Year-end Report - January-December 2023

STOCKHOLM – 16 February 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Year-end Report - January-December 2023. The full report is available on the Company's website.

“2023 has been a year of positive development for our portfolio companies, with both OssDsign’s and Promimic’s share prices rising. PharmNovo, Modus Therapeutics and Biosergen have, meanwhile, presented promising phase 1 results, while Umecrine Cognition and AnaCardio have both begun enrolling patients in their phase 2 studies. Umecrine Cognition also obtained an orphan drug designation – which is very important from a commercial viewpoint. To summarise, the entire portfolio has shown positive development despite the harsh financial climate, paving the way for commercial success going forward”, says Viktor Drvota, CEO, Karolinska Development.

Significant events during the fourth quarter

• The portfolio company PharmNovo successfully completed its clinical phase 1 study with PN6047, a drug candidate developed as a potential treatment for neuropathic pain. The results from the study show that PN6047 is safe and well-tolerated at doses predicted to have clinically relevant effects. Furthermore, PN6047 seems to offer a different safety profile compared to conventional opioids (October 2023).
• The portfolio company Modus Therapeutics decided to carry out a rights issue that raised SEK 19.4 million before issue costs. The capital injection will primarily be used to finance the company's continued operations and an expansion of the clinical development program for the drug candidate sevuparin to the area of anemia in chronic kidney disease (November 2023).
• The portfolio company Umecrine Cognition 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 (November 2023).
• The portfolio company Umecrine Cognition presented positive results from a study of the company’s drug candidate golexanolone in a preclinical model of PBC-like symptomology and neuroinflammation. The results indicate a normalizing effect on cognitive symptoms, such as fatigue, motor impairments, neuroinflammation, and neural signaling. The results are published in the November issue of the internationally renowned journal Liver International (November 2023).
• The portfolio company PharmNovo announced that its drug candidate PN6047 will be evaluated as a potential treatment for opioid withdrawal syndrome. The U.S. National Institute of Drug Abuse, NIDA, has funded a collaboration project to investigate PN6047, a novel and highly selective Delta Opioid Receptor Agonist (DORA), in a preclinical model (December 2023).
• The portfolio company OssDsign announced that they expect revenues for the fourth quarter of 2023 to exceed market expectations. Preliminary total revenues for the period October - November amount to SEK 25.2 million, mainly attributable to a continued strong market performance of the company's orthobiologic franchise and some extraordinary orders from a large hospital system (December 2023).

Significant post-period events