Karolinska Development: Interim Report - January-March 2017
(Thomson Reuters ONE) -
STOCKHOLM - May 16, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV)
today publishes its Interim Report for the period January - March 2017. The
Company will host a conference call and webcast May 17 at 14:00 CEST - details
below. The full report is available on the Company's website.
Jim Van heusden, CEO, comments: "I am very proud of what we have achieved at
Karolinska Development over the last two years and I am convinced the Company is
now in a much stronger position to deliver value as a Nordic life sciences
investment company. Given this progress, I believe now is the right time for
Viktor Drvota to take over as CEO. With the recent completion of the set-off
issue Karolinska Development's equity position and overall financial risk
profile has improved. We have also seen our medtech companies make significant
commercial progress, particularly in the US, during the first quarter. Combined
with the Company's portfolio of exciting therapeutics companies, which are set
to deliver a number of value-generating milestones over the next 12-18 months,
Karolinska Development is poised to deliver significant value for its
shareholders."
Significant events during the first quarter 2017
* Karolinska Development launched a set-off issue of shares, decided by the
board and subsequently approved by an Extraordinary General Meeting held on
8 March 2017, with the aim of a necessary strengthening of the Company's
equity position and thereby improving the Company's overall financial risk
profile. The offered subscription price for the set-off issue was SEK 6.17
per new B share and the maximum proceeds of the issue were set at SEK 451
million. Convertible holders accepted to offset SEK 67 million of the
company's convertible debt, and as a result, 10,871,698 new B shares have
been issued (March 2017).
* Karolinska Development's Chief Investment Officer Viktor Drvota was promoted
to Deputy Chief Executive Officer (February 2017).
* Dilafor initiated a Phase IIb clinical trial with tafoxiparin in women with
protracted labor (January 2017).
* OssDsign received 510(k) clearance by the US FDA to market OSSDSIGN® Cranial
PSI in the US and is preparing to launch the product (January 2017). The
company entered an agreement for distribution of OSSDSIGN® Cranial PSI in
the US with Matador Medical Inc. (February 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).
* Promimic appointed Magnus Larsson as Chief Executive Officer, replacing Ulf
Brogren, who relocated 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 the Swedish investment company Råsunda Förvaltning AB
together with two other purchasers. Karolinska Development retains an
economic interest in ISS through an earn-out agreement (February 2017).
* Oncopeptides made a successful initial public offering ("IPO") on Nasdaq
Stockholm. Karolinska Development has a 5% earn-out agreement for
Oncopeptides with Industrifonden with a market value of SEK 26.7 million
based on Oncopeptide's market capitalization at listing on February
22, 2017. The earn-out will be received when Industrifonden divests its
ownership in Oncopeptides.
* Umecrine Cognition announced the first patient had been included in its
clinical Phase Ib/IIa study with GR3027 for hepatic encephalopathy (March
2017).
* Aprea Therapeutics announced a research collaboration with Memorial Sloan
Kettering Cancer Center (March 2017).
Significant events after the first quarter 2017
* Karolinska Development announced the results of the set-off issue (April
2017)
* The Company announced that Chairman Bo Jesper Hansen and CEO Jim Van heusden
had decided to step down, and the promotion of Viktor Drvota to CEO (April
2017)
* The Company's Nomination Committee proposed that Niclas Adler is elected as
new chairman at the General Meeting in May 2017 (April 2017)
* Umecrine Cognition presented result from its Phase I study at the EASL
International Liver Congress 2017 (April 2017)
* Modus Therapeutics announces appointment of Ellen K. Donnelly, Ph.D. as CEO
(April 2017)
Financial summary
* The Total Portfolio Fair Value of Karolinska Development's portfolio at the
end of March 2017 was SEK 431.7 million, an increase from the Total
Portfolio Fair Value of SEK 405.2 million at the end of December 2016. Net
Portfolio Fair Value at the end of March 2017 was SEK 172.6 million, an
increase of SEK 23.2 million compared to the end of December 2016.
* The Result of Change in Portfolio Fair Value amounted to SEK -5.7 million.
The decrease was mainly due to the reduction in Fair Value of Lipidor
following the latest financing round in March 2017, in which Karolinska
Development did not participate.
* Revenue amounted to SEK 0.6 million in the first quarter (SEK 0.6 million in
the first quarter 2016). Net loss amounted to SEK 25.2 million (loss of SEK
100.1 million in first quarter 2016). Earnings per share amounted to SEK
-0.5 (SEK -1.9 in first quarter 2016).
* Karolinska Development's investments in portfolio companies during the first
quarter amounted to SEK 28.9 million. Total investments in portfolio
companies by other specialized life science investors during first quarter
amounted to SEK 53.1 million.
* Cash, cash equivalents and short term liquidity investments decreased by SEK
36.8 million during the first quarter and amounted to SEK 211.3 million as
of March 31, 2017.
* Following the set-off issue of B-shares, equity in the Parent Company
amounted to SEK 46.5 million at the end of March 2017.
Conference Call and Webcast
The Company will host a conference call on May 17, 2017 at 14:00 CEST. 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:
http://edge.media-server.com/m/p/5uihaf3q
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: jim.van.heusden(at)karolinskadevelopment.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: christian.tange(at)karolinskadevelopment.com
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev(at)citigatedr.co.uk
About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences
investment company. The company focuses on identifying breakthrough medical
innovations in the Nordic region that are developed by entrepreneurs and
leadership teams. The Company invests in the creation and growth of companies
that advance these assets into commercial products that are designed to make a
difference to patients' lives while providing an attractive return on investment
to shareholders.
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 an entrepreneurial team of investment professionals with a
proven track record as company builders and with access to a strong global
network.
For more information, please visit www.karolinskadevelopment.com
This 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 18:00 CEST on May 16(th) 2017
KD Q1 2017 (ENG):
http://hugin.info/143071/R/2105204/799003.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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
Unternehmensinformation / Kurzprofil:
Datum: 16.05.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 544058
Anzahl Zeichen: 10241
contact information:
Town:
Solna
Kategorie:
Business News
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"Karolinska Development: Interim Report - January-March 2017"
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