Leukemia project to be pursued in a jointly owned project company
STOCKHOLM - March 17, 2009. Biovitrum AB (publ) (STO:BVT) and
Karolinska Development (publ) signed today an agreement to establish
a jointly owned project company. This company will receive all rights
to further develop, market and sell Biovitrum's pharmaceutical
project FLT3 against leukemia.
Karolinska Development will finance the project with a maximum of 10
million SEK up to a defined decision point. Thereafter, the new
company will decide upon subsequent handling of the assets. The newly
started company will be controlled with 80.1 percent owned by
Karolinska Development. Biovitrum becomes minority owner with 19.9
percent ownership. According to the agreement, Biovitrum will receive
future royalties on sales of pharmaceuticals developed based on the
FLT3 project."The agreement means that our interesting low molecule project within
leukemia can be further developed while Biovitrum can pursue its
strategy to focus of future biopharmaceuticals", said Martin
Nicklasson, CEO of Biovitrum. I am convinced that Karolinska
Development will create the best of possibilities for the development
of this project all the way to a new cancer drug for patients with
high unmet medical needs," Nicklasson added."Karolinska Development has proved to be very innovative and
successful in developing this category of early projects", said Conny
Bogentoft, CEO of Karolinska Development. In addition, it is
fortunate that this Swedish pharmaceutical invention can be further
developed on home ground. The bringing of this agreement to a
successful close validates our credibility in the surrounding world",
Bogentoft added.
About FLT3
The project is currently in preclinical phase. FLT3 is a so called
tyrosine kinas, important for the normal development of blood cells
and the immune system. With about one fourth of patients with the
most common form of leukemia, acute myeloid leukemia (AML), one finds
altered, spontaneously active FLT3. This observation is associated
with a reduced survival prognosis. FLT3 is therefore considered as a
promising target for pharmaceutical invention in AML. Biovitrum's
scientists have developed and patented low molecular compounds that
effectively and specifically inhibit the activity of FLT3.
About Biovitrum
Biovitrum is a Swedish pharmaceutical company. The company markets a
range of specialist pharmaceuticals internationally. Using its
expertise and experience Biovitrum takes scientific innovation all
the way to the market and to specialist indication patients with
significant medical need. Research expertise and capabilities are
focused on development and production of biotechnology therapeutics
within our prioritized areas of hemophilia, inflammation/autoimmune
diseases and malabsorption. The company has revenues of approximately
SEK 1.1 billion and around 400 employees. It is listed on the OMX
Nordic Exchange in Stockholm. For more information go to
www.biovitrum.com.
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. www.karolinskadevelopment.com.
For more information please contact:
Biovitrum
Martin Nicklasson, CEO of Biovitrum
Phone: +46 8 697 25 45
Göran Arvidson, CFO
Cell phone: +46 70 633 30 42
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
Karolinska Development
Conny Bogentoft, CEO of Karolinska Development
Cell phone +46 70 668 61 43
info@karolinskadevelopment.com
Biovitrum AB (publ) may be required to disclose the information
provided herein pursuant to the Swedish Securities Markets Act. The
information was provided for public release on March 17, 2009 at
15:40 a.m. CET.
