Karolinska Development AB (publ) - Interim report January - September 2011
(Thomson Reuters ONE) -
STOCKHOLM - November 25, 2011. Karolinska Development AB (publ) announces
publication of its Interim Report January-September, 2011. The full report is
available on the company's website. A conference call will be held today at
14.00 CET, participant access numbers: +46 (0)8 505 598 12, UK: +44 (0)20
710 862 05. The full report and the conference call presentation are available
on the company's website.
Torbjörn Bjerke, CEO Karolinska Development, comments: "The third quarter was
distinguished by a continued high level of activity in both business development
and our portfolio companies' projects. We were especially pleased by Axelar's
completed safety study on AXL1717 during the quarter, where the major objectives
were all met. The results show that AXL1717 has the potential to be an important
new treatment for non-small cell lung cancer patients. The next step for Axelar
is to initiate a randomized Phase II clinical study of non-small cell lung
cancer patients. We expect the first patients to enter the study before the end
of the year, according to plan. Further, Dilaforette has initiated a Phase I/II
study with Sevuparin for the treatment of severe malaria. This is the first time
Sevuparin is being tested on malaria patients.
Our efforts to evaluate and prioritize the portfolio are continuing with the
goal of redistributing resources to projects that are considered to have the
greatest commercial potential. During the quarter, the preclinical company
Avaris was fully written down after it did not meet the targets Karolinska
Development had set to merit further investments in the company.
The inflow of new innovations is promising and the strengthening of our
management team by adding Michael Sundström is therefore very important. With
his vast international experience from academia as well as the pharmaceutical
industry, he will play an important role as Vice President Discovery Research
with responsibility for new projects and as CEO of our subsidiary Actar. I am
looking forward to the quarters ahead, which are likely to be eventful."
Significant events during the third quarter
* Axelar AB published promising data for AXL1717 from its completed Phase I/II
study in cancer patients.
* Dilaforette AB initiated a Phase I/II study with Sevuparin for the treatment
of severe malaria.
* Michael Sundström was appointed Vice President Discovery Research of
Karolinska Development and CEO of the subsidiary Actar AB.
* The preclinical portfolio company Avaris AB did not reach the targets that
had been set and further investments have been discontinued. The holding has
been fully written down, which affects the operating result for the
reporting period by SEK -53.7m and the financial net by SEK -4.5m for loan
receivables which have been written down.
Group
--------------------------------------------------------------------------------
Amounts in SEKm 2011 2010 2011 2010
Jul-Sep Jul -Sep Jan - Sep Jan - Sep
--------------------------------------------------------------------------------
Revenue 1.9 3.1 7.1 11.5
Profit/loss after tax -140.5 -15.1 -271.3 -114.7
Earnings per share before -2.64 -0.33 -5.88 -3.27
and after dilution (SEK)
Investments in portfolio 11.6 55.7 237.9 143.6
companies *
Of which conversions 2.4 0 108.9 0
and transfers not affecting
cash flow
Of which investments 0 13.6 69.0 43.1
in subsidiaries
Cash flow 58.0 -348.0
Cash, cash equivalents and 691.9 331.0
short-term investments
Net asset value per share 46.67 58.54
(SEK)
Value of total portfolio 1,563.9 1,556.6
--------------------------------------------------------------------------------
*Investments in portfolio companies affecting cash flow amounted to SEK 129.0m
for the interim period. Of this amount, SEK 69.0m related to investments in
subsidiaries, due to which the Group's Investments and transfers affecting cash
flow amounted to SEK 60.0m.
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 science 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 innovations
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. 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. Today, the portfolio
consists of 34 projects, of which 12 are in clinical development. For more
information, please visit www.karolinskadevelopment.com .
Karolinska Development (publ) Interim report January ? September 2011:
http://hugin.info/143071/R/1566560/486469.pdf
Karolinska Development conference call presentation:
http://hugin.info/143071/R/1566560/486472.pdf
Press Release as PDF:
http://hugin.info/143071/R/1566560/486448.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#1566560]
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 91123
Anzahl Zeichen: 7354
contact information:
Town:
Solna
Kategorie:
Business News
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