STOCKHOLM, SWEDEN, November 29, 2022. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company OssDsign has completed a directed share issue of approximately SEK 65.6 million to a number of reputable institutional investors, including Adrigo Small & Midcap and Lancelot Asset Management. Karolinska Development is one of the major shareholders in OssDsign and subscribed its pro-rata share in the issue for an amount of approximately SEK 7.2 million.
The purpose of the issue is to fund OssDsign's continued efforts to build a global bone graft business, accelerate growth in the US, expand the product portfolio and advance the clinical programs.
“Karolinska Development’s portfolio company OssDsign has made significant progress in the commercialization of its bone replacement products over the past year, and the successful directed share issue is a clear testament to the confidence the company enjoys among reputable institutional investors. With a strengthened financial position, OssDsign’s opportunities for expansion and growth are now further enhanced," says Viktor Drvota, CEO, Karolinska Development.
The subscription price per new share in the directed share issue amounted to SEK 4.60 and was determined through an accelerated book building procedure. This corresponds to a discount of approximately 5.5 percent compared to the volume-weighted average price of the last 10 days. Karolinska Development's shareholding in OssDsign AB, including indirect ownership via KCIF Co-Investment Fund, after completion of the directed share issue, amounts to 10.4 percent.
OssDsign is a developer and global provider of next-generation bone replacement products. Based on cutting-edge material science, the company develops and markets products that support the body’s own healing capabilities and thereby improve the clinical outcome in a wide range of orthopedic areas with high medical needs. With a product portfolio consisting of patient-specific implants for cranial surgeries and an off-the-shelf synthetic bone graft for spine surgeries, OssDsign gives back patients the life they deserve. The company has a strong commercial presence in the US, Europe and selected Asian countries. OssDsign’s share is traded on Nasdaq First North Growth Market in Stockholm, Sweden.
For further information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: email@example.com
Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
Phone: +46 70 207 48 26, e-mail: firstname.lastname@example.org
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 11 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.