Karolinska Development AB (publ) - Interim report January-March, 2011
(Thomson Reuters ONE) -
STOCKHOLM - May 26, 2011. Karolinska Development AB (publ) announces publication
of its Interim Report January-March, 2011. The full report is also available on
the company's website.
Torbjörn Bjerke, CEO Karolinska Development, comments: "Since I took over as CEO
of Karolinska Development in the middle of January this year, we have
successfully listed the company on NASDAQ-OMX Stockholm generating SEK 577m
after issue costs. Importantly we attracted top quality institutional investors
from Sweden, Norway, the US and the UK.
With the increased funding through the IPO, Karolinska Development is even more
strongly positioned to build and invest in pioneering projects, from Karolinska
Institutet and other top-ranked universities, that could solve significant unmet
medical needs. Furthermore, it will enable us to develop our highest-priority
portfolio companies more quickly, and provide a higher level of funding for
promising new projects.
The recent SEK 123 million funding round, led by Karolinska Development, for one
of our accelerated growth portfolio companies, Axelar, is a demonstration of
Karolinska Development's investment strategy. Axelar is focusing on the
development of anti-cancer products and is currently in clinical Phase I/II. The
funding will play a key role in progressing the company's lead product to proof-
of-concept in patients suffering from lung cancer.
During the period, a number of our portfolio companies have also shown positive
clinical and commercial development. Examples include Axelar and Aprea, which
concluded their Phase I/II clinical studies in cancer patients, and Promimic,
which received approval from the FDA to market and sell its product in the USA.
We have divested small portions of our portfolio to KCIF, our co-investment
vehicle with the European Investment Fund, and undertaken our first joint
investment with Kurma Biofund. I am pleased with the progress we have made so
far, but I recognize we will need more and bigger deals in the future to
capitalize on the portfolio. We have therefore a significant focus on business
development and commercialization of our portfolio companies. At the same time,
we will continue to review and prioritize the portfolio to optimize near-term
value creation."
Today, Karolinska Development will host a conference call at 14.00 CET.
Participant access numbers: +46 (0)8 505 137 86, UK: +44 (0)20 713 620 51,
confirmation code: 1743784. The conference call can also be followed as an
audiocast on www.karolinskadevelopment.com.
Group
January - March 2011
* Revenue amounted to SEK 2.9m (2.6)
* Profit/loss after tax amounted to SEK -37.5m (0.1) of which SEK -12.3m
(18.7) comprised net changes in fair value which do not impact the cash flow
* During the period, investments in portfolio companies (including
subsidiaries, joint ventures and associates) amounted to SEK 35.7m (46.3)
* Cash flow for the period amounted to SEK 34.5m (-210.1)
* The total valuation of the whole portfolio at 31 March 2011 according to the
International Private Equity and Venture Capital Valuation Board Guidelines
(including subsidiaries, associates and other financial investments) was SEK
1,461.9m (1,564). The value as at 31 December 2010 amounted to SEK 1,454.7m
* Earnings/loss per share both before and after dilution amounted to SEK -1.04
(-0.05)
* Net asset value per share amounted to SEK 53.0 (61.3)
Significant events during the period
* Torbjörn Bjerke appointed as new CEO of Karolinska Development
* Terje Kalland appointed as new CSO of Karolinska Development
* The collaboration with the European Investment Fund resulted in that the
jointly owned KCIF Co-Investment Fund KB acquired shares from Karolinska
Development in the portfolio companies Aprea AB, Athera Biotechnologies AB,
Umecrine Mood AB, and XSpray Microparticles AB
* The biomaterials company Promimic AB received a 510 (k) approval for the
implant surface HANANO Surface(TM). The approval means the company can
market and sell the surface in the United States in the field of dental
implants
* Aprea AB reported completion of the Phase I/II safety study with its
candidate drug APR-246 in cancer patients, showing that the compound is safe
and tolerated
* Karolinska Development AB decided to broaden its shareholder base through a
new issue of Series B shares and to apply for a listing of Karolinska
Development's Series B shares on the NASDAQ OMX Stockholm exchange
* Karolinska Development extended its portfolio by investing in BioChromix AB
- a Swedish in vitro diagnostic company focusing on Alzheimer's disease
Significant events after the end of the period
* Axelar AB announced positive interim results from its ongoing Phase I/II
study - its primary endpoint was successfully reached, identifying the
appropriate Phase II dose as well as providing evidence that AXL1717 is safe
and tolerated
* Kurma Biofund carried out its first joint investment in the portfolio
company Umecrine Mood AB
* Karolinska Development AB was listed on NASDAQ OMX Stockholm on 15 April
2011. In conjunction with the listing, a total of 15,200,000 Series B shares
were issued raising SEK 608.0m gross and SEK 576.7m net of issue costs.
* Karolinska Development took the lead in a SEK 123 million funding round of
one of its accelerated growth portfolio companies, Axelar AB
* Karolinska Development participated in an offset share issue in its
portfolio company Pergamum of SEK 77.6m
* KCIF Co-Investment Fund KB acquired shares in Pharmanest AB and Umecrine
Mood AB from Karolinska Development
Parent company
January - March 2011
* Revenue amounted to SEK 0.9m (2.6)
* Operating loss amounted to SEK -19.0m (-9.8)
* Investments in subsidiaries during the period amounted to SEK 18.0m (11.5)
and in Joint Ventures, associates and other financial investments to SEK
17.7m (34.8)
For further information, please contact:
Torbjörn Bjerke, CEO
Phone: +46 (0)72 744 41 23, e-mail: torbjorn.bjerke(at)karolinskadevelopment.com
Gunnar Casserstedt, CFO
Phone: +46 (0)73 068 37 00, e-mail: 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 May 26, 2011 at 08:30. 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 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
Karolinska Development AB (publ) ? Interim report January-March, 2011:
http://hugin.info/143071/R/1518896/455490.pdf
Press release as PDF:
http://hugin.info/143071/R/1518896/455489.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#1518896]
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Datum: 26.05.2011 - 08:48 Uhr
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