Karolinska Development AB's Portfolio Company BioArctic Intends To List On Nasdaq Stockholm
STOCKHOLM - September 13, 2017. Karolinska Development's portfolio company BioArctic AB announces today that it intends to implement a listing of the company's B shares on Nasdaq Stockholm. BioArctic develops disease-modifying drugs based on monoclonal antibodies for the treatment of, among others, Alzheimer's disease and Parkinson's disease, and has a potential treatment for complete spinal cord injury currently in clinical phase. Karolinska Development's shareholding in BioArctic amounts to 3.17 percent. Based on the company valuation carried out in conjunction with listing preparations, this corresponds to a value of SEK 48m, which is approximately 80 times higher than Karolinska Development's investment in the company.
The development of BioArctic's most advanced drug candidate BAN2401 is conducted in collaboration with the international pharmaceutical company Eisai. A phase 2b trial is currently underway in patients with Alzheimer's disease at an early stage. BioArctic is also engaged in the development of drugs against Parkinson's disease in collaboration with Abbvie. A treatment of complete spinal cord injury, developed in-house, is currently being evaluated in a Phase 1/2 study.
"It is gratifying that BioArctic has developed so well that the company is now ready for a listing on Nasdaq Stockholm. The listing distinctly reveals the value that can be created through successful drug development. The indicated valuation of Karolinska Development's shareholding in BioArctic in conjunction with the IPO is SEK 48 million, which is approximately 80 times higher than our investment in the company," says Viktor Drvota, CEO, Karolinska Development.
As of June 30, 2017, the appreciated value of Karolinska Development's shareholding in BioArctic amounted to SEK 0.6m, which implies an increase of SEK 47.4m.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: christian.tange@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