Karolinska Development’s portfolio company Umecrine Cognition raises MSEK 24.6 for the ongoing clinical development of golexanolone

Core Viewpoint - Umecrine Cognition has successfully raised SEK 24.6 million through a convertible loan to support its ongoing clinical Phase 1b/2a study of golexanolone in primary biliary cholangitis, with participation from existing shareholders including Karolinska Development [1][3]. Group 1: Clinical Study Details - Umecrine Cognition is conducting the second part of its clinical Phase 1b/2a study, aiming to recruit 84 patients across over 30 sites in eight countries [2]. - The first part of the study concluded with interim results indicating that golexanolone was well-tolerated, safe, and resulted in only mild adverse events, achieving clinically relevant drug exposure levels and positive outcomes in anxiety and depression scoring [2]. Group 2: Funding and Ownership - The convertible loan, which includes attached share options, is directed to a consortium of investors, including Karolinska Development, AB Ility, and Ribbskottet AB, and will finance the clinical trial and operational expenses [3]. - Karolinska Development currently holds a 73% ownership stake in Umecrine Cognition, which will decrease to 62% upon conversion of the loan and full exercise of the share options [4]. Group 3: Company Background - Karolinska Development is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations in the region [5][6]. - The company has a portfolio of eleven companies targeting innovative treatments for serious diseases and is supported by a team of experienced investment professionals [7].