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Karolinska Development är ett nordiskt investmentbolag inom life science. Bolaget fokuserar på att identifiera medicinska innovationer och att investera för att skapa och utveckla bolag som vidareutvecklar sådana innovationer till differentierade produkter. Karolinska Developments portfölj består av ett flertal bolag inriktade på att utveckla innovativa behandlingsmetoder för sjukdomar som är livshotande eller funktionsnedsättande och andra medicinska tillstånd.


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2019-11-29 07:55:00

STOCKHOLM – 29 November 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Interim Report for the period January – September 2019. The full report is available on the Company's website.

“After a long and complicated process, we were able to announce in the beginning of November that the proposed set off issue to solve the company’s convertible loan can now be completed. This is a welcome and absolutely crucial step forward in our efforts to secure long-term financial sustainability. We deem that strong potential exists, in the wake of this success, for securing the remaining capital requirement to ensure the company’s ongoing operations. Karolinska Development’s portfolio continues to enjoy a good risk spread and to offer substantial potential, and we can now return to focusing fully on managing our portfolio. The successful listing of Aprea Therapeutics in the USA demonstrates that our long-term involvement as owners can help create significant value. We are now looking forward to the presentation of a number of important results from ongoing clinical studies of potentially ground-breaking candidate drugs from both Aprea and other portfolio companies as well as initiating the partnership with Sino Biopharma to open up the Asian market to Nordic innovations.”, says Viktor Drvota, CEO, Karolinska Development. 

Significant events during the third quarter

  • Karolinska Development’s CFO Fredrik Järrsten was appointed as Deputy CEO (July 2019)
  • Karolinska Development published a prospectus, and later also a prospectus supplement, for the directed new share issue to the holders of the Company’s convertible loan (July and September 2019).
  • The subscription period in the directed new share issue to the holders of the Company’s convertible loan was extended additional times during the third quarter and ending on 14 October 2019 (July -September 2019). Further extensions of the subscription period took place after the end of the quarter, see Significant post-period events below.
  • Dilafor enrolled the first subject in its Phase 2b study with tafoxiparin in pregnant women planned for labor induction (July 2019).
  • Forendo Pharma announced that Sunstone Life Science Ventures joins the existing international investor syndicate and has made a EUR 5 million investment in Forendo Pharma. The new financing will enable Forendo Pharma to progress its lead endometriosis program, FOR-6219, an HSD17B1 enzyme inhibitor, into the next phase of clinical studies after the successful completion of its Phase 1a study earlier this year (July 2019).
  • Aprea Therapeutics announced the appointment of Scott Coiante as Senior Vice President and Chief Financial Officer (August 2019).
  • Forendo Pharma announced the start of the Phase 1b study of its lead endometriosis program, FOR-6219 (August 2019).
  • Promimic announced that the company’s first spinal device utilizing HAnano Surface to improve osseointegration has now been 510(k) approved by the FDA.
  • Aprea Therapeutics announced that they filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a potential listing of its shares of common stock on Nasdaq Select Market, USA (September 2019).

Significant post-period events

  • Aprea Therapeutics announced that the price range was set to USD 15 for its IPO and was listed on Nasdaq Global Select Market, USA (October 2019)
  • OssDsign announced that they have been granted 510(k) clearance by the US Food and Drug Administration (FDA) to market OssDsign Cranial PSI Accessories in the US (October 2019). 
  • Karolinska Development divested its indirect holding, through KDev Investments and KCIF Co-Investment Fund, of 1 % in the portfolio company Asarina Pharma. The divestment will have only a limited impact on Karolinska Development’s net earnings (October 2019).
  • In November, it was announced that unconditional subscription- and repurchase commitments corresponding to set-off and repurchase of 94.2 per cent of the Company’s convertible loan have been entered in the ongoing directed new share issue. The result of the first partial registration in the directed new share issue shows that holders of the convertible have subscribed for shares corresponding to an amount of SEK 208 million of the convertible loan in nominal terms. Considering the remaining subscription commitments and a repurchase of 6.5% of the convertible, only 4.3% of the convertible loan is outstanding. The subscription period in the directed new share issue was at the same time extended to December 12, 2019. The directed new share Issue will not result in any liquidity being transferred to the Company. The Company is therefore intensely working on a number of alternatives to finance the outstanding capital requirement after the directed new share issue has been completed. The short-term financing is currently expected to be construed either as a share issue and/or as a short-term credit facility.
  • Karolinska Development published a prospectus supplement for the directed new share issue to the holders of the Company’s convertible loan (November 2019).
  • OssDsign reported favourable outcome data on OSSDSIGN Cranial PSI (November 2019).

Financial update

Third quarter

  • The net profit/loss for the third quarter was SEK -14.6 million (SEK 4.1 million in the third quarter of 2018). Earnings per share totalled SEK -0.2 (SEK 0.1 million in the third quarter of 2018). 
  • The result of the Change in fair value of shares in portfolio companies amounted to SEK 10.4 million (SEK 1.0 million during the third quarter of 2018).
  • The total fair value of the portfolio was SEK 1,012.5 million at the end of September 2019, corresponding to an increase of SEK 17.2 million from SEK 995.3 million at the end of the previous quarter. The net portfolio fair value at that time was SEK 669.7 million, corresponding to an increase of SEK 17.7 million from SEK 652.0 million at the end of the previous quarter.
  • Net sales totalled SEK 0.7 million during the third quarter of 2019 (SEK 0.7 million during the third quarter of 2018).
  • Karolinska Development invested a total of SEK 9.1 million in portfolio companies during the third quarter. Third quarter investments in portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 87.9 million.
  • Cash and cash equivalents decreased by SEK 15.3 million during the third quarter, totalling SEK 20.8 million on 30 September 2019.
  • The Parent Company’s equity on 30 September 2019 was SEK 270.2 million.

The Q3 2019 Interim Report for Karolinska Development AB for the period January-September 2019 is available as a PDF at www.karolinskadevelopment.com.

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

Fredrik Järrsten, CFO and deputy CEO, Karolinska Development AB                  
Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com


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 07:55 am CET on 29 November 2019.