STOCKHOLM, July 13, 2018. Karolinska Development (Nasdaq Stockholm: KDEV) announces HealthCap invests sek 60 m and becomes a new shareholder of the Modus Therapeutics. In this context, a conversion of loans from current shareholders. The initial investment and the conversion, the total amounts to slightly more than sek 140 m, and is made in the preferred shares series A. the Transaction entails an increase of Karolinska Development, the book value of its holdings in Modus Therapeutics. It in turn leads to a positive earnings effect of approximately sek 35 m, which will be reported in the income statement for the second quarter of 2018 which will be published on 16 August.
HealthCap is a european venture capital firm focused on investments in breakthrough treatments of diseases with significant medical need. Modus Therapeutics most advanced candidate drug sevuparin evaluated in a clinical phase II study and developed as a completely new treatment of sickle cell disease, SCD.
«HealthCap is one of Europe’s most reputable and prominent life science investors, and we see their investment in the Modus Therapeutics as a clear evidence of the quality and innovationshöjden in our portfolio companies ‘drug development projects», says Karolinska Development’s ceo Viktor Drvota.
Sickle cell disease is caused by a mutation that makes red blood cells shaped like sickles (sickles). These clumps and cuts off the blood supply to the organs, which can lead to periods of severe pain and hospitalisation. Sickle cell disease can result in life-threatening condition and the life expectancy of men and women with the disease is only 42, and 48 years. There is currently no treatment available for the perceived acute pain in SCD, in addition to painkillers.
«HealthCap sees great opportunities for the Modus Therapeutics särläkemedelskandidat sevuparin to be a very important treatment of sickle cell disease. We now look forward to the next important step in the development of the company, which is the completion of the ongoing phase II study with the aim to be able to demonstrate ‘proof of concept’, » says Mårten Steen, partner, HealthCap.
For further information, please contact:
Viktor Drvota, ceo, Karolinska Development AB
Tel: +46 73 982 52 02, e-mail: email@example.com
Fredrik Järrsten, cfo, Karolinska Development AB
Tel: +46 70 496 46 28, e-mail: firstname.lastname@example.org
TO THE EDITORS
About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a nordic investment company in the field of life science. The company focuses on identifying the medical innovations and to invest in order to create and develop companies that develop such innovations into differentiated products that can make a difference to patients ‘ lives, and generate an attractive return to shareholders.
Karolinska Development has access to medical research in the world from Karolinska Institutet and other leading universities and research institutions in the Nordic countries. The company’s goal is to build a company around researchers who are leaders in their respective fields of science, with support from the experienced management teams and advisors, and funding with international investors specialized in the sector. In order to create the best opportunities for success built businesses with experienced management team and advisors and co-financed by the professional life-science investors.
Karolinska Development portfolio consists of nine companies focused on developing innovative treatments for diseases that are life-threatening or debilitating, and other medical conditions.
The company is managed by a entreprenörsteam consisting of investment professionals with extensive experience in company-building and with access to a strong global network.
For more information: www.karolinskadevelopment.com.
This information is such information that Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) is obliged to publish under the EU marknadsmissbruksförordning. The information was submitted by Viktor Drvota for publication on July 13, 2018 at 10:45.
Karolinska Development PR Mode July 2018 (eng)
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Source: Karolinska Development AB (publ) via Globenewswire