Interim Report - January-June 2023
25 8월 2023 - 3:00PM
Interim Report - January-June 2023
STOCKHOLM –
25
August
2023.
Karolinska Development AB (Nasdaq Stockholm: KDEV) today
publishes its Interim
Report -
January-June
2023.
The full report is available on the Company's
website.
“Our portfolio companies continue to deliver
significant progress and we are following the developments of the
studies that have been initiated this year, as well as the
processing of the clinical results that have already been generated
with great interest. Research and development activities are the
basis for the companies' long-term value creation and every
advancement in the individual projects increases the possibility of
ultimately being able to offer patient groups with major medical
needs completely new types of treatments.”, says Viktor Drvota,
CEO, Karolinska Development.
Significant events during the
second quarter
- The portfolio
company AnaCardio included the first patient in the company’s
clinical phase 1b/2a study of the drug candidate AC01 – a new
potential treatment of heart failure (April 2023).
- The portfolio
company Umecrine Cognition included the first patient in the
company´s clinical phase 2 study in primary biliary cholangitis
(PBC) (April 2023).
- The portfolio
company Modus Therapeutics, in collaboration with a world-leading
research group, generated data showing that its drug candidate
sevuparin has the potential to be developed as a treatment for
anemia in patients with certain chronic diseases. The results were
presented at the European Hematology Association's annual meeting
on June 8-11 (May 2023).
- At Karolinska
Development’s Annual General Meeting, it was decided, among other
things, to adopt the profit and loss statement and the balance
sheet and the consolidated profit and loss statement and the
consolidated balance sheet, to approve the allocation of the
result, proposed by the Board of Directors and the CEO and to
re-elect Björn Cochlovius, Philip Duong, Anna Lefevre Skjöldebrand,
Ben Toogood and Theresa Tse to its Board of Directors, and to
re-elect Björn Cochlovius Chairman of the Board (May 2023).
- The portfolio
company Umecrine Cognition announced results from a preclinical
model of cholestasis that elucidates the mechanism-of-action of the
company’s clinical drug candidate golexanolone in cholestatic liver
disease. The results were presented as a poster at the
International Liver Congress EASL in Vienna, June 21-24 (June
2023)
Significant post-period events
- The portfolio company Umecrine Cognition presented results from
a study on a preclinical model of Parkinson’s disease as a poster
at the 6th World Parkinson Congress in Barcelona, Spain, July 4-7.
The poster shows how the company’s clinical drug candidate
golexanolone has an effect on fatigue, anxiety, depression, and
some cognitive and motor alternations in the disease model (July
2023).
Financial update
- The net
profit/loss for the second quarter was SEK 23.3 million (SEK -22.3
million in the second quarter of 2022). Earnings per share totaled
SEK 0.08 (SEK -0.09 in the second quarter of 2022). Net profit/loss
for the period January – June 2023 amounted to SEK -4.8 (-51.5)
million.
- The result of
the Change in fair value of shares in portfolio companies for the
second quarter amounted to SEK 21.2 million (SEK -23.9 million in
the second quarter of 2022). The result is largely due to the
upturn in share price in the listed holdings Modus Therapeutics,
OssDsign and Promimic. The result of the Change in fair value of
shares in portfolio companies for the period January – June 2023
amounted to SEK -3.1 (-41.1) million.
- The total fair
value of the portfolio was SEK 1,364.1 million at the end of June
2023, corresponding to an increase of SEK 49.0 million from SEK
1,315.1 million at the end of the previous quarter. The net
portfolio fair value at the end of June 2023 was SEK 1,026.2
million, corresponding to an increase of SEK 41.6 million from SEK
984.4 million at the end of the previous quarter. The increase is
mainly the effect of upturn in share price of listed holdings and
investments during the quarter.
- Net asset value
amounted to SEK 1,242.8 million, per share SEK 4.6, at the end of
June 2023 (SEK 1,284.8 million, per share SEK 4.8 at the end of
June 2022).
- Net sales
totaled SEK 0.5 million during the second quarter of 2023 (SEK 0.6
million during the second quarter of 2022). Net sales for the
period January – June 2023 totalled SEK 1.1 (1.2) million.
- Karolinska
Development invested a total of SEK 20.5 million in portfolio
companies during the second quarter of 2023. Second quarter
investments in portfolio companies by Karolinska Development and
other specialized life sciences investors totaled SEK 38.1
million.
- Cash and cash
equivalents (including short-term investments) decreased by SEK 8.9
million during the second quarter, totaling SEK 147.7 million on 30
June 2023 (SEK 273.9 million on 30 June 2022).
The Interim Report for Karolinska Development AB for the period
January-June 2023 is available as a PDF at
www.karolinskadevelopment.com.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development ABPhone: +46 73 982
52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Hans Christopher “HC” Toll, CFO, Karolinska Development
AB Phone:
+46 70 717 00 41, e-mail:
hc.toll@karolinskadevelopment.com
TO THE EDITORS
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 in the
Nordic region that are developed by entrepreneurs and leadership
teams. The Company 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 eleven 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
www.karolinskadevelopment.com
- KD Q2 2023 (ENG)
- PR Q2 2023 Report (ENG)
Karolinska Development Ab (LSE:0P3C)
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