BOOST Pharma's Significant Funding Milestone
Karolinska Development AB today shared that BOOST Pharma, one of its innovative portfolio companies, has successfully raised SEK 34 million through a directed share issue to Sound Bioventures. This investment, structured as a tranched convertible loan, marks a crucial step in supporting BOOST Pharma's ongoing clinical development of BT-101, a pioneering stem cell-based therapy aimed at treating Osteogenesis imperfecta (OI), commonly referred to as Brittle Bone Disease.
Understanding Osteogenesis Imperfecta
Osteogenesis imperfecta is a genetic disorder characterized by fragile bones that break easily, often with little or no apparent cause. Infants born with OI face numerous challenges, including frequent fractures and bone deformities. BOOST Pharma aims to address the fundamental genetic issues underlying this condition with BT-101, a novel mesenchymal stem cell therapy. This innovative treatment is designed to reduce the frequency of fractures from the earliest years of life, thus offering a potential lifeline to infants suffering from this debilitating disease.
The Investment and Its Impact
The private placement to Sound Bioventures, in conjunction with the recent financing round in which Karolinska Development participated, equips BOOST Pharma with the necessary resources to expedite their clinical development program. This funding is a stepping stone toward the ambition of delivering the first disease-modifying treatment for OI.
Viktor Drvota, CEO of Karolinska Development, expressed enthusiasm about Sound Bioventures joining BOOST Pharma’s investor base. He stated, “We are delighted to welcome this renowned specialist investor, which strengthens our portfolio company's financial position, enabling the rapid development of BT-101 and potentially transforming the treatment landscape for children impacted by Osteogenesis imperfecta.”
Karolinska Development’s Commitment
Currently, Karolinska Development holds a 14 percent stake in BOOST Pharma, reflecting its dedication to fostering revolutionary medical advancements. The company continually seeks to invest in and accelerate the growth of biopharmaceutical enterprises that work on cutting-edge therapies designed to improve patient outcomes. BOOST Pharma fits perfectly within this strategic vision.
Insights into Karolinska Development
Karolinska Development AB focuses on identifying and investing in original medical breakthroughs within the Nordic region, helping to transform innovative ideas into life-changing commercial products. They cultivate relationships with visionary entrepreneurs and skilled leadership teams to bring these innovations to fruition while ensuring a favorable return on investment for shareholders.
Access to exceptional medical insights emerges from collaborations with the Karolinska Institutet and other prominent universities and research institutions across the Nordic region. Such valuable partnerships position Karolinska Development to build successful companies around eminent scientists and a robust advisory network, thereby maximizing the potential for transformative success.
The commitment to groundbreaking research has led Karolinska Development to hold a diversified portfolio encompassing eleven companies dedicated to tackling severe diseases. With a team of seasoned investment professionals, the company leverages its impressive global network, further advancing its mission to create meaningful health solutions.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com
Frequently Asked Questions
What is BOOST Pharma working on?
BOOST Pharma is developing BT-101, a novel stem cell-based therapy for Osteogenesis imperfecta.
How much funding did BOOST Pharma raise?
BOOST Pharma raised SEK 34 million through a directed share issue to Sound Bioventures.
What is Osteogenesis imperfecta?
Osteogenesis imperfecta, or Brittle Bone Disease, is a genetic disorder that leads to fragile bones and frequent fractures.
What role does Karolinska Development play in BOOST Pharma?
Karolinska Development holds a 14 percent stake in BOOST Pharma and assists in its strategic growth and clinical development efforts.
Why is this funding important for BOOST Pharma?
This funding enables BOOST Pharma to accelerate its clinical programs aimed at offering a transformative treatment for Osteogenesis imperfecta.
