Karolinska Development AB (publ) - Interim report January - June, 2011
(Thomson Reuters ONE) -
STOCKHOLM - August 25, 2011. Karolinska Development AB (publ) announces
publication of its Interim Report January - June, 2011. The full report is
available on the company's website.
Torbjörn Bjerke, CEO, comments: "In April, Karolinska Development completed a
public listing and a new share issue. The Group has SEK 740m in liquid assets,
which is a strength given the renewed turbulence in the financial market.
During the second quarter, Karolinska Development made a number of significant
investments, amongst other in Axelar, Akinion and Umecrine Mood. The plans for
commercialization of the projects within the portfolio companies which we
presented during the Spring remain firm. In Axelar, one of our companies in
cancer treatment, intensive work is now under way to launch a clinical Phase II
study in the Fall of this year, which is according to plan.
As a result of our continuous evaluation of the portfolio companies, resources
are being shifted to priority projects. At the same time, the holdings in the
preclinical companies IMED and Eribis Pharmaceuticals are being discontinued, as
the projects in these companies failed to achieve the study results we had set
out as a requirement and therefore no longer meet our criteria for further
investment. Business development has been bolstered with additional resources,
and discussions with potential partners and licensees for selected portfolio
companies have been intensified. I look forward to continuing the progress of
Karolinska Development and our portfolio companies that, according to plan, are
estimated to reach several milestones during the second half of this year."
Today, Karolinska Development will host a conference call at 14.00 CET.
Participant access numbers: +46 (0)8 505 136 43, UK: +44 (0)20 713 662 85,
confirmation code: 6714371. The conference call can also be followed as an
audiocast on www.karolinskadevelopment.com.
Significant events during the second quarter and after the end of the reporting
period
* Karolinska Development was listed on NASDAQ OMX Stockholm on 15 April 2011
and issued shares - generated proceeds of SEK 608.0 m before issue costs.
* Axelar announced positive interim data from a Phase I/II study and after the
end of the current reporting period, successful completion of the same
study. During the reporting period, Axelar secured funding for its upcoming
Phase II program in lung cancer and an additional share issue was approved
in Axelar, after which Karolinska Development's interest in the company will
be 49.8 percent. A new shareholder agreement gives Karolinska Development
controlling influence in Axelar, which is consolidated as of the second
quarter.
* Karolinska Development participated in a new share issue by Pergamum and
Kurma Biofund co-invested with Karolinska Development in Umecrine Mood.
* The portfolio companies IMED, Eribis Pharmaceuticals and HBV Theranostica
did not reach their required targets and were fully written down. Pergamum's
associated company Omnio Healer was closed and fully written down. As a
whole, this affected operating profit by SEK -66.2m and the financial net
result by SEK -12.0m.
Group
--------------------------------------------------------------------------------
Amounts in SEKm 2011 2010 2011 2010
Apr - June Apr - June Jan - June Jan - June
--------------------------------------------------------------------------------
Revenue 2.3 5.9 5.2 8.5
Profit/loss after tax -93.2 -99.8 -130.8 -99.7
Earnings per share before and -1.92 -3.00 -3.09 -2.94
after dilution (SEK)
Investments in portfolio 190.6* 41.6 226.2* 87.9
companies (Parent Company, see
Note 10)
Of which conversions and 88.6 0.0 94.5 0.0
transfers not affecting cash
flow
Cash flow 20.3 33.7 54.8 -176.4
Cash, cash equivalents and 739.7 411.1
short-term investments on
closing date
Net asset value per share (SEK) 49.59 59.09
on closing date
Value of total portfolio on 1,652.1 1,497.5
closing date
--------------------------------------------------------------------------------
*Investments affecting cash flow amount to SEK 131.7m for the reporting period
and SEK 102.0m for the second quarter. Investment activity not affecting cash
flow during the reporting period consists of SEK 84.1m in receivables which have
been offset against shares and SEK 10.4m in investments which have been
transferred to the associated company KCIF Co - Investment Fund KB.
For further information, please contact:
Torbjörn Bjerke, CEO, Karolinska Development
Phone: +46 (0)72 744 41 23, e-mail: torbjorn.bjerke(at)karolinskadevelopment.com
Gunnar Casserstedt, CFO, Karolinska Development
Phone: +46 (0)73 068 37 00, e-mail: gunnar.casserstedt(at)karolinskadevelopment.com
Benjamin Nordin, IR Director, Karolinska Development
Phone: +46 (0)73 093 60 80, e-mail: benjamin.nordin(at)karolinskadevelopment.com
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 35 projects at various stages, from
concept development to Phase II clinical trials, twelve projects are in clinical
trials. 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 Interim report January - June 2011:
http://hugin.info/143071/R/1541046/471350.pdf
Press release as PDF:
http://hugin.info/143071/R/1541046/471349.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#1541046]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 59118
Anzahl Zeichen: 8408
contact information:
Town:
Solna
Kategorie:
Business News
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