström, Elias Eriksson, Alain Munoz, Thierry Laugel, and Otto
Skolling as non-executive members the Board. Thereby, the company's experience
from business development is strengthened, as is the clinical expertise in the
area of female mental illness.
Torbjørn Bjerke, CEO Karolinska Development:
"Umecrine Mood is a company with great potential. Umecrine Mood now has the
resources and conditions for developing its product to a point where it will be
able to attract larger pharmaceutical companies to take on the program and
continue its development through Phase III and to the market.
For further information, please contact:
Karin Ekberg, CEO Umecrine Mood AB
Phone: +46 8 524 844 82, e-mail: karin.ekberg(at)umecrine.se
Thierry Laugel, Managing Partner KLS Partners
Phone: +33 1 581 944 07, e-mail: thierry.laugel(at)klspartners.com
Torbjørn Bjerke, CEO Karolinska Development AB
Phone: +46 72 744 41 23, e-mail: torbjorn.bjerke(at)karolinskadevelopment.com
TO THE EDITORS
About Umecrine Mood
Umecrine Mood develops novel products to treat the mental and physical symptoms
associated with Premenstrual Dysphoric Disorder (PMDD) and severe Premenstrual
Syndrome (PMS) caused by a endogenous CNS-active steroid derived from the corpus
luteum of the ovary. The company portfolio includes newly discovered lead
compounds and the selected drug candidate is a first-in-class compound that
inhibits the provocateur to act on the emotional center of the brain.
www.umecrine.se
About Kurma Biofund
Kurma Biofund is a venture capital fund dedicated to innovations in Life
Sciences and Healthcare. The fund has a unique positioning based on financing
assets with mid term realizations (3 to 5 years) for technology transfer and
more mature projects. Kurma relies on high quality investment opportunities
generated through a network of partnerships in France and abroad with leading
research institutes, and a strong experienced team. Kurma Biofund is managed by
KLS Partners in Paris. www.klspartners.com
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 Institutet Innovations AB,
along with other cooperation agreements with leading Nordic universities,
delivers a continuous flow of innovations.
Karolinska Development's 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
Read press release as PDF:
http://hugin.info/143071/R/1505749/440614.pdf
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originality of the information contained therein.
Source: Karolinska Development AB (publ) via Thomson Reuters ONE
[HUG#1505749]
Unternehmensinformation / Kurzprofil:
Datum: 13.04.2011 - 08:15 Uhr
Sprache: Deutsch
News-ID 53451
Anzahl Zeichen: 6589
contact information:
Town:
Solna
Kategorie:
Business News
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