STOCKHOLM, SWEDEN 11 June 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces today that its portfolio company Promimic is evaluating the possibility of a listing of the company's share on Nasdaq First North Growth Market in 2022. Promimic’s unique nanotechnology improves the properties of dental and orthopedic implants and the company has initiated commercialization through its own sales force in the US and in collaboration with solid partners.
Promimic is a biomaterial company that manufactures and markets a unique, nanometer-thin coating for implants, HAnano Surface®, which strengthens the anchoring of implants in bone tissue and thereby facilitates the healing process. The coating is based on a technology that has been approved by the FDA, whereby all new types of implants coated with HAnano Surface can receive market approval via a simplified process (510(k)). The surface treatment is easy to implement and conduct in industrial plants around the world that manufacture implants. Promimic has established its own sales operations in the US and secured a number of partnerships for continued development and commercialization. To accelerate these activities, Promimic is evaluating the possibility of a listing of its share on Nasdaq First North Growth Market.
The implant industry is a large and growing market with high profit margins. Promimic focuses on providing coatings for dental and orthopedic implants, two market segments with a total estimated market value of USD 600-800 million per year.
"Our portfolio company Promimic has undergone rapid development in recent years and an IPO is considered a natural next step to increase the company's growth opportunities and highlight the value in its unique technology for implant coatings," comments Karolinska Development's CEO Viktor Drvota.
Karolinska Development has an interest in Promimic via KDev Investments, whose ownership in Promimic amounts to 20% of the total number of outstanding shares.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
Phone: +46 70 207 48 26, e-mail: johan.dighed@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 10 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, please visit 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 08:00 CET on 11 June, 2021.
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