Karolinska Development divests its holdings in Xspray and receives SEK 12.5 million directly and additionally SEK 0.8 million via KCIF's sale
(Thomson Reuters ONE) -
STOCKHOLM - October 30, 2017. Karolinska Development today announces that the
company has sold its entire holdings in Xspray Pharma AB. Furthermore, KCIF Co-
investment Fund KB is also selling its shares in the company. In total, the
transactions generate SEK 13.3 million to Karolinska Development.
In September of 2015 Karolinska Development divested its holdings in Xspray to
new owners. In conjunction with this, an earn-out agreement was signed which
gave Karolinska Development and KCIF Co-Investment Fund KB, a holding company
jointly owned by the European Investment Fund and Karolinska Development, the
right to receive shares in Xspray should the company be listed in the future.
Karolinska Development had the right to receive 462,155 shares directly and an
additional 29,692 shares via KCIF corresponding to 3.74% of the company. Xspray
was listed in September 2017, and Karolinska Development as well as KCIF have
now divested their entire holdings for a total amount of SEK 13.3 million.
"Karolinska Development's sale of the shares in Xspray is an example of how our
strategy with earn out-agreements can result in a good outcome. The liquidity
from the sale will strengthen our cash position and will be well suited for
future investments," says Viktor Drvota, CEO, Karolinska Development.
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
TO THE EDITORS
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
XSpray sale of shares (ENG):
http://hugin.info/143071/R/2145491/822459.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: 30.10.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 565737
Anzahl Zeichen: 3820
contact information:
Town:
Solna
Kategorie:
Business News
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