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Karolinska Development Closes Fully Subscribed New Share Issue

STOCKHOLM, January 8 /PRNewswire/ -- Karolinska Development AB (publ) recently closed a fully subscribed new share issue, raising SEK 147 million (USD 19 million). Its major shareholders - Karolinska Institutet Holding AB, Tredje AP-fonden; Ostersjostiftelsen; Nasudden; Foundation Asset Management; and Praktikerinvest - took their share of the new issue, while new investors participated with SEK 50 million. Karolinska Development was advised by EFG Bank AB.

The new issue, combined with current liquidity, secures the investment program of Karolinska Development for a further two years.

"As a life science investment company with a focus on developing pharmaceutical and medical technology products, we have a compelling spread of investments in this area. We currently have nine companies with projects in the clinical phase, facilitating as many exits if results from ongoing studies are positive," says Conny Bogentoft, CEO of Karolinska Development.

Karolinska Development has a highly cost effective business model, and has built one of Europe's largest portfolios of life science research companies. Since its inception five years ago, it has evaluated over 1,000 projects, investing SEK 600 million in a portfolio of 38 companies.

"This is a tremendous achievement and compares favorably to the amounts traditionally invested by pharmaceutical companies with similar objectives in mind. Our ambition is to exit a number of companies in 2009 and 2010 and preparations for a public listing of Karolinska Development in the coming years are ongoing," says Conny Bogentoft.

Since the inception of Karolinska Development in 2003, EFG Bank AB has acted as its advisor on capital raising. Including the most recent issue, a total of SEK 1 billion has been raised.

"In spite of a turbulent financial climate, the new issue has successfully been completed. The management of Karolinska Development has been able to demonstrate the robustness of the business model and the significant growth potential in the company," says Martin Nilsson, CEO EFG Bank.

A prospectus of this offering has been filed with the Swedish Financial Supervisory Authority, Finansinspektionen

About Karolinska Development

Managing one of the largest portfolios of life science research companies in Europe, Karolinska Development is a Swedish investment company using a unique, highly cost effective model to commercialize internationally renowned life science innovations. Professionals in business development and management, supported by a network of experienced technical specialists, ensure fast and efficient development. This enables Karolinska Development to rapidly build value in high risk opportunities, through long term lead investor position from seed stage; developing the medical products of the future.

Karolinska Development's office is located at the Karolinska Institute Science Park, Solna/Stockholm Sweden

About EFG Bank AB

EFG Bank is a subsidiary of EFG International and a member of EFG Group, the third largest banking group in Switzerland by Tier-1 Capital. In Sweden and in other Nordic countries, EFG Bank offers asset management services and financial investments to institutions, private individuals and financial advisors. EFG Bank is headquartered in Stockholm, Sweden.

EFG International is a global banking group offering services within private banking and asset management. EFG International operates in 55 locations in over 30 countries. It is headquartered in Zurich and has circa 2,200 employees. EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange.

    Practitioners of the craft of wealth management


    For further information contact:

    Conny Bogentoft
    CEO Karolinska Development

    Martin Nilsson
    CEO EFG Bank

SOURCE Karolinska Development AB and EFG Bank AB
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