Karolinska Development Reports Strong Interim Results for 2024
Interim Report Overview
Karolinska Development AB (Nasdaq Stockholm: KDEV) has released its comprehensive Interim Report covering the period of January to June 2024. This report offers insights into the company's activities and performance during the first half of the year.
CEO Insights and Portfolio Developments
Viktor Drvota, CEO of Karolinska Development, expressed optimism regarding the company's recent achievements and future endeavors. "The successes that we have summarized from the quarter give a good picture of the important activities taking place within the portfolio, and we look forward to an equally intense autumn," said Drvota. He highlighted BOOST Pharma's anticipated final results from its clinical phase 1/2 study, which are expected before the year ends.
Key Highlights from the Quarter
During the second quarter, several noteworthy events unfolded within the portfolio:
- The company Umecrine Cognition has initiated the second part of its clinical phase 1b/2 study of golexanolone, having randomized its first two patients. Results are expected in the first half of 2025.
- At the Annual General Meeting, significant decisions were made, including the approval of the profit and loss statements and the election of Hans Wigzell as Chairman of the Board.
- Karolinska Development made a strategic investment in BOOST Pharma, a company focused on developing groundbreaking treatments for osteogenesis imperfecta, which is now part of its portfolio.
- The company Biosergen received final permissions to conduct tests on its candidate drug for treating invasive fungal infections in India.
Post-Period Developments
Following the reporting period, additional significant activities occurred:
- Umecrine Cognition has successfully raised capital through a convertible loan to support the development of golexanolone, with Karolinska Development participating alongside other investors.
- PharmNovo secured funding of EUR 17.5 million from the European Innovation Council (EIC), which will aid in the clinical development of its innovative treatment targeting neuropathic pain.
Financial Overview
The financial figures reflected a challenging quarter:
- The net loss for the second quarter was SEK -16.0 million, a decrease from SEK 23.3 million during the same period last year.
- Change in fair value for portfolio companies resulted in SEK -11.1 million, largely due to fluctuations in share prices in recent investment rounds and other holdings.
- The total fair value of the portfolio stood at SEK 1,454 million, showing a slight increase from the previous quarter.
- Net asset value decreased slightly to SEK 1,238.2 million, with cash and cash equivalents falling to SEK 49.7 million by the end of June.
About Karolinska Development
Karolinska Development AB is a leading life sciences investment company focused on uncovering innovative medical advancements. The company is dedicated to nurturing the growth and development of companies that bring significant medical breakthroughs to market.
By connecting with world-class medical innovations and talented entrepreneurs, Karolinska Development aims to create a robust pipeline of treatments that have a meaningful impact on patient lives while ensuring attractive returns for investors.
Management Contacts
For further details, please reach out to:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02
Email: viktor.drvota@karolinskadevelopment.com
Hans Christopher “HC” Toll, CFO, Karolinska Development AB
Phone: +46 70 717 00 41
Email: hc.toll@karolinskadevelopment.com
Frequently Asked Questions
What is the focus of Karolinska Development AB?
Karolinska Development AB invests in innovative medical advancements and develops companies that aim to bring groundbreaking treatments to market.
What were the financial results for the second quarter?
The company reported a net loss of SEK -16.0 million for the second quarter, compared to a profit in the prior year.
Who is the CEO of Karolinska Development?
Viktor Drvota serves as the CEO of Karolinska Development AB.
What investments have recently been made by Karolinska Development?
Karolinska Development has recently invested in BOOST Pharma and participated in the capital raise for Umecrine Cognition.
How does Karolinska Development ensure success in its investments?
The company collaborates with top scientists and experienced management teams, supported by specialist investors to increase the likelihood of success.
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