Core Viewpoint - Karolinska Development AB's portfolio company SVF Vaccines has entered into a reverse acquisition agreement with Novakand Pharma, valued at approximately SEK 55 million, pending various approvals [1][3]. Group 1: Transaction Details - The reverse acquisition agreement allows Novakand to acquire all shares in SVF Vaccines, with payment made in newly issued shares of Novakand [1]. - SVF Vaccines shareholders will hold 66.7% of the combined company, while Novakand shareholders will hold 33.3% [3]. - The transaction is expected to be completed in the first quarter of 2026, subject to approval from an extraordinary general meeting of Novakand and regulatory authorities [1][3]. Group 2: Company Focus and Financials - Post-transaction, the combined company will concentrate on developing innovative vaccine therapies based on SVF's technology, while retaining Novakand's existing fractalkine program [4]. - The combined entity is projected to have sufficient working capital for the next 12 months, with plans for a capital raise to fund a Phase 1 study for the vaccine candidate SVF-001, estimated to cost SEK 30 million [4]. Group 3: Strategic Importance - The CEO of Karolinska Development emphasized that the stock market listing could accelerate SVF Vaccines' vaccine development, highlighting the company's commitment to supporting the capital raising process for the upcoming Phase 1 study [5]. - Karolinska Development holds a 33% ownership stake in SVF Vaccines, indicating a significant interest in the success of the combined entity [5].

Core Viewpoint - Karolinska Development AB has announced additional guarantee commitments of approximately 20 MSEK in its ongoing rights issue, bringing the total to approximately 115.2 MSEK, which covers about 57% of the rights issue volume [2][3]. Group 1: Rights Issue Details - The rights issue was resolved by the Board of Directors on December 1, 2025, and approved by the extraordinary general meeting on January 8, 2026, with a subscription period running until January 27, 2026 [2]. - The total rights issue amount is approximately 202.6 MSEK before issue costs [2]. - The Intermediate Guarantee covers the interval from approximately 47% to 57% of the rights issue, amounting to approximately 115.2 MSEK [3]. Group 2: Guarantee Commitments - Previously agreed guarantee commitments have increased from approximately 95.2 MSEK to approximately 115.2 MSEK [3]. - The guarantee commitments are not secured through bank guarantees or similar arrangements [5]. - A cash guarantee fee of 13% or a fee of 15% in newly issued shares will be paid for the Intermediate Guarantee [4]. Group 3: Shareholder Implications - Investors acquiring a shareholding of 10% or more of the total votes in the Company must notify the Inspectorate of Strategic Products prior to the investment [6]. - Any guarantee commitments that require approval under the Swedish Screening of Foreign Direct Investments Act are conditional upon obtaining such approval [6][19]. Group 4: Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing medical innovations [10]. - The company aims to build companies around leading scientists and management teams, co-funded by international investors [11]. - Karolinska Development has a portfolio of eleven companies targeting innovative treatments for serious diseases [12].

Core Viewpoint - Dilafor has entered into a binding term sheet with Exeltis for an exclusive semi-global license to develop and commercialize tafoxiparin, a drug aimed at priming labor, with Exeltis funding pivotal clinical trials and commercialization efforts [1][2][3] Company Overview - Dilafor AB is a women's health company based in Stockholm, Sweden, focused on developing therapies for women's health issues with significant unmet medical needs [5] - The company was founded in 2003 by scientists from prominent institutions and aims to minimize maternal and fetal complications during labor [5] - Tafoxiparin, Dilafor's leading drug candidate, is ready for clinical phase 3 trials and works by mimicking natural physiological processes to prepare for labor [5] Partnership Details - The agreement with Exeltis includes milestone payments linked to commercial performance and stepped royalties based on net sales, with Exeltis covering all future development and commercialization costs [2][3] - Exeltis is part of Insud Pharma, a Spanish multinational with over 40 years of experience and a focus on women's health, operating in more than 40 countries [4] Market Context - The deal positions tafoxiparin to address the increasing demand for labor inductions, which have risen to 30-40% among first-time mothers due to the risks associated with prolonged pregnancies [3] - The potential for tafoxiparin is significant, with expectations of it becoming a disruptive treatment option that allows for home care rather than hospital surveillance [3] Financial Implications - Karolinska Development holds a 3% direct ownership and a 29% indirect ownership interest in Dilafor, but the term sheet is not expected to significantly impact Dilafor's book value [6]

