Karolinska Development’s portfolio company Umecrine Cognition raises additional funding for the clinical development of golexanolone
17 November 2023 - 7:00PM
Karolinska Development’s portfolio company Umecrine Cognition
raises additional funding for the clinical development of
golexanolone
STOCKHOLM, SWEDEN – November 17, 2023. Karolinska Development AB
(Nasdaq Stockholm: KDEV) today announces that the portfolio company
Umecrine Cognition has conducted a capital raise, implemented as a
convertible loan with attached share options,
for the continued development of its drug candidate
golexanolone. Karolinska Development participates as part of an
investor consortium in the financing round that brings Umecrine
Cognition a total of SEK 30.4 million.
The investor consortium consists of Karolinska Development, AB
Ility, Ribbskottet AB, and other current long-term shareholders in
Umecrine Cognition. The dilutive effect of the transaction will
result in a negative earnings effect of SEK 12 million for
Karolinska Development in the fourth quarter of 2023.
The funding will be used to finance the ongoing clinical Phase 2
trial of golexanolone in primary biliary cholangitis as well as
working capital.
“The additional funding will enable Umecrine Cognition to
continue its important ongoing clinical trial to evaluate the
safety profile, pharmacokinetics, and preliminary efficacy of
golexanolone in the targeted patient population. Our portfolio
company has recently presented strong preclinical data that
strengthens our faith in the drug candidate, and we look forward to
following the continued development,” says Viktor Drvota, CEO of
Karolinska Development.
Karolinska Development's ownership in Umecrine
Cognition currently amounts to 73%. Upon full exercise of the share
options attached to the convertible loan, as well as two earlier
convertible loans with similar terms, Karolinska Developments'
shareholding will decrease to 62%, if full conversion takes place,
including that the options are redeemed.
For further information, please
contact:
Viktor Drvota, CEO, Karolinska Development AB Phone: +46 73 982
52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Johan Dighed, General Counsel and Deputy CEO, Karolinska
Development ABPhone: +46 70 207 48 26, e-mail:
johan.dighed@karolinskadevelopment.com
TO THE EDITORS
About Karolinska Development ABKarolinska
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 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 Umecrine Cognition finansiering november eng
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