Bli medlem
Bli medlem

Du är här

2016-11-22

Karolinska Development company Umecrine Cognition raises SEK 45 million to advance GR3027, a novel drug candidate for hepatic encephalopathy

Karolinska Development company Umecrine Cognition raises SEK 45 million to
advance GR3027, a novel drug candidate for hepatic encephalopathy

STOCKHOLM - November 22, 2016. Karolinska Development's portfolio company
Umecrine Cognition AB, today announces the closing of a financing round raising
SEK 45 million (US$4.9 million) in accordance with the company's strategy to
develop and commercialize its lead compound GR3027 for the treatment of
patients with liver cirrhosis and hepatic encephalopathy. Current investors
Fort Knox Förvaring AB, Partnerinvest Övre Norrland AB, Norrlandsfonden and
Karolinska Development (Nasdaq Stockholm: KDEV) participated in the financing
round

Details from the Umecrine Cognition press release follow:

Hepatic encephalopathy (HE) is a serious brain disorder and one of the primary
complications in acute and chronic liver disease. The condition is caused by
the inability of the damaged liver to remove toxins from the blood, leading to
hyperammonemia and neuroinflammation. Main symptoms arise in the brain as
impaired brain cell function gives the characteristic clinical manifestations
of the disease. The most frequent form is associated with liver cirrhosis and
leads to progressive impairments in sleep, personality, cognitive and motor
function and subsequently may lead to coma and death. There are currently no
treatments available that directly target these neurological symptoms, which
have serious detrimental effects on the quality of life of both patients and
relatives.

Umecrine Cognition’s lead candidate GR3027 is a novel GABAA receptor modulating
steroid antagonist (GAMSA) that acts on the neurosteroid enhancement of GABAA
receptor activation. GABAA receptor activation is a key driver for the
neurological symptoms associated with HE and GR3027 was previously shown to
reverse the neurological symptoms associated with HE in two accepted disease
models.

The company recently announced positive top-line Phase I data which
demonstrates lead candidate GR3027 reverses neurosteroid-induced, GABAA
receptor-mediated inhibition of brain function in a human challenge study.

Magnus Doverskog, CEO of Umecrine Cognition, said: “This financing represents a
significant confirmation of progress and of our efforts to advance GR3027 to
patients with liver cirrhosis and HE. Collectively, our previous findings
indicate that GR3027 shows promise as novel treatment for HE, a medical
condition with high unmet need. I am very pleased by the continued support
from our current investors Karolinska Development, Fort Knox Förvaring AB,
Partnerinvest Övre Norrland AB and Norrlandsfonden.”

Viktor Drvota, Chief Investment Officer at Karolinska Development, comments:
“We are encouraged with the progress Umecrine Cognition has made with GR3027 in
HE. This financing achieves a key objective for Karolinska Development to
ensure its companies have sufficient funding to reach these development
milestones.”

As a result of the new financing, Karolinska Development has increased its
direct holding in Umecrine Cognition from 59.2% to 66.8% (fully diluted). The
financing has no impact on Karolinska Development’s Fair value.

For further information, please contact:

Jim Van heusden, CEO, Karolinska Development AB

Phone: +46 72 858 32 09, e-mail: jim.van.heusden@karolinskadevelopment.com

Christian Tange, CFO, Karolinska Development AB

Phone: +46 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.com

David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson

Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk

TO THE EDITORS

About Umecrine Cognition AB

Umecrine Cognition, a Karolinska Development (Nasdaq Stockholm: KDEV) portfolio
company, is developing a potential therapy that represents a new target class
relevant for several major CNS-related disorders. The primary focus is to
develop a treatment for life-threatening overt Hepatic Encephalopathy and
long-term treatment in minimal Hepatic Encephalopathy in patients with liver
disease, a growing area with high unmet medical need. The current lack of
therapeutics that directly addresses the neurocognitive signs and symptoms of
Hepatic Encephalopathy makes a novel treatment likely to become a major
contribution for the treatment of this disorder. For more information, please
visit www.umecrinecognition.com

About Karolinska Development AB

Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences
investment company. The company focuses on identifying medical innovation and
investing in the creation and growth of companies developing these assets into
differentiated products that will make a difference to patients’ lives and
provide an attractive return on investment to its shareholders.

Karolinska Development has access to world-class medical innovations at leading
universities and research institutes in the Nordic region, including the
Karolinska Institutet. The Company aims to build companies around innovative
products and technologies, supported by experienced management teams and
advisers, and co-funded by specialist international life science investors, to
provide the greatest chance of success.

Karolinska Development’s portfolio comprises 10 companies focusing on the
development of innovative treatment for life-threatening or serious
debilitating diseases.

The Company is led by a team of investment professionals with strong investment
backgrounds, experienced company builders and entrepreneurs, with access to a
strong global network.

For more information, please visit www.karolinskadevelopment.com

Författare SSE

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.