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Interim Report January - March 2018

STOCKHOLM - 25 April 2018. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Interim Report for the period January - March 2018. The full report is available on the Company's website.

"The first quarter this year has been quieter from a news perspective, after the intensity of the fourth quarter of 2017. However, this in no way indicates a low level of activity within the portfolio companies: their project development is proceeding as planned and the results of five phase II studies are expected over the coming 12 to 18-month period. Assuming these results are positive, they could form the basis for successful divestments, licensing deals or IPOs", says Viktor Drvota, CEO, Karolinska Development.

Significant events during the first quarter 2018

  • Forendo Pharma announced a €3 million loan grant decision by Business Finland, to support the development of a novel drug for endometriosis treatment (March 2018).
  • David Colpman was appointed non-executive Board Director of Forendo Pharma. David brings with him a solid career in pharma and biotech business development and strategy. His previous roles include Head of Global Business Development at the Irish biotechnology company Shire (March 2018).
  • Modus Therapeutics announced that Dr. John Öhd has been appointed to a position as Chief Medical Officer (CMO). Dr. Öhd has up to today been working at Medivir AB as their CMO and a member of the company`s Executive Management team (March 2018).

Significant post-period events

  • Asarina Pharma has announced the start of a clinical Phase IIB study with the drug candidate Sepranolone. The study will be conducted in patients with premenstrual dysphoric disorder, the severest form of premenstrual syndrome (April 2018).
  • Karolinska Development followed up the partial exit in BioArctic, conducted during the fourth quarter of 2017, and divested the remaining holdings to a total amount of SEK 12.0 million (April 2018).
  • Aprea Therapeutics is presenting initial positive results at the 2018 American Association of Cancer Research Annual Meeting in Chicago from its ongoing Phase Ib/II clinical study of APR-246 in patients with myelodysplastic syndrome (April 2018).
  • Modus Therapeutics candidate drug sevuparin has been granted rare pediatric disease designation by the US Food & Drug Administration (FDA) for the treatment of children with sickle cell disease (April 2018).

Financial update

First quarter

  • The net profit/loss for the first quarter was SEK -19.7 million (SEK -25.2 million in the first quarter of 2017). Earnings per share totalled SEK -0.3 (SEK -0.5 in the first quarter of 2017).
  • The result of the Change in the portfolio fair value amounted to SEK -4.8 million. The decrease was primarily due to the share price development of BioArctic.
  • The total fair value of the portfolio was SEK 728.6 million at the end of March 2018, an increase of SEK 14.6 million from SEK 714.0 million at the end of the previous quarter. The net portfolio fair value was at the same time SEK 456.4 million, an increase of SEK 8.5 million from SEK 447.7 at the end of the previous quarter.
  • Net sales totalled SEK 0.7 million during the first quarter of 2018 (SEK 0.6 million during the first quarter of 2017).
  • Karolinska Development invested a total of SEK 13.4 million in portfolio companies during the first quarter. First quarter investments in the portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 18.0 million.
  • Cash and cash equivalents decreased by SEK 23.9 million during the first quarter, totalling SEK 145.7 million on 31 March 2017.

The Interim Report for Karolinska Development AB for the period January-March 2018 is available as a PDF at

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail:

Fredrik Järrsten, CFO, Karolinska Development AB       
Phone: +46 70 496 46 28, e-mail:


About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations and invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients' lives while providing an attractive return on investment to shareholders.

Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

Karolinska Development has established a portfolio of nine companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

For more information, please visit

This information is information that Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Viktor Drvota, at 08:00 am CET on 25 April 2018.

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