STOCKHOLM - September 28, 2017. Today Karolinska Development's former portfolio company Xspray Pharma AB was listed on Nasdaq First North in Stockholm. In September of 2015, Karolinska Development sold its stake in Xspray to new owners, but secured the right to (in case of the company getting listed) obtain shares amounting to 3.74 per cent of the company. Based on an issue price of SEK 22 per share at the time of the listing, the value of the shares amounts to MSEK 10.8 which will be added to the company's portfolio value.
With regards to Karolinska Development's previous press release from 25 August 2017 (Karolinska Development Notes the Planned Listing of Xspray AB on Nasdaq First North) the company can today note that the trading of Xspray Pharma AB commenced at Nasdaq First North. Xspray Pharma uses its patented technology RightSize to develop drugs based on well documented and marketed protein kinase inhibitors - a type of substance that has shown itself to be remarkably efficient when treating different forms of cancer. It has become the second largest segment of drugs for targeted cancer treatments.
"Karolinska Developments ownership in Xspray is valued, at the time of the listing, to MSEK 10.8 and it will be incredibly interesting to follow the company's continued development as listed at Nasdaq First North", says Viktor Drvota, CEO, Karolinska Development.
Karolinska Development has now gone from nine to ten portfolio companies, out of which five are expected to present phase 2-results during 2018. During the past year, Karolinska Development has seen three so called earn-out agreements realized. The company has, in connection with some divestments, secured the right to future value creation through different types of agreements. Apart from Xspray Pharma, Inhalation Sciences Sweden and Oncopeptides, that have all been listed during 2016, Karolinska Development holds earn-out agreements with former portfolio companies Clanotech, Athera, Pharmanest and Axelar.
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
