Karolinska Development: Interim Report - January-June 2017
(Thomson Reuters ONE) -
STOCKHOLM - August 29, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV)
today publishes its Interim Report for the period January - June 2017. The
Company will host a conference call and webcast on August 30 at 2 pm CEST -
details below. The full report is available on the Company's website.
Viktor Drvota, CEO, comments: ""I am very pleased to present my first set of
interim results as CEO of Karolinska Development. With our portfolio companies
progressing according to their development plans, we are working closely with
the management teams to ensure they are well prepared and well positioned to
capture the value that we anticipate being created from a series of important
commercial and clinical milestones in the next 12-18 months. These events also
present multiple opportunities for Karolinska Development to crystallize value
and generate return on investment for our investors."
Significant events during the second quarter 2017
* Karolinska Development announced the results of the set-off issue (April
2017) aimed at strengthening the Company's equity position and 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 convertible holders
accepted to offset SEK 67 million of the convertible debt. As a result,
10,871,698 new B shares were issued.
* The Company announced leadership changes with Viktor Drvota being promoted
to CEO, replacing Jim Van heusden, who decided to step down (April 2017). At
the same time, Chairman Bo Jesper Hansen also decided to step down, and
board member Niclas Adler was elected as new chairman at the General Meeting
in May 2017.
* Further changes were made to the Karolinska Development board of directors
at the General Meeting, with Hans-Olov Olsson, Anders Härfstrand and Magnus
Persson elected as directors bringing significant board, executive and
investment experience from the biopharmaceutical and other global
industries.
* Umecrine Cognition presented promising results from its Phase I study with
GR3027 at the EASL International Liver Congress 2017 (April 2017).
* Modus Therapeutics announces appointment of Ellen K. Donnelly, Ph.D. as CEO
(April 2017).
Significant events after the second quarter 2017
* Aprea Therapeutics announced the first patient enrolled in Phase Ib/II
clinical study of APR-246 for the treatment of platinum-resistant high-grade
serous ovarian cancer (HGSOC) (August 2017).
* Xspray Pharma announced a planned listing on Nasdaq First North. Karolinska
Development and KCIF Co-Investment Fund KB is eligible to receive shares in
Xspray Pharma should the listing and shar issue complete successfully.
Karolinska Development is eligible to receive 462,115 shares and to receive
a further 29,691 shares base on its participation in KCIF (August 2017).
* Karolinska Development announced that it has appointed Fredrik Järrsten as
Chief Financial Officer. Mr Järrsten, will join the Company towards the end
of 2017. Mr Järrsten will replace Christian Tange who, after 4 years with
Karolinska Development, has decided to pursue other opportunities. Mr Tange
will remain with the Company until after Mr Järrsten's arrival to ensure a
smooth and orderly hand over period (August 2017).
Financial summary
* The Total Portfolio Fair Value of Karolinska Development's portfolio at the
end of June 2017 was SEK 445.0 million, an increase from the Total Portfolio
Fair Value of SEK 431.7 million at the end of March 2017. Net Portfolio Fair
Value at the end of June 2017 was SEK 180.9 million, an increase of SEK 8.3
million compared to the end of March 2017.
* The Result of Change in Portfolio Fair Value amounted to SEK -3.5 million.
The decrease was mainly driven by increased potential distribution to
Rosetta Capital due to the investment in Modus Therapeutics.
* Revenue amounted to SEK 0.6 million in the second quarter (SEK 0.6 million
in the second quarter 2016). Net loss amounted to SEK 11.4 million (loss of
SEK 64.9 million in second quarter 2016). Earnings per share amounted to SEK
-0.34 (SEK -1.43 in second quarter 2016).
* Karolinska Development's investments in portfolio companies during the
second quarter amounted to SEK 11.9 million. Total investments in the
portfolio companies by other specialized life science investors during
second quarter amounted to SEK 9.6 million.
* Cash, cash equivalents and short term liquidity investments decreased by SEK
22.2 million during the second quarter and amounted to SEK 189.1 million as
of June 30, 2017.
* Equity in the Parent Company amounted to SEK 41.2 million at the end of June
2017.
Conference Call and Webcast
The Company will host a conference call on August 30, 2017 at 2 pm 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:
https://edge.media-server.com/m6/p/7zkrjqvs
Host: Viktor Drvota, CEO.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota(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
Viktor Drvota, at 6 pm CEST on August 29, 2017
KD Q2 2017 (ENG) FINAL:
http://hugin.info/143071/R/2130011/813720.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: 29.08.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 558176
Anzahl Zeichen: 8674
contact information:
Town:
Solna
Kategorie:
Business News
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"Karolinska Development: Interim Report - January-June 2017"
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