The Venture Codex

Led · Convertible Note · May 2021

Asarina Pharma AB is a Swedish biotech developing Sepranolone and a family of GAMSA (GABAA Modulating Steroid Antagonists) compounds for allopregnanolone-related stress, menstrual and neurological disorders. The company's pipeline is built on over 40 years of research into allopregnanolone-related neurological disorders. Management plans to further explore Sepranolone's potential within neurological diseases, including obsessive-compulsive disorder (OCD). To supplement current financial resources, Asarina obtained a 5.3 MSEK convertible loan from key shareholder Östersjöstiftelsen (ÖSS). The loan carries 10% p.a. interest, matures on 30 June 2023, and may be converted by ÖSS at the volume-weighted average share price during the 10 trading days prior to conversion. The proceeds are earmarked for ongoing and upcoming R&D into neurological indications. The company communicated the funding and its intended use from Stockholm. Asarina Pharma is a Stockholm, Sweden-based drug development company led by CEO Peter Nordkild. The company is developing Sepranolone (UC1010) aimed at treating premenstrual dysphoric disorder and other menstrually related conditions. Sepranolone showed promising results in an exploratory Phase I/II clinical study. Asarina intends to use new funding to continue clinical development and to prepare a Phase IIb clinical trial. The planned Phase IIb trial is to be conducted in the US and a number of European countries, including Sweden. The company recently completed a financing event to support these development plans. Umecrine Mood develops novel products to treat the mental and physical symptoms associated with PMDD and severe PMS caused by an endogenous CNS‑active steroid derived from the corpus luteum. The company is advancing a novel therapy intended to address severe premenstrual symptoms. It has closed an equity financing from Kurma Biofund; the amount was not disclosed. The financing is intended to fund continued clinical development, enabling the company to pursue Phase I and II studies. Following the transaction, existing investor Karolinska Development holds a 39% stake in Umecrine Mood. The company is based in Solna, Sweden. The company also updated its board, signaling governance changes concurrent with the financing.

Participated · Equity · Feb 2017

Modus Therapeutics is focused on advancing its lead drug candidate, sevuparin, for the treatment of chronic kidney disease. The company’s recent financing underscores strong market confidence in its clinical program, with the unit issue being oversubscribed at a 189 percent subscription rate. Proceeds from the raise will fund continued development of sevuparin and support the company’s operations through the end of 2026. As part of Karolinska Development AB’s portfolio, Modus Therapeutics benefits from access to a strong Nordic life-sciences network and expertise in bringing medical innovations to market. The company positions sevuparin as a potential new therapeutic option for a serious unmet medical need. Current financial planning suggests sufficient runway for at least the next two and a half years. No additional operating metrics such as revenue or patient enrollment figures were disclosed in the article.

Led · Equity · Sep 2015

Xspray Pharma is a research company developing Dasynoc, an amorphous variant of BMS's cancer drug Sprycel (dasatinib). Dasynoc is positioned as a treatment for chronic myeloid leukemia and acute lymphoblastic leukemia. The company is conducting a rights issue of up to SEK 130 million to support a planned U.S. launch of Dasynoc. According to a press release, the rights issue is approximately 68% guaranteed through subscription commitments and letters of intent from the company’s largest shareholders and a new institutional investor. The proceeds are intended to fund the U.S. commercialization effort. The article does not provide additional operating metrics or prior financing details. XSpray Microparticles develops drug candidates using its proprietary HyNap™ formulation technology, with lead compound XS004 based on a well‑known protein kinase inhibitor. The company is advancing XS004 through clinical development; a consortium is investing SEK 18 million to fund its Phase I trial, with results expected in Q2 2016. Karolinska Development and KCIF Co‑Investment Fund KB will transfer their entire shareholdings in XSpray to the consortium under an earn‑out agreement. The consortium is led by Östersjöstiftelsen and Recipharm Venture Fund and also includes XSpray’s board, management and other investors. Karolinska Development retains an economic interest through the earn‑out, which may have significant future value. The divestment reportedly has no impact on Karolinska Development’s latest reported fair value and no further financial details will be disclosed.