Karolinska Development invests in BioChromix
STOCKHOLM - April 13, 2011. BioChromix AB, a Swedish in vitro diagnostic company focusing on Alzheimer's disease, has received financing through a new share issue directed to Karolinska Development. The new share issue will enable BioChromix to advance the development, validation and commercialization of its innovative amyloid-beta (Aß) detection tools for the diagnosis and research of neurodegenerative diseases, such as Alzheimer's disease. BioChromix is currently evaluating its technology in collaboration with a large pharmaceutical company.
BioChromix is an innovative company that develops and commercializes unique products for early stage diagnostics of Alzheimer's disease. In parallel, the company is also developing a unique R&D assay with intended use for target engagement during development of pharmaceuticals for Alzheimer's disease that target Aß and to monitor the effectiveness of ongoing treatment.
Peter Åsberg, CEO, BioChromix:
"We have a clear goal - to bring our products for Alzheimer's disease to the market where urgent unmet diagnostic needs exist and where the company's unique LCP technology can have the greatest impact. The investment from Karolinska Development is a good measure of the progress BioChromix has made in advancing its novel diagnostics platform. Being part of the Karolinska Development portfolio, will provide direct access to a broad network of key competencies and resources in the life-science industry which will be of great importance for us."
Torbjørn Bjerke, CEO, Karolinska Development:
"BioChromix adds to an already strong portfolio of innovative CNS projects in Karolinska Development's portfolio. In addition, this investment strengthens our engagement in fighting Alzheimer's disease - a progressive severe form of senile dementia that is growing in prevalence along with an ageing population."
After the new share issue, Karolinska Development holds an eight percent ownership in BioChromix. The investment also increases Karolinska Development's indirect ownership in BioChromix Pharma, a pharmaceutical company owned by BioChromix and Karolinska Development. BioChromix Pharma is active in research and development of novel treatments for neurodegenerative disorders based on a proprietary technology for therapeutics.
For further information, please contact:
Peter Åsberg, CEO, BioChromix AB
Phone: +46 70 949 17 21, e-mail: info@biochromix.com
Torbjørn Bjerke, CEO, Karolinska Development AB
Phone: +46 72 744 41 23, e-mail: torbjorn.bjerke@karolinskadevelopment.com
TO THE EDITORS
About BioChromix
BioChromix is an innovative company active on the life science arena that develops and commercializes unique products for early stage diagnostics of Alzheimer's disease (AD). In parallel, the Company also develops a unique R&D assay with intended use for target engagement during development of pharmaceuticals for AD that target amyloid-beta and to monitor the effectiveness of ongoing treatment. The Company's methods are based on our novel and patented Luminescent Conjugated Polymer (LCP) molecules. The Company is fast advancing the in vitro pipeline in order to bring our lead product candidates for Alzheimer's disease to the market. www.biochromix.com
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 Institutet Innovations AB, along with other cooperation agreements with leading Nordic universities, delivers a continuous flow of innovations.
Karolinska Development's 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