Core Viewpoint - Karolinska Development AB is initiating a rights issue to raise approximately SEK 202.6 million for the continued development of existing investments and general corporate purposes [2][6]. Rights Issue Details - The rights issue involves a maximum of 675,193,985 series B shares at a subscription price of SEK 0.30 per share [6]. - The subscription period runs from January 13, 2026, to January 27, 2026, with trading in subscription rights occurring from January 13 to January 22, 2026 [4][6]. - Shareholders holding series A and B shares will have preferential rights to subscribe, with one existing share granting five subscription rights, and two subscription rights allowing the purchase of one new series B share [6]. Financial Commitments - Prior to the rights issue, the company has secured subscription undertakings from its Board of Directors and management amounting to approximately SEK 5.2 million, representing about 2.6% of the rights issue [6]. - Additionally, the company has entered into guarantee commitments totaling approximately SEK 95.2 million, which is about 47% of the rights issue, including the subscription undertakings [6]. Timeline and Trading Information - The estimated date for announcing the outcome of the rights issue is around January 29, 2026, with trading in new shares expected to commence on February 16, 2026 [4][6]. - Trading in paid subscribed shares (BTA) will occur from January 13, 2026, until around February 12, 2026 [4]. Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations [10]. - The company aims to build companies around leading scientists and management teams, co-funded by international investors, to enhance the chances of success in advancing medical innovations [11]. - The company has a portfolio of eleven companies targeting innovative treatments for serious diseases [12].

Core Viewpoint - Karolinska Development AB is conducting a rights issue of series B shares amounting to approximately SEK 202.6 million, which has been approved by the Board of Directors and the extraordinary general meeting [2]. Group 1: Rights Issue Details - The rights issue is set to raise approximately SEK 202.6 million before transaction costs, as resolved by the Board on December 1, 2025, and approved on January 8, 2026 [2]. - An information document has been prepared in accordance with the Prospectus Regulation, detailing the terms and conditions of the rights issue, which has been registered with the Swedish Financial Supervisory Authority [3]. - The timetable for the rights issue includes trading in subscription rights from January 13 to January 22, 2026, and a subscription period from January 13 to January 27, 2026 [4]. Group 2: Advisory and Legal Support - Redeye AB is acting as the financial adviser, while Cirio Advokatbyrå AB serves as the legal adviser for the rights issue [5]. Group 3: Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations in the Nordic region [7]. - The company aims to create and grow companies that advance medical innovations into commercial products, benefiting patients and providing returns to shareholders [8]. - Karolinska Development has access to world-class medical innovations from leading universities and research institutes, aiming to build companies around top scientists supported by experienced management teams [9].

Core Viewpoint - Karolinska Development AB held an Extraordinary General Meeting on January 8, 2026, where significant resolutions were made regarding share capital increase and company name change [1]. Group 1: Share Capital Increase - The Board of Directors' resolution to issue new shares with preferential rights for existing shareholders was approved, allowing an increase in share capital by up to SEK 6,751,939.85 through a rights issue of no more than 675,193,985 shares of series B [2]. - Each existing share entitles shareholders to five subscription rights, with two subscription rights allowing the subscription of one new share of series B at a price of SEK 0.30 per share [3]. Group 2: Subscription Period - The subscription period for the rights issue is set from January 13, 2026, to January 27, 2026 [4]. Group 3: Amendments to Articles of Association - The company name will be changed to KDventures AB, and amendments were made to the object of the Company's business, with share capital limits set between SEK 2,650,000 and SEK 10,600,000, and the number of shares limited to between 265,000,000 and 1,060,000,000 [5]. Group 4: Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations in the Nordic region [8]. - The company has access to world-class medical innovations from leading universities and research institutes, aiming to build companies around leading scientists supported by experienced management teams [9]. - Karolinska Development has a portfolio of eleven companies targeting innovative treatments for serious diseases, led by a team of investment professionals with a strong track record [10].

