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Karolinska Development AB (publ) Year-End Report, January - December 2010

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Stockholm - February 25, 2011. Karolinska Development AB announces publication of its Year-End Report 2010; the full report is also available on the company's website.

Group
January - December 2010

  • Revenue amounted to SEK 13.9m (30.3)
  • Profit/loss after tax amounted to SEK -334.6m (-2.6), of which SEK -225.8m is comprised of non-cash flow impacting net changes in fair value (see Note 1) and the termination of projects for which the defined milestones in associates and joint ventures have not been met.  Profit/loss has, at the same time, been charged with SEK -48.0m as the results from the subsidiaries were consolidated during 2010
  • During the period, investments in portfolio companies, including subsidiaries, Joint Ventures and associates, amounted to SEK 193.1m (172.5)
  • Cash flow during the period amounted to SEK -286.7m (384.4), for which the comparative figure is positive thanks to a new share issue
  • The value of the total portfolio according to the International Private Equity and Venture Capital Valuation Board Guidelines, including subsidiaries, associates and other financial investments, was, at the balance sheet date, SEK 1 454.7m, compared with SEK 1 512.3m  as at 31 December 2009
  • Earnings/loss per share before dilution amounted to SEK -9.79 (0.10)
  • Net asset value per share amounted to SEK 53.5 (62.7) 

October - December 2010

  • Revenue amounted to SEK 2.4m (6.9)
  • Profit/loss after tax amounted to SEK -219.7m (-19.4)
  • Earnings per share before dilution amounted to SEK -6.50 (-0.70)
  • Profit from change in Fair value has increased by SEK 127.4m (0.0) as a result of a change in market assessment
  • Investments in portfolio companies amounted to SEK 49.1m (18.0)
  • Cash flow amounted to SEK 59.4m (375.0) 

Significant events October - December 2010

  • Pergamum increased its ownership of Lipopeptide AB, PharmaSurgics in Sweden AB and DermaGen AB to 100%.
  • Michael Rosenlew was elected to the Board of Directors in Karolinska Development. 

Significant events after the end of the period

  • Torbjørn Bjerke has assumed the position of CEO of Karolinska Development
  • Terje Kalland was appointed new CSO of Karolinska Development



Parent Company
January - December 2010

  • Revenue amounted to SEK 11.0m (6.7)
  • Operating loss amounted to SEK -117.4m (-101.1)
  • Investments in subsidiaries during the period amounted to SEK 48.1m (0.2) and in Joint Ventures, associates and other financial investments to SEK 144.6m (172.3)
     

For further information, please contact:
Torbjørn Bjerke, CEO
Karolinska Development AB
Phone: +46 (0)72 744 41 23
torbjorn.bjerke@karolinskadevelopment.com

Gunnar Casserstedt, CFO
Karolinska Development AB
phone +46 730-68 37 00
gunnar.casserstedt@karolinskadevelopment.com


Note
Karolinska Development presents the information provided in accordance with NASDAQ OMX Stockholm's regulatory framework for issuers. The information was provided for publication on February 25, 2011 at 09:00. This report has been published in both Swedish and English. In the event of any discrepancy in content between the two versions, the Swedish version shall prevail.

TO THE EDITORS

About Karolinska Development
Karolinska Development aims to create value for investors, patients, and researchers by developing innovations from world class research 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 these 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. This will result in upfront payments, milestone payments and royalties.

An exclusive deal flow agreement with Karolinska Innovations, along with cooperation agreements with other leading Nordic universities, ensures the first right of refusal to a continuous flow of innovations.

Karolinska Developments flexible exit strategy enables projects to be exited at whichever stage of development offers the greatest return on investment, usually after Phase II clinical trials have indicated the desired pharmaceutical effect on patients - this being an important value enhancing step.

Today, the portfolio consists of over 40 projects at various stages, from concept development to Phase II clinical trials, twelve projects are in clinical trials with six in Phase II. The portfolio is particularly strong in the areas of cancer, dermatology, inflammation, cardiovascular disease, women's health and diseases that affect the central nervous system. www.karolinskadevelopment.com

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