STOCKHOLM, SWEDEN – 20 May 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces today that its portfolio company OssDsign’s share issue prior to its listing on Nasdaq First North is oversubscribed. Through the share issue, OssDsign will raise approximately SEK 151.3 million before transaction costs.
OssDsign is a Swedish medical technology company that develops and markets innovative implants for improved healing and treatment of bone defects. The company has applied for admission to trading of its shares on Nasdaq First North. Expected first day of trading is May 24, 2019.
There has been a strong interest for participating in the share issue and the share issue was subscribed to approximately 117 percent. Through the share issue, OssDsign will raise approximately SEK 151.3 million before transaction costs. Provided that the over-allotment option of an additional 825,000 shares is fully exercised, OssDsign will raise an additional SEK 22.7 million before transaction costs. OssDsign is provided with around 2000 new shareholders through the share issue.
The subscription price was SEK 27.50 per share. The share issue was covered up to approximately 74 percent by subscription commitments from a number of institutional and private investors, including OssDsign’s two largest shareholders as well as OssDsign’s Chairman Simon Cartmell and Board Member Anders Qvarnström.
Assuming that the share issue is realized according to the communicated terms and conditions, and that the share price is the same in the end of the quarter, the value of Karolinska Development's holding in OssDsign would increase which would generate a positive effect on earnings by approximately SEK 12 million in the second quarter 2019.
As of March 31, 2019, Karolinska Development's holdings in OssDsign AB amounted to 25 percent and after the realized share issue the holdings amount to approx. 18 percent after full dilution, including indirect holdings through KCIF Co-Investment Fund.
For more information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Fredrik Järrsten, CFO, Karolinska Development AB
Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@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 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 19:00 CET on 20 May 2019.
Attachment
