STOCKHOLM, SWEDEN – December 19, 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) (“Karolinska Development” or the “Company”) announces today that the Company’s short-term financing needs have been secured through a loan from Sino Biopharmaceutical Limited (”Sino Biopharma”) amounting to SEK 70 million.
The loan from Sino Biopharma has a maturity of one year and an annual interest rate of 8.0%. Repayment can be made through cash payment and/or through set-off in connection with a directed share issue of series B shares.
"The recently completed issuance to the holders of the convertible and the loan raised are two significant steps in the process of securing the company's long-term financial stability," says Viktor Drvota, CEO of Karolinska Development.
IMPORTANCE NOTICE
Publication or distribution of this press release in certain jurisdictions may be subject to restrictions according to law and persons in jurisdictions where this press release has been made public or distributed should inform themselves and follow such legal restrictions. This press release does not contain and does not constitute an invitation or an offer to acquire, subscribe or otherwise trade in shares or other securities in Karolinska Development.
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For more information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Fredrik Järrsten, CFO and deputy CEO, Karolinska Development AB
Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com
TO THE EDITORS
About Karolinska Development AB
Karolinska 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 nine 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: www.karolinskadevelopment.com.
This information is information that Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Viktor Drvota, at 8:45 CET on December 19, 2019.
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