STOCKHOLM - March 2, 2015. Karolinska Development AB today confirm receipt of SEK 100 million allotted to Thai Charoen Pokphand Group (CP Group)1 in the rights issue of convertibles. The full amount subscribed, nominally approximately SEK 214 million, has therefore been received.
On January 16, 2015, Karolinska Development announced that payment of SEK 100 million allotted to CP Group in the rights issue of convertibles had been delayed due to administrative constraints and that payment of this amount was expected to take place no later than February 28, 2015. According to CP Group, the trading volume of SEK was at the time too small among Hong Kong banks to satisfy the need for CP Group of getting access to SEK 100 million. In order to continuously support Karolinska Development, extraordinary efforts by the CP Group was put in place in order to make the payment as soon as possible.
These difficulties have now been overcome by CP Group and Karolinska Development can hereby confirm receipt of the full amount. This means that the full amount subscribed in the issue of convertibles has been received and that no amount remains outstanding. Further, CP Group has confirmed to Karolinska Development that CP Group will forego all interest accrued between January 12, 2015 (the formal date for payment of the convertible issue) and the actual date of the payment of the SEK 100 million.
1 CP Group, in this press release, is used to describe the units included in Thai Charoen Pokphand Group.
For further information, please contact: Christian Tange, CFO, Karolinska Development AB Phone: +46 (0) 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.com
TO THE EDITORS
About Karolinska Development AB Karolinska Development aims to create value for patients, researchers, investors and society by developing innovations from world class science into differentiated products that can be partnered. The business model is to: SELECT the most commercially attractive medical innovations that can potentially satisfy unmet medical needs; DEVELOP innovations to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products. An exclusive deal flow agreement with Karolinska Institutet Innovations AB, along with other cooperation agreements with leading universities, delivers a continuous flow of innovations. For more information, please visit www.karolinskadevelopment.com.
Karolinska Development is listed on NASDAQ OMX (STO: KDEV). Karolinska Development may be required to disclose the information provided herein pursuant to the Securities Markets Act.
