STOCKHOLM - November 9, 2017. Karolinska Development today announces that the company will receive 140,149 shares in Pharmanest AB. Furthermore, the company will receive 11,527 shares via KCIF Co-Investment Fund. In total, this corresponds to an ownership of 10,4 percent in Pharmanest. Pharmanest is one of the companies covered by Karolinska Development's earn out-agreements. The transaction requires approval at the general meeting at Pharmanest.
Pharmanest develops a new and innovative treatment of pain in conjunction with gynaecological procedures, based on its unique technology platform SHACT. The company recently entered a license agreement with the pharmaceutical company Gedeon Richter Plc. This agreement gives Gedeon Richter the right to commercialize Pharmanest's SHACT technology in Europe, Latin America and other specific geographies.
Karolinska Development will receive 140,149 shares in Pharmanest. Moreover, Karolinska development will receive 11,527 shares via KCIF Co-Investment Fund KB, a holding company jointly owned by the European Investment Fund and Karolinska Development.
"The ownership in Pharmanest AB has a positive impact on our overall portfolio value and we look forward to following the company's future development. This is yet another confirmation of the value in the earn-out agreements we have signed in conjunction with divestments", says Viktor Drvota, CEO, Karolinska Development.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: email@example.com
Christian Tange, CFO, Karolinska Development AB
Phone: +46 73 712 14 30, e-mail: firstname.lastname@example.org
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 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 www.karolinskadevelopment.com
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 2.45 pm CET on 9 of November 2017.
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