Karolinska Development's portfolio company Forendo Pharma granted a €3 million loan
STOCKHOLM, 19 March 2018. Karolinska Development's portfolio company Forendo Pharma announces a €3 million loan grant decision by Business Finland. The purpose of the loan is to support the development of a novel drug for endometriosis treatment.
Currently available treatments for endometriosis have limitations in efficacy or cause harmful side effects, due to estrogen depletion. Research findings discovered in Finland have opened new opportunities for targeting endometriotic lesions by inhibiting HSD17B1 enzyme. Forendo Pharma's lead program, the HSD17B1 inhibitor FOR-6219, is about to enter the clinical development phase.
The new funding from Business Finland will be used to strengthen Forendo's women's health portfolio with a DUAL HSD (hydroxysteroid dehydrogenase) Inhibitor program, targeting gynaecological conditions, including endometriosis. The DUAL HSD Inhibitor program was initiated in 2016 and Forendo is planning to select the product candidate for further development in 2019.
"Business Finland's decision to grant a loan is encouraging in the way that it gives extern validation to the research and development in Forendo Pharma", says Viktor Drvota, CEO of Karolinska Development.
"The Forendo Pharma programs are expected to bring radical improvements in the treatment of endometriosis. This would impact the wellbeing of tens of millions of women, who now suffer from the disease", states Business Finland's Director of SMEs, Karl Komulainen.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: email@example.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 ten 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
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Karolinska Development AB (publ) via Globenewswire