Karolinska Development's portfolio company Asarina Pharma is listed on Nasdaq First North

STOCKHOLM, 24 September 2018. Karolinska Development's portfolio company Asarina Pharma will today be listed on Nasdaq First North in Stockholm. In connection with the listing, Asarina Pharma is issuing 6.8 million shares. The issue price of SEK 21 gives Asarina Pharma a pre money valuation of SEK 172 million. Conditioned that the over-allotment option of an additional 0.35 million shares is fully exercised, Asarina Pharma will be provided with a total of SEK 150.2 million before issue costs.

Asarina Pharma is a Swedish biotech company focused on chronic diseases associated with the menstrual cycle. The portfolio company is developing the drug candidate sepranolone as a treatment for premenstrual dysphoric disorder (PMDD) and premenstrual migraine. A Phase IIb study is currently underway in PMDD with expected completion by the end of 2019. Furthermore, Asarina Pharma is planning a clinical Phase IIa study in menstrual migraine for the first half of 2019.

Karolinska Development is a passive investor in Asarina Pharma and will have an ownership of 1.2 percent in the company after the share issue and assuming that the over-allotment option is fully exercised.

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB

Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

TO THE EDITORS

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

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