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Why invest in Karolinska Development?
Exclusive access to top class medical innovations
First-in-class drug candidates with multi billion dollar sales potential
Large portfolio of companies reduces binary risk
Strong balance sheet – we focus on value creation
Management with strong deal-making track record
2
The Leading Medical University in the Nordic Region
One of the top ranked medical universities in the world and one of Europe’s largest
1,450 scientists, 2,150 MD/PhD students publishing > 3,850 high quality medical papers annually
Home of the Nobel Prize in Physiology or Medicine
Karolinska Institutet
Karolinska Development has an Exclusive Deal Flow Agreement with KIAB*
* Karolinska Institutet Innovations AB, the TTO of KI
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From Innovation to Products
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Since 2003 Karolinska Development has selected 57 life science innovations of more than 1,200 ideas
CARDIOVASCULAR
Athera Biotechnologies AB (Annexin A5) 57%
Athera Biotechnologies AB (PC-mAb) 57%
The Portfolio has a Significant Market Potential
5
DERMATOLOGY
Pergamum AB (DPK-060) 62%
Pergamum AB (PXL01) 62%
Pergamum AB (LL-37) 62%
WOMEN’S HEALTH
Dilafor AB 55%
Umecrine Mood AB 38%
Pharmanest AB 50%
INFECTIOUS DISEASE
Dilaforette AB 55%*
Biosergen AS 51%
CNS
BioChromix Pharma AB 56%
Umecrine Cognition AB 43%
INFLAMMATION
NovaSAID AB 89%
ProNoxis AB 18%
Solid colored area = completed phase Shaded colored area = ongoing phase
PHARMACEUTICALS Ownership Concept
development Lead
discovery Lead
optimization Preclinical
development Phase I Phase II Phase III Launch
ONCOLOGY
Aprea AB 40%
Axelar AB 40%
Oncopeptides AB 42%
Akinion Pharmaceuticals AB 88%
Avaris AB 68%
*Dilaforette is fully owned by Dilafor
OPHTHALMOLOGY
Clanotech AB 86%
TECHNOLOGY Ownership Concept development Prototype Development Product Sales
Promimic AB 25%
Inhalation Sciences Sweden AB 69%
NeoDynamics AB (Fourier/AS) 25%
XSpray Microparticles AB 58%
NeoDynamics AB (Therapy/PRFA) 25%
Lipidor AB 40%
THERANOSTICS
Athera Biotechnologies AB (CVDefine®) 57%
BioChromix AB 6%
FINANCIAL/PASSIVE INVESTMENTS Ownership Concept
development Lead
discovery Lead
optimization Preclinical
development Phase I Phase II Phase III Launch
PHARMACEUTICALS
NephroGenex Inc. 1%
Pergamum AB (Laurantis Pharma Oy, dermatology) 6%*
BioArtic Neuroscience AB 3%
Pergamum AB (Laurantis Pharma Oy, oncology) 6%*
CytoGuide ApS 9%
TECHNOLOGY Ownership Concept development Prototype Development Product Sales
BioResonator AB 8%
HBV Theranostica AB 73%
The Portfolio has a Significant Market Potential
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*Indirect ownership through Pergamum AB
Experienced Management Team with Extensive Network
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Dr. Torbjörn Bjerke CEO
Orexo AB, Biolipox, ALK-Abello, AstraZeneca Genentech, NeuroSearch
DBV Technologies, Topotarget
Gunnar Casserstedt CFO
Pfizer, Pharmacia, ICI Pharma,
Ciba-Geigy, Astra
Ola Flink VP Portfolio Management AstraZeneca,
Apoteksbolaget, ACO Läkemedel
Dr. Carl-Harald Janson VP Portfolio
Management Astra Arcus
Carnegie, Danske Bank
Otto Skolling VP Portfolio
Management Novozymes, Pharmacia&
Upjohn
Investment Managers
Hans-Peter Ekre VP Portfolio Management
Astra, Kabi Pharmacia,
Benjamin Nordin IR Director
Kaupthing Bank, Karolinska Institutet,
JP Nordiska
Ulf Richenberg General Counsel Esselte, Vattenfall, Scribona, Stokab
Dr.Terje Kalland CSO
Novo Nordisk, Biovitrum, Pharmacia,
Dako, Innate Pharma, CBIO
Michael Sundström VP Discovery Research
Novo Nordisk, Pharmacia, Oxford University
Robin Wright Consultant
Head of Business Development
Orexo AB, BioScience Managers Ltd
Citibank, N.A.
Main Focus for Karolinska Development in 2011
Oncology
Aprea – APR-246 Phase I/II data in cancer
Axelar – AXL1717 Phase I/II data in cancer
Axelar – AXL1717 for NSCLC Initiate Phase II
Oncopeptides – J1 for ovarian cancer Complete Phase I/II
Akinion – AKN-028 for AML Initiate clinical studies
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Main Focus for Karolinska Development in 2011 (cont.)