Core Viewpoint - Karolinska Development AB's portfolio company SVF Vaccines has signed a non-binding letter of intent for a reverse takeover with Novakand Pharma AB, aiming for SVF Vaccines to be listed on Nasdaq First North Premier [1][8]. Group 1: Transaction Details - The reverse takeover is subject to a final agreement and approval at Novakand's extraordinary general meeting, which will result in SVF Vaccines shareholders owning approximately 67% of the new entity, renamed SVF Vaccines Holding AB [3][8]. - The transaction will provide SVF Vaccines access to Novakand's existing cash balance, enhancing its financial position [3]. Group 2: Development Plans - SVF Vaccines plans to conduct a capital raise primarily to finance the development of its lead program, SVF-001, targeting hepatitis B and D [4]. - The next step involves initiating a Phase 1 clinical study to demonstrate the generation of functional human antibodies and T cells against HDV, expected to be completed approximately 24 months post-transaction [4]. Group 3: Research and Validation - Recent preclinical results indicate that SVF-001 has a clear antiviral effect against HDV in a humanized mouse model for up to six weeks post-treatment, suggesting a long-lasting effect [5]. - The company has developed its platform efficiently, partly through grants, while delivering validating research data and a solid future development plan [7].

Core Insights - Karolinska Development AB's portfolio company SVF Vaccines has presented promising preclinical data on its immunotherapy SVF-001, targeting hepatitis B and D, at the HepDart scientific meeting [1][3] - The new data indicates sustained antiviral activity of SVF-001, showing reductions in hepatitis D virus RNA in blood for up to six weeks post-treatment [2][4] - Karolinska Development holds a 33% ownership stake in SVF Vaccines, which also includes other vaccine candidates like SVF-002 for COVID-19 [5] Company Overview - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations [6][7] - The company aims to build companies around leading scientists and experienced management teams, co-funded by international investors [7][8] - The portfolio includes eleven companies targeting innovative treatments for serious diseases, emphasizing a strong global network and proven track record in company building [8]

Core Viewpoint - Karolinska Development AB's portfolio company, Modus Therapeutics, has initiated the second part of a phase 2a clinical study for sevuparin, targeting chronic kidney disease with anemia, following a successful first part that demonstrated safety and provided insights for dose selection [1][2][4]. Group 1: Clinical Study Details - The second part of the phase 2a study will focus on repeated dosing of sevuparin, assessing safety and clinically relevant efficacy outcomes, including hemoglobin and hepcidin levels, along with other kidney- and blood-related biomarkers [3]. - A total of 50 to 60 patients will be enrolled in this study [3]. Group 2: Company Background and Ownership - Karolinska Development holds a 54% direct and 1% indirect ownership stake in Modus Therapeutics [4]. - The company is a Nordic life sciences investment firm that seeks to identify and develop breakthrough medical innovations, aiming to create and grow companies that can deliver impactful medical products [5][6]. Group 3: Strategic Focus - Karolinska Development collaborates with leading universities and research institutes in the Nordic region to access world-class medical innovations, focusing on building companies around top scientists supported by experienced management teams [6]. - The company has a portfolio of eleven companies that target innovative treatments for serious diseases, led by a team of investment professionals with a strong track record [7].

Core Insights - Karolinska Development's portfolio company AnaCardio has reported positive results from the phase 2a clinical trial GOAL-HF1 for the drug candidate AC01, aimed at treating heart failure with reduced ejection fraction (HFrEF) [1][5] - The study met its primary endpoint, demonstrating a favorable safety and tolerability profile, and showed encouraging efficacy signals, leading to plans for a phase 2b trial [1][5] Company Overview - AnaCardio AB is a privately held Swedish biopharmaceutical company focused on developing novel drugs for heart failure [2] - Karolinska Development holds a 10 percent ownership stake in AnaCardio [6] Clinical Trial Details - The phase 2a study enrolled 26 patients across 13 European heart failure centers, with participants receiving either 1 mg or 3 mg of AC01 or a placebo twice daily for 28 days [3] - Exploratory efficacy assessments indicated rapid and sustained improvements in haemodynamics and cardiac structure and function over the treatment period [3] - The pharmacokinetics of AC01 were predictable and dose-proportional, with confirmed target engagement through a dose-dependent increase in growth hormone release [4] Safety Profile - No treatment-emergent adverse events leading to discontinuation or serious adverse events were reported, nor were there any clinically relevant effects on blood pressure [5] - The CEO of Karolinska Development expressed confidence in AC01's potential to transform heart failure treatment based on the study's strong data [5]