Karolinska Development AB (publ) - Interim report January - June 2012
STOCKHOLM – August 23, 2012. Karolinska Development AB (publ) announces publication of its Interim Report January-June, 2012. A conference call will be held today at 14.00 CET, participant access numbers: SE: +46 (0) 8 566 36 332, UK: +44 (0) 207 750 99 50, US: +1 8 666 765 870. The full report and the conference call presentation are available on the company's website.
Torbjörn Bjerke, CEO, comments: “Karolinska Development aims to create value by developing and commercializing the projects in the portfolio companies. Ongoing efforts to find potential partners and licensees for selected portfolio companies remain intensive and are facilitated as the projects reach more mature development stages and positive data are generated. At this point, eleven of Karolinska Development’s projects in the active company portfolio are in clinical trials to provide us with the necessary information prior to their further development.
During the second quarter, many of the companies progressed significantly in the clinical development of its products. Pharmanest took its SHACT project from preclinical development to Phase II within pain relief. To date, around half the patients have been dosed in Axelar’s clinical Phase II trial with AXL1717 against lung cancer. Data from this trial is expected in 2013. In addition, in Pergamum’s Phase II trial of DPK-060 against external otitis, the final patient recruitment is ongoing and data is expected by the end of 2012. The trials with sevuparin (Dilaforette) against malaria and AKN-028 (Akinion Pharmaceuticals) against acute myeloid leukemia are proceeding according to plan. Where studies produce positive outcomes, we expect to be able to sell the companies or license out the projects.
While the hope is naturally that the results of the clinical trials will increase the projects’ attractiveness to potential licensing partners and buyers, negative outcomes are commonplace for research companies. We continue to closely evaluate the project portfolio, so that we can allocate our resources to the most promising projects and thereby maximize our long-term return. Our assessment is that we will be able to commercialize parts of our portfolio during 2012.”
Summary of significant events during and after the second quarter
- Pharmanest initiates Phase I and Phase II trials with SHACT
- Karolinska Development AB arranges a share ownership exchange with Industrifonden where Karolinska Development AB receives Industrifonden’s shares in Aprea AB in exchange for Karolinska Development AB’s shares in Oncopeptides AB
- Pergamum reports top-line Phase II data from the clinical trial for prevention of post-surgical adhesions
Group
| 2012 | 2011 | 2012 | 2011 | ||
| Amounts in SEKm | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
| Income statement | |||||
| Revenue | 3.1 | 2.3 | 5.5 | 5.2 | |
| Profit/loss after tax | -100.1 | -93.2 | -189.2 | -130.8 | |
| Earnings per share before and after dilution (SEK) | -1.83 | -1.92 | -3.52 | -3.09 | |
| Balance sheet | |||||
| Cash and cash equivalents | 170.3 | 162.1 | |||
| Short-term investments | 291.1 | 577.5 | |||
| Share information | |||||
| Net asset value per share (SEK) (Note 5) | 42.5 | 49.6 | |||
| Share price, last trading day in the reporting period (SEK) | 19.5 | 29.4 | |||
| Portfolio information | |||||
| Investments in portfolio companies* (Note 7) | 37.7 | 190.6 | 115.7 | 226.2 | |
| Of which investments not affecting cash flow (Note 7) | - | 78.2 | - | 84.1 | |
| Valuation of total portfolio holdings (Note 2) | 1,564.4 | 1,652.1 | |||
| * Portfolio companies comprise subsidiaries, joint ventures, associated companies and other long-term securities holdings | |||||
For further information, please contact:
Torbjörn Bjerke, CEO, Karolinska Development AB
Phone: +46 (0)72 744 41 23, e-mail: torbjorn.bjerke@karolinskadevelopment.com
Robin Wright, CFO, Karolinska Development AB
Phone: +44 7720 300025, e-mail: robin.wright@karolinskadevelopment.com
Benjamin Nordin, IRO, Karolinska Development AB
Phone: +46 (0)73 093 60 80, e-mail: benjamin.nordin@karolinskadevelopment.com
TO THE EDITORS
About Karolinska Development AB
Karolinska Development aims to create value for investors, patients, and researchers by developing innovations from world class science into products that can be sold or out-licensed with high returns. The business model is to: SELECT the most commercially attractive medical innovations; 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 Nordic universities, delivers a continuous flow of innovations. Today, the portfolio consists of 35 projects, of which 14 are in clinical development. For more information, please visit www.karolinskadevelopment.com.
Karolinska Development is listed on NASDAQ OMX. Karolinska Development may be required to disclose the information provided herein pursuant to the Securities Markets Act.
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