Year-end report 2006
Important events in the fourth quarter
• LinkMed was listed on the Stockholm Stock Exchange following a new share issue of SEK 195.6 million
• AbSorber entered into an agreement with BD for the transplantation cross-match test XM-ONE, which was launched in December
• New portfolio company Ortoviva
• LinkMed and the Norrland Fund invested SEK 4.5 million in BioResonator
Important events after the period end
• Biovator’s allergen test receives SEK 3.5 million from EUREKA
Financial information for the period
• Profit/loss from investment operations amounted to SEK -2.5 million (-0.4) in the period, with SEK 0.0 million (-0.4) in the fourth quarter
• Other income amounted to SEK 4.0 million (3.6), with SEK 1.3 million (0.6) in the fourth quarter
• Profit/loss after tax amounted to SEK -14.5 million (-3.5), with SEK -4.0 million ( 1.5) in the fourth quarter
• Earnings per share were SEK -2.58 (-0.86)
• Shareholder equity totaled SEK 296.2 million (64.1). Equity per share totaled SEK 33.96 (14.27)
• Equity/assets ratio was 97 (94) percent
• Cash and bank balances increased to SEK 202.7 million (2.9)
Important events during the fourth quarter
AbSorber enters into an agreement with BD for XM-ONE
In November, AbSorber entered into an agreement with the U.S. company BD (BectonDickinson and Company) for the distribution of the transplantation test XM-ONE. Under the agreement, BD receives exclusive rights to distribute XM-ONE in all markets, apart from the Nordic region. BD launched the test in Europe in December.
AnaMar Medical begins out-licensing
In November, AnaMar Medical began the out-licensing process for three drug candidates: AMAP102 for rheumatoid arthritis, CS-E for wound healing and SCI for spinal injuries.
Ortoviva AB a new associated company
In October, LinkMed made the decision to invest up to SEK 12 million in the recently formed company Ortoviva AB, a company that develops surgical tools for spinal surgery. LinkMed’s ownership stake in Ortoviva is 49 percent. In December, Sven Gustafsson was appointed chairman of the company. Sven has many years of experience in medical electronics from Siemens-Elema and Fresenius. He also founded and manages the medtech equipment company Dicamed, which is active in the field of heart surgery and anesthesia.
LinkMed and the Norrland Fund invest in BioResonator
In December, LinkMed contributed SEK 2.0 million to BioResonator through a new share issue and the Norrland Fund contributed SEK 2.5 million in the form of a convertible.
Financial operations and corporate governance
LinkMed is listed on the Stockholm Stock Exchange
The LinkMed share was listed on the Stockholm Stock Exchange on December 12, 2006. In conjunction with the listing, a new share issue was executed at a price of SEK 70 per share, which generated SEK 195.6 million for the company after listing costs. At the period end, LinkMed had approximately 2 300 shareholders. The number of shares totaled 8 721 985 following the new share issue.
LinkMed strengthens the organization
In December, Yvonne Axelsson was appointed financial manager. Yvonne previously ran her own consultancy firm and has been involved with LinkMed in her role as consultant since the beginning of 2006.
Important events after the report period
Biovator’s allergen test receives SEK 3.5 million from EUREKA
In January, Biovator formed a project for the final-phase development of an in vitro test that predicts if chemical substances may cause allergic reactions. The project received a grant from EUREKA for half of the development costs, which are estimated at SEK 7.0 million.
Important events during the year
LinkMed sold all shares in Pegasus lab
In February, LinkMed sold all shares in Pegasus lab AB. The sale of Pegasus lab has had no effect on LinkMed’s 2006 income.
LinkMed invests in AnaMar Medical and IMED
In April, the LinkMed board resolved to invest SEK 8.0 million in AnaMar Medical and SEK 3.0 million in IMED.
LinkMed invests in AbSorber
In June, LinkMed invested SEK 3.0 million in Absorber.
New CEO at SACS Medical
In June, LinkMed’s senior venture manager Stan Mikulowski was appointed as the new CEO of SACS Medical.
LinkMed invests in Recopharma
In September, LinkMed provided SEK 9.5 million in financing for the associated company Recopharma through debt instrument conversion as well as committing to invest SEK 6.0 million in a convertible. Recopharma is using the investment to study the effect of vaccine adjuvants in animal models. Three new staff members have also been employed to strengthen the organization.
Financial operations and corporate governance
LinkMed receives SEK 4.6 million through an options program
In April, stock option holders in LinkMed executed a matured stock option program of 165 000 at a strike price of SEK 28 per share. The program was fully executed, resulting in a capital injection of SEK 4.6 million to LinkMed.
Conversion of convertible bonds increases the number of shares by 3 percent
In March, all bearers of convertible bonds converted the bonds to shares, this resulted in an increase in the number of shares by 137 275.
LinkMed secures SEK 43.1 million through new share issue with preferential rights
A new share issue with preferential rights was executed in April, with a mandate from the Annual General Meeting. A holding of five shares entitled the holder the right to subscribe to one new share at an issue price of SEK 50. The new share issue was fully subscribed, resulting in an issue of 926 164 new shares and a net capital injection of approximately SEK 43.1 million to the company, after deduction of issuing costs.
Monica Caneman new chairperson
Monica Caneman, Sven-Olof Johansson and Agneta Edberg were appointed as new board members at LinkMed’s Annual General Meeting on April 26. Monica Caneman was appointed as chairperson. Gunnar Mattsson, Anders Erlandsson and Jan Eriksson were re-elected.
Ingemar Lagerlöf new CEO
Ingemar Lagerlöf, LinkMed’s founder, who previously acted as senior venture manager at the company, took over the CEO position from Olle Johansson in June.
LinkMed forms a scientific advisory board
In April, LinkMed formed a scientific advisory board whose task is to evaluate the opportunities and risks of associated company projects and products, as well as new investment proposals. The advisory board is chaired by associated professor Bengt-Göran Hansson, previously head of the Medicinkliniken in Halmstad, among other positions.
Lars Martin new senior venture manager
In June, Lars Martin was employed as senior venture manager. Lars joined LinkMed from MSD and has previously held various management positions in the pharmaceutical industry.
Write-down of holding in SACS Medical, preparation of sale
LinkMed made a downward adjustment of the value of its holding in SACS Medical by SEK 2.5 million in September. Together with other shareholders, LinkMed is preparing the sale of the company.