STOCKHOLM, Sweden, April 29 2022. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company Promimic’s stock starts trading today at Nasdaq First North Growth Market. The shares will be traded under the short name “PRO”.
Prior to the listing on Nasdaq First North Growth Market, Promimic has implemented an ownership spread of the company's shares through a new issue of 5,000,000 shares, which gave the company SEK 80 million before deduction of issue costs. The issue was aimed at institutional investors and the general public in Sweden and was subscribed to 100 percent.
“As the main owner of Promimic, we have supported the company in its ambition to carry out an IPO despite the challenging listing climate. The reason is that both we and Promimic's financial advisers believe that the company's position and growth strategy are strong enough to withstand volatility in the capital market. Our assessment has now proved to be correct – the issue in connection with the listing was fully subscribed, completely without guarantees. The capital injection means that Promimic can boost its sales and marketing activities significantly in the US market, which is of great importance to the company,” says Johan Dighed, General Counsel and Deputy CEO of Karolinska Development.
Karolinska Development's shareholding in Promimic, including indirect ownership by KDev Investments, amounts, after the IPO, to 16.3 percent (1.8 and 14.5 percent, respectively).
For further information, please contact:
Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com
TO THE EDITORS
About Promimic
Promimic is a growth company that manufactures, markets, and sells biomaterials for improved osseointegration (bone healing) to leading companies in the markets for orthopedic and dental implants. The company has its origins in research at Chalmers University of Technology and today has its head office in Mölndal, Sweden, and a sales office in the US. To date, more than 600,000 operations with implants using the Company's technology have been carried out around the world.
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 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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