Interim Report - January-March 2021

STOCKHOLM – 29 April 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Interim Report - January-March 2021. The full report is available on the Company's website.

“In early 2021, Forendo Pharma presented positive results from a phase 1 study of FOR-6219, OssDsign launched a new corporate strategy that will be financed through a fully guaranteed rights issue, and Modus Therapeutics announced plans for a stock market listing and a development programme for sevuparin in the field of sepsis/septic shock. In addition, Dilafor recently completed patient inclusion for its phase 2b trial of tafoxiparin – a candidate drug with the potential to facilitate childbirth, and thereby reduce the risk of injury to women and new-borns. The year has thus started with high activity in the portfolio companies, which we hope will result in several value-adding events in the coming year.”, says Viktor Drvota, CEO, Karolinska Development.

Significant events during the first quarter

  • The Extraordinary General Meeting in Karolinska Development on 19 February, 2021, elected Anna Lefevre Skjöldebrand and Ben Toogood as new directors, and elected Björn Cochlovius as new chairman of the Board of Directors. Further more, the Extra Geneal Meeting approved the Board of Directors’ proposal regarding principles for remuneration to executive management (February 2021).
  • Johan Dighed has been appointed as Deputy CEO. He takes up the position immediately and will, in addition to his new duties, continue to hold his current role as the company’s General Counsel (February 2021).
  • Per Aniansson has been appointed as new CFO and Investment Director from 7 March 2021(March 2021).
  • The portfolio company OssDsign has decided to carry out a fully guaranteed rights issue of SEK 240 million in combination with overallotment options of up to approximately SEK 30 million – a total of approximately SEK 270 million. The purpose of the financing is, among other things, to accelerate the company’s development through the new strategy program ASCENT25 (March 2021).
  • The portfolio company Forendo Pharma announced a successfully completed Phase 1 program for FOR-6219 – a candidate drug aimed for the treatment of endometriosis. Based on the positive results generated in this program, Forendo Pharma is now preparing a Phase 2 study in the US (March 2021).
  • The portfolio company Modus Therapeutics announced an updated strategy that sees the Company focus on the clinical development of sevuparin as a new, important potential treatment for sepsis/septic shock, and possibly other severe inflammatory complications. The company is preparing a listing on Nasdaq First North Growth Market in Stockholm during 2021 to facilitate the financing (March 2021).

Significant post-period events

  • The portfolio company Dilafor announced that it has completed the inclusion of patients to its study of tafoxiparin – a drug candidate with the potential to shorten the delivery time in women receiving treatment to initiate labor (April 2021).
  • The portfolio company Aprea Therapeutics announced that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation to their drug candidate eprenetapopt for the treatment of acute myeloid leukemia (AML) (April 2021).
  • The portfolio company Umecrine Cognition announced that they have published results from the recently conducted phase 2a study of the drug candidate golexanolone in the highly regarded scientific journal Journal of Hepatology (April 2021).

Financial update

  • The net profit/loss for the first quarter was SEK -24.9 million (SEK -126.1 million in the first quarter of 2020). Earnings per share totalled SEK -0.14 (SEK -0,7 in the first quarter of 2020).
  • The result of the Change in fair value of shares in portfolio companies for the first quarter amounted to SEK -15.8 million (SEK -122.7 in the first quarter of 2020). The result is largely due to the negative development of the share price regarding the listed holding in OssDsign.
  • The total fair value of the portfolio was SEK 931.8 million at the end of March 2021, corresponding to a decrease of SEK 1.4 million from SEK 933.2 million at the end of the previous quarter. The net portfolio fair value at that time was SEK 758.1 million, corresponding to a decrease of SEK 12.2 million from SEK 770.3 million at the end of the previous quarter.
  • Net sales totalled SEK 0.6 million during the first quarter of 2021 (SEK 1.1 million during the first quarter of 2020).
  • Karolinska Development invested a total of SEK 3.3 million in portfolio companies during the first quarter. First quarter investments in portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 9.5 million.
  • Cash and cash equivalents decreased by SEK 14.3 million during the first quarter, totalling SEK 61.6 million on 31 March 2021.
  • The Parent Company equity totalled SEK 775.4 million on 31 March 2021.

The Interim Report for Karolinska Development AB for the period January-March 2021 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

Per Aniansson, CFO, Karolinska Development AB        
Phone: +46 70 866 04 29, e-mail: per.aniansson@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 ten 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



Source: GlobeNewswire

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