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 AB is approaching a period where several portfolio companies will conclude their clinical studies, which is expected to yield exciting data readouts [1] Significant Events During the Third Quarter - Organon announced the discontinuation of the clinical development of drug candidate OG-6219 following phase 2 study results [4] - Modus Therapeutics completed patient enrollment for part 1 of its ongoing phase 2a study with sevuparin for chronic kidney disease with anemia [4] - Umecrine Cognition raised SEK 24.6 million through a convertible loan for its ongoing clinical study of golexanolone in Primary biliary cholangitis [4] - Modus Therapeutics raised SEK 28.3 million in a unit issue with a subscription rate of 189% to finance the development of sevuparin [4] - Umecrine Cognition presented data supporting golexanolone's mechanism in alleviating Parkinson's disease symptoms [4] - AnaCardio completed enrollment in the phase 2a study of drug candidate AC01 for heart failure, with results expected by year-end [4] - Dilafor was granted a US patent for tafoxiparin, which will support its phase 3 clinical development [4] - PharmNovo received approval to initiate a phase 2a clinical trial of PN6047 for neuropathic pain [4] - SVF Vaccines presented positive preclinical study results for SVF-001 targeting chronic hepatitis B and D [4] - Karolinska Development participated in BOOST Pharma's financing, contributing SEK 7.5 million to support phase 3 development of BT-101 for Osteogenesis imperfecta [4] - BOOST Pharma presented new long-term data from the BOOSTB4 trial for BT-101 at an international conference [4] - Modus Therapeutics received regulatory approval to initiate the second part of its phase 2 study with sevuparin [5] Financial Update - The net profit/loss for Q3 2025 was SEK -66.8 million, compared to SEK -10.9 million in Q3 2024 [8] - Earnings per share for Q3 2025 totaled SEK -0.25, down from SEK -0.04 in Q3 2024 [8] - The total fair value of the portfolio at the end of September 2025 was SEK 1,346.7 million, a decrease of SEK 38.2 million from the previous quarter [8] - Net asset value at the end of September 2025 was SEK 1,085.4 million, or SEK 4.0 per share, down from SEK 1,224.4 million or SEK 4.5 per share at the end of September 2024 [8] - Net sales for Q3 2025 totaled SEK 0.3 million, compared to SEK 0.4 million in Q3 2024 [8] - Karolinska Development invested SEK 28.4 million in portfolio companies during Q3 2025, up from SEK 19.8 million in Q3 2024 [8] - Cash and cash equivalents decreased by SEK 26.6 million, totaling SEK 44.5 million on September 30, 2025 [8]

Core Insights - Modus Therapeutics has received regulatory approval to initiate the second part of its phase 2 study for sevuparin, targeting chronic kidney disease with anemia, set to begin in Q4 2025 [1][2][3] Company Overview - Karolinska Development AB holds a 54% direct and 1% indirect ownership in Modus Therapeutics, indicating a significant stake in the company's progress [3] - The company focuses on identifying and investing in breakthrough medical innovations in the Nordic region, aiming to develop these into commercial products that improve patient lives while providing returns to shareholders [4][5] Clinical Development - The second part of the clinical study will evaluate three doses of sevuparin, building on initial data that demonstrated the drug's good tolerance [2] - The approval is seen as a crucial milestone for Modus Therapeutics, allowing it to adhere to its planned clinical development timeline [3]

Core Viewpoint - Karolinska Development AB emphasizes its clear strategy and stable scientific foundation for its investment portfolio, focusing on patient benefits amidst challenging market conditions [1]. Significant Events - Organon plans to discontinue the clinical development of drug candidate OG-6219, following Phase 2 study results [3]. - Umecrine Cognition presented preclinical data on golexanolone's effects on Parkinsonian symptoms at the AD/PD 2025 conference [4]. - Umecrine Cognition received a USD 420,000 research grant from The Michael J. Fox Foundation for golexanolone studies [4]. - OssDsign achieved a milestone of treating 10,000 patients with its bone graft product in the US market [4]. - Karolinska Development divested its remaining shares in OssDsign, resulting in a capital injection of approximately SEK 34.5 million [4]. Financial Update - The net profit/loss for Q2 2025 was SEK -73.3 million, compared to SEK -16.0 million in Q2 2024 [5]. - The total fair value of the portfolio decreased to SEK 1,384.9 million at the end of June 2025, down from SEK 1,434.2 million [5]. - Net asset value at the end of June 2025 was SEK 1,148.6 million, or SEK 4.3 per share, compared to SEK 1,238.2 million, or SEK 4.6 per share, at the end of June 2024 [5]. - Cash and cash equivalents increased by SEK 20.0 million, totaling SEK 71.1 million on June 30, 2025 [5].

Core Insights - Modus Therapeutics has successfully raised SEK 28.3 million through a unit issue with a subscription rate of 189 percent, indicating strong investor confidence [1][2][4] - The net proceeds amount to SEK 24.4 million, primarily allocated for clinical activities, including a phase 2 study of the drug candidate sevuparin for chronic kidney disease [3] - Karolinska Development holds a 66 percent direct and 8 percent indirect ownership in Modus Therapeutics, reflecting its significant stake in the company [5] Financial Details - The rights issue raised SEK 28.3 million, with a subscription rate of 189 percent, eliminating the need for guarantee commitments [1][2] - Approximately SEK 5 million of the net proceeds will be used to offset loans from Karolinska Development, while the majority will support ongoing clinical activities [3] - The financing is expected to sustain operations until the end of 2026, including potential proceeds from the exercise of warrants [3] Company Background - Karolinska Development AB is a Nordic life sciences investment company focused on breakthrough medical innovations and the growth of companies that advance these innovations into commercial products [6][8] - The company has access to world-class medical innovations from leading universities and research institutes in the Nordic region, aiming to build companies around top scientists [7] - Karolinska Development's portfolio includes eleven companies targeting innovative treatments for serious diseases, supported by an experienced management team [8]

Core Insights - Modus Therapeutics has successfully completed patient enrollment for part 1 of its clinical phase 2a study evaluating sevuparin as a treatment for chronic kidney disease with anemia [1][2] - The study aims to assess the safety and dosing levels of sevuparin in patients with chronic kidney disease (stage 3-5) and healthy volunteers, conducted in Italy [2] - Karolinska Development holds a 66% ownership stake in Modus Therapeutics, indicating significant investment in the company's potential [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 [4][5] - The company aims to build companies around leading scientists and experienced management teams, co-funded by international investors to enhance the likelihood of success [5][6] - Karolinska Development has a portfolio of eleven companies targeting innovative treatments for serious diseases, supported by a strong global network [6]

Core Viewpoint - Modus Therapeutics is conducting a fully secured rights issue to raise SEK 28.3 million for the continued development of its drug candidate sevuparin, aimed at treating chronic kidney disease with anemia [1][2][3]. Group 1: Rights Issue Details - The rights issue will provide SEK 28.3 million before issue costs, subject to approval at an extraordinary general meeting on July 29, 2025 [2][3]. - Major shareholders, including Karolinska Development, have committed SEK 17.7 million, covering 62.7% of the rights issue, with the remaining 37.3% underwritten by external parties [4]. Group 2: Purpose and Impact - The funds from the rights issue will be used to complete the ongoing clinical phase II study of sevuparin and to finance operations through the end of 2026 [3]. - The successful securing of the rights issue is viewed as a strong indicator of Modus Therapeutics' clinical strategy and financial health [5]. Group 3: Company Background - Karolinska Development AB is a Nordic life sciences investment company focused on identifying and developing breakthrough medical innovations [6][7]. - The company has a portfolio of eleven companies targeting innovative treatments for serious diseases, supported by experienced management teams and a strong global network [8].