Karolinska Development announces that an investment consortium, including Redmile Group, invests SEK 512 million (EUR 50 million) in Aprea Therapeutics.
STOCKHOLM, 30 November 2018. Karolinska Development (Nasdaq Stockholm: KDEV) announces that an investment consortium, including Redmile Group, invests SEK 512 million (EUR 50 million) in Aprea Therapeutics. Based on the investment, Karolinska Development has decided to increase the book value for its holding of Aprea. As a consequence, a positive effect on earnings by approximately SEK 60 million will be reported in the income statement for the fourth quarter 2018, to be published on 14 February 2019.
An investment consortium, with Redmile Group in the lead, invests SEK 512 million (EUR 50 million) in Aprea Therapeutics. Redmile Group, which is a US venture capitalist firm focused on health care, will appoint a representative to Aprea Therapeutic’s Board of Directors.
The investment consortium also includes Rock Spring Capital, who like Redmile Group enters as a new owner, and 5AM Ventures, Versant Ventures, HealthCap, Sectoral Asset Management and Karolinska Development AB who all are previous owners of Aprea Therapeutics.
Aprea’s drug candidate APR-246 has shown initial positive results in a combination study with standard care azacitidine in patients with TP53 mutant myelodysplastic syndromes (MDS). Proceeds from the financing will be used to advance the clinical development of APR-246. Aprea is planning to begin a Phase III clinical study in myelodysplastic syndrome (MDS) and is nearing completion of a Phase Ib/II clinical trial in p53 mutated high-risk myelodysplastic syndromes (MDS) and oligoblastic acute myeloid leukemia (AML). The Phase II part of the study is ongoing, with updated data to be presented at the 2018 American Society of Hematology (ASH) annual meeting, 1-4 December 2018.
“The engagement from well-renowned international investors is based on the clear advances in Aprea’s development of its drug candidate APR-246 and confirms the quality of the project,” says Viktor Drvota, CEO of Karolinska Development.
For more information, please visit www.aprea.com
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@
Fredrik Järrsten, CFO, Karolinska Development AB
Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@
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 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: 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 13:50 CET on 30 November, 2018.
