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 Karoli
|SOURCE Karolinska Development AB and EFG Bank AB|
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