Women’s health
Dilafor – Tafoxiparin for protracted labor Initiate Phase IIb with partner
Pharmanest – Pain relief at IUD insertion Initiate Phase I and II (2012)
Others
Dilaforette – Sevuparin for malaria Initiate Phase I/II
NovaSAID – Inflammatory pain Focus on partnering
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Dermatology
Pergamum – DPK-060 for external otitis Initiate Phase II
Pergamum – DPK-060 for atopic dermatitis Preparation for Phase IIb (long term treatment)
Pergamum – PXL01 for surgical adhesion Complete enrolment of Phase II
Pergamum – LL-37 for chronic wounds Initiate clinical studies (2012)
Anticipated Major Clinical Milestones in 2011-2013
2011 2012 2013
Phase I/II data PXL01 Phase II data Phase II data
in NSCLC
Phase I/II data
DPK-060 Phase II data
Phase I data
Tafoxiparin Phase IIb data
LL-37 Phase I data
Phase IIa data
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Phase I/II data
Oncology is One of the Fastest Growing Segments
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0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
2002 2003 2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E
USDm
World oncology sales
Total oncology therapy
Targeted therapies
Source: Datamonitor
AXL1717 - Block Buster Potential in Lung Cancer
Status
The only small-molecule IGF-1R inhibitor in man without insulin receptor inhibition
Unique preclinical efficacy
Well tolerated in man
Market Overview
Around 47 000 new cases of squamous NSCLC in the US
UBS estimates total US lung cancer sales in 2010 for Avastin at USD 1150m, Tarceva USD 400m, and Iressa USD 310m
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Company: Axelar AB
Active ingredient: Small molecule
Primary indication: NSCLC
Current Phase: Phase I/II
Source: Datamonitor
Ownership: 40%
AXL1717 - Potential in Multiple Cancers
0
5
10
15
Avastin, Tarceva and Iressa Sales (USDbn)
AXL1717 - Phase I/II Data
0 10 20 30 40 50 60 70 80 90 100
107 sq NSCLC
109 sq NSCLC
112 sq NSCLC
113 sq NSCLC
116 sq NSCLC
118 ad NSCLC
121 sq NSCLC
123 ad NSCLC
126 ad NSCLC
129 ad NSCLC
137 ad NSCLC
138 ad NSCLC
141 sq NSCLC
145 sq NSCLC
149 sq NSCLC
Weeks
Imaging assessments of 15 patients with progressive and refractory NSCLC treated with single agent AXL1717 in 3rd or 4th line, with treatment duration of at least two weeks. Status per 24-Aug-2011.
Time to Progress (weeks)
Survival (weeks)
Alive
Alive
Alive
Alive
Alive
Ownership: 40%
Pat 145: Index lesion 3
18F-FDG PET-CT CECT
Baseline 1/21/2011
Follow-up 4/12/2011
First dose intake 1/21/2011
SUV max = 4.2 g/mL Volume = 4.0 cm3
RECIST evaluation Largest axial D = 2.4 cm
Total metabolic regress Not measurable
Ownership: 40%
AXL1717 - Phase I/II Data
15 patients with NSCLC were treated for 14 days or longer
Median survival for these 15 patients was 44 weeks and time to progression was 30 weeks
At cut-off, 5 patients were still alive and 2 of these patients had not reported progression. The results may therefore improve further over time
One Partial Response – 12-week assessment: Total functional tumor volume (PET): -81%, PR on both PET and CT
Key Financials for the Group – Strong Cash Position
Amounts in SEKm 2011
Apr - June 2010
Apr - June 2011
Jan - June 2010
Jan - June
Revenue 2.3 5.9 5.2 8.5
Profit/loss after tax -93.2 -99.8 -130.8 -99.7
Earnings per share before and after dilution (SEK) -1.92 -3.00 -3.09 -2.94
Investments in portfolio companies (Parent Company, see Note 10) 190.6* 41.6 226.2* 87.9
Of which conversions and transfers not affecting cash flow 88.6 0.0 94.5 0.0
Cash flow 20.3 33.7 54.8 -176.4
Cash, cash equivalents and short-term investments on closing date 739.7 411.1
Net asset value per share (SEK) on closing date 49.59 59.09
Value of total portfolio on closing date 1,652.1 1,497.5
*Investments affecting cash flow amount to SEK 131.7m for the reporting period and SEK 102.0m for the second quarter. Investment activity not affecting cash flow
during the reporting period consists of SEK 84.1m in receivables which have been offset against shares and SEK 10.4m in investments which have been transferred
to the associated company KCIF Co – Investment Fund KB.
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Strong Shareholder Base
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As per September 30, 2011
Shareholder A Shares B Shares Cap % Vote %
Third Swedish National Pension Fund 0 4678500 9.6 7.5
Karolinska Institutet Holding AB 1503098 2453933 8.2 28.2
Coastal Investment Management 0 3470541 7.2 5.6
Östersjöstiftelsen 0 3345537 6.9 5.4
EFG Private Bank S.A. 0 1778145 3.7 2.9
Näsudden Investeringar AB 0 1629354 3.4 2.6
Wallenberg-sphere
Foundation Asset Management AB 0 1392035 2.9 2.2
SIX SIS AG. 0 1361633 2.8 2.2
Persson Stefan 0 1261278 2.6 2.0
Skagen fonder 0 1234600 2.5 2.0
Stift för Främjande & Utveckling 0 1150323 2.4 1.9
Swedbank Robur småbolagsfond Sverige 0 1014000 2.1 1.6
JP Morgan Chase NA 0 750000 1.6 1.2
SEB S.A.. NQI 0 724542 1.5 1.2
SBSB Innovation AB 0 677000 1.4 1.1
AS Hansapank 0 601973 1.2 1.0
Holberg Norden 0 523100 1.1 0.8
Swedbank Robur Ny teknik BTI 0 508074 1.1 0.8
UBS AG 0 410000 0.8 0.7
JP Morgan Chase N.A, JP Morgan Chase Bank SWE RES 0 409502 0.8 0.7
Sum, listed shareholders 1503098 29374070 63.6 71.5
Sum, other shareholders 0 17654249 36.4 28.5
Sum, all shareholders 1503098 47028319 100.0 100.0
Why invest in Karolinska Development?
Exclusive access to top class medical innovations
First-in-class drug candidates with multi billion dollar sales potential
Large portfolio of companies reduces binary risk
Strong balance sheet – we focus on value creation
Management with strong deal-making track record
20
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