Brief: Karolinska Development Invests In Breakthrough Drug Project

Kdventures AB

03/06/2022 07:07

June 3 (Reuters) - Karolinska Development AB  KDEV.ST :
    * KAROLINSKA DEVELOPMENT INVESTS IN BREAKTHROUGH DRUG
PROJECT FOR
THE TREATMENT OF NERVE PAIN
    * HAS AGREED TO INVEST SEK 20 MILLION IN PHARMNOVO AB, WHICH
IS
DEVELOPING A NOVEL DRUG FOR NERVE PAIN, A DIFFICULT-TO-TREAT
FORM OF PAIN THAT OFTEN DEVELOPS INTO A CHRONIC CONDITION
    * ESTIMATED MARKET VALUE FOR NERVE PAIN DRUGS IS NEARLY $6
BILLION
AND IS EXPECTED TO CONTINUE GROWING
    * DRUG CANDIDATE PN6047 FROM PHARMNOVO HAS SHOWN COMPELLING
EFFICACY IN WELL-ESTABLISHED PRECLINICAL DISEASE MODELS, AND A
FIRST CLINICAL TRIAL IS PLANNED TO START IN LATE 2022
    * KAROLINSKA DEVELOPMENT'S OWNERSHIP IN PHARMNOVO WILL
AMOUNT TO
13.7 % AFTER INVESTMENT

Source text for Eikon:  ID:nGNEd7BY6 
Further company coverage:  KDEV.ST 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))