Strong Start to Sales of Karolinska Development's New Share Issue
Stockholm, November 20 (ots/PRNewswire)
Karolinska Development AB, have launched a new share issue up to a value of 147 million Swedish Kronor, (19 million USD) which has opened with a strong start to sales.
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"We are very excited to have such strong financial backing from this outstanding group of investors, whose participation in this round further validates our business strategy and the value we bring to our life science innovations," said Conny Bogentoft, Chief Executive Officer of Karolinska Development (KD). The portfolio of 38 companies includes three which have non-pharmaceutical products that are in the process of being launched, five have pharmaceutical compounds undergoing Phase II clinical studies and four have compounds in Phase I clinical studies. KD has a very effective business model which has enabled this to be done in less than 5 years and for less than 600 Million SEK, (77 Million USD) the resulting portfolio comprises a product pipeline comparable with that of a major pharmaceutical company. "This is an incredible achievement," says Bogentoft "and is in stark contrast to the amounts traditionally spent by pharmaceutical companies to achieve similar results." KD not only has an extremely cost effective business model, the speed at which KD has progressed its portfolio is also impressive. Dilafor for example has taken their first in class compound for protracted labor during childbirth from concept to Phase II in only 5 years, further validating the KD business model. "We don't just invest in our portfolio companies. We partner with them, our team brings decades of operating experience, market knowledge, and a global network to every company in the portfolio." Says Bogentoft.
One of the company's goals is to prove that long-term investment in good academic science pays off in a number of ways. "Creating jobs, creating new products that will benefit society and making money," he says. "We haven't proved the latter yet, but that is what we want to do over the next three years." KD has one of Europe's largest life science portfolios and the increasing degree of maturity within the portfolio companies is reflected in the increase in value of Karolinska Development, however this also brings increased demands on the financing needed. The proceeds of this financing will be used to provide the capital necessary to continue this development of the portfolio.
This share issue is being handled by EFG Investment Bank who has worked with Karolinska Development on three previous share offers, a prospectus of this offering has been filed with the Swedish Finance Inspection (FI). Copies of the prospectus for this offering may be obtained from EFG Investment Bank:
Attn: Prospectus Department, Box 559 64
102 16 Stockholm
Telephone: +46(0)8-459-64-63
email: info@efgib.comThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Karolinska Development
Karolinska Development is a Swedish investment company using a unique, highly cost effective model to commercialize internationally renowned life science innovations. Professionals in business development and management, supported by a network of experienced technical specialists, ensure fast and efficient development. This enables Karolinska Development to rapidly build value in high risk opportunities, through long term lead investor position from seed stage; developing the medical products of the future.
Karolinska Development's office is located at the Karolinska Institute Science Park, Sweden www.karolinskadevelopment.com
About EFG Investment Bank
EFG Investment Bank, residence Stockholm, is an asset management bank, specialized in index-linked asset allocation in liquid markets and uncorrelated investments. EFG Investment Bank is a wholly owned subsidiary to EFG International, with head office in Zurich and offices in more than 30 countries. EFG International (EFGN) is listed on SWX Swiss Exchange and has approximately 1 500 employees. The Bank is a part of EFG Group which is, measured in Tier-1 Capital, the third largest banking group in Switzerland.
For further information contact:
Conny Bogentoft, CEO, telephone: +46(0)70-668-6143, e-post: conny.bogentoft@kab.ki.se
Contact:
For further information contact: Conny Bogentoft, CEO, telephone:
+46(0)70-668-6143, e-post: conny.bogentoft@kab.ki